Rio Tinto releases fourth quarter production results
15 Gennaio 2024 - 10:31PM
Business Wire
Rio Tinto Chief Executive Jakob Stausholm said: “We were
fatality free for the fifth consecutive year at our managed
operations but we remain vigilant and continue to learn from safety
incidents. The Group’s total copper equivalent production increased
by just over 3% from 2022, reflecting the Gudai-Darri mine in the
Pilbara reaching its nameplate capacity and deployment of our Safe
Production System. We also benefited from our increased ownership
in Oyu Tolgoi as the underground ramps up and the Kitimat aluminium
smelter returned to full capacity.
“We made real progress in shaping our portfolio for the future,
entering the recycled aluminium market in North America and
progressing the world class Simandou iron ore project in Guinea. We
have one of the most exciting exploration pipelines in years,
including our new copper joint venture with Codelco, launched in
December. We continue to work hard to transform our culture and to
invest in deep engagement and partnerships with Traditional Owners,
such as our agreement to explore renewable energy projects with the
Yindjibarndi Energy Corporation.
“There is good demand for the materials we produce, and our
purpose and long-term strategy make more sense than ever. The work
we are doing today is creating a stronger Rio Tinto for years to
come, as we invest in profitable growth while continuing to deliver
attractive shareholder returns.”
Production*
Quarter 4 2023
vs Q4 2022
vs Q3 2023
Full Year 2023
vs Full Year 2022
Pilbara iron ore shipments (100% basis)
(Mt)
86.3
-1%
+3%
331.8
+3%
Pilbara iron ore production (100%
basis) (Mt)
87.5
-2%
+5%
331.5
+2%
Bauxite (Mt)
15.1
+15%
+8%
54.6
0%
Aluminium (kt)
846
+8%
+2%
3,272
+9%
Mined copper (consolidated basis)
(kt)
160
+5%
-6%
620
+2%
Titanium dioxide slag (kt)
275
-15%
+11%
1,111
-7%
IOC** iron ore pellets and concentrate
(Mt)
2.7
+7%
+13%
9.7
-6%
*Rio Tinto share unless otherwise
stated
**Iron Ore Company of Canada
Q4 2023 operational highlights and other key
announcements
- The safety, health and wellbeing of our workforce and
communities where we operate remains our priority. We achieved our
fifth consecutive year with no fatalities at our managed
operations. But we maintain a state of chronic unease as safety
incidents continued to occur at our sites, including two Permanent
Disabling Injuries in 2023. We are applying learnings from these to
enhance processes across our operations.
- Pilbara operations produced 331.5 million tonnes (100% basis)
of iron ore, 2% higher than 2022. Improved productivity, supported
by ongoing implementation of the Safe Production System, and the
ramp up of Gudai-Darri to its nameplate capacity of 43 million
tonnes per annum, within 12 months of commissioning, more than
offset mine depletion. Shipments were 331.8 million tonnes (100%
basis), 3% higher (+10 million tonnes) than 2022 and the second
highest on record, with healthy inventory positions at
year-end.
- On 18 October, we announced plans to increase iron ore
production capacity at Gudai-Darri by 7 million tonnes to 50
million tonnes a year through incremental productivity gains, at a
cost of around $70 million. The capacity increase is subject to
environmental, heritage and other relevant approvals.
- Bauxite production of 54.6 million tonnes in 2023 was unchanged
from 2022. Operations saw a continued improvement in the fourth
quarter, with production 8% higher than the prior quarter,
following the challenges of higher-than-average rainfall at Weipa
in the first quarter and equipment downtime at both Weipa and Gove
in the first half.
- Aluminium production of 3.3 million tonnes was 9% higher than
2022 after we returned to full capacity at the Kitimat smelter and
completed cell recovery efforts at Boyne during the third quarter.
All other smelters continued to demonstrate stable
performance.
- On 1 December, we announced the completion of a transaction to
form the Matalco joint venture. Following receipt of all regulatory
approvals, we acquired, and settled payment for, a 50% equity stake
from Giampaolo Group for $0.7 billion, subject to usual closing
adjustments. Matalco will remain the operator of the joint
venture’s one Canadian and six US sites which have a combined
annual capacity of ~900 thousand tonnes. Production from Matalco in
2023 was 582 thousand tonnes of recycled aluminium with Rio Tinto
marketing these products from 1 December 2023.
- Mined copper production of 620 thousand tonnes (consolidated
basis) was 2% higher than 2022 reflecting first sustainable
production from Oyu Tolgoi underground in the first quarter and a
full year of increased ownership of Oyu Tolgoi. This offset
challenges at Kennecott following the conveyor failure in March,
with the concentrator not returning to full capacity until the
third quarter.
- Refined copper production of 175 thousand tonnes was 16% lower
than 2022 as we undertook the largest rebuild of the smelter and
refinery in Kennecott’s history across the second and third
quarters. With the smelter rebuild successfully completed and the
ramp-up progressing, we expect a return to stable production in the
first quarter of 2024.
- On 8 November, we completed the acquisition of PanAmerican
Silver’s stake in Agua de la Falda and entered a joint venture
(known as Nuevo Cobre) with Corporación Nacional del Cobre de Chile
(Codelco) to explore and potentially develop copper assets in
Chile’s prospective Atacama region.
- Titanium dioxide slag (TiO2) production of 1,111 thousand
tonnes was 7% lower than 2022. Two furnaces at our RTIT Quebec
Operations remain offline following process safety incidents in
June and July. In the fourth quarter, we decommissioned an
additional furnace, which is due for reconstruction in 2024.
- IOC production of 9.7 million tonnes, was 6% lower than 2022
with challenges due to the wildfires in Northern Quebec in the
second quarter, as well as extended plant downtime and conveyor
belt failures in the third quarter.
- We are now deploying our Safe Production System at ~60% of our
sites, with implementation at various stages of maturity. Key
performance highlights include a 20% yearly improvement in AIFR
globally where the Safe Production System has been deployed, as
well as a 5 million tonne uplift in iron ore production. With eight
Safe Production System deployment sites having achieved their best
ever demonstrated production in recent months, we are well
positioned to deliver our 2024 priorities, including a further 5
million tonne uplift at our Pilbara operations.
- On 6 December, we held our Investor Seminar in Sydney where we
provided an update on our long-term strategy of investing with
discipline to strengthen operations, delivering growth in a
decarbonising world and continuing to generate attractive
shareholder returns. We gave an update on the world class Simandou
iron ore project in Guinea, as well as our decarbonisation
investments, with our commitment to halve Scope 1 and 2 emissions
by 2030 remaining unchanged.
- The full year cash outflow from an increase in working capital
was comparable to the first half ($0.9 billion outflow in the first
half of 2023). This movement was driven by healthy stocks in the
Pilbara, still elevated in-process inventory at Kennecott following
the smelter rebuild and weaker market conditions including for
titanium dioxide feedstock. Receivables also reflected a higher
iron ore price at the end of 2023 that will be monetised in 2024.
Operating cash flow was also impacted by lower dividends from
Escondida.
- There were four changes to the Board during the fourth
quarter:
- On 25 October, we announced the appointment of James “Joc”
O’Rourke as a non-executive director. Mr O’Rourke has more than 25
years of experience across the mining industry, including as former
CEO of The Mosaic Company and a range of executive roles at Barrick
Gold Corporation.
- On 15 December, we confirmed that Dr Megan Clark has stepped
down as a non-executive director, having served for nine years on
the Board.
- On 22 December, we announced the appointment of Martina Merz as
a non-executive director. Ms Merz brings extensive leadership and
operational experience, most recently as CEO of industrial
engineering and steel production conglomerate ThyssenKrupp. Ms Merz
has held numerous leadership roles, including at Robert Bosch.
- On 22 December, we also announced the appointment of Sharon
Thorne as a non-executive director. Ms Thorne is a Chartered
Accountant and has had a 36-year career with Deloitte, becoming an
audit partner in 1998 and holding numerous Executive and Board
roles. Ms Thorne was appointed Global Chair in 2019, before
retiring in 2023.
- On 22 November, we announced that we had reached a court
approved settlement with the Securities and Exchange Commission
(SEC) of a suit brought in 2017 concerning disclosure of the
impairment of Rio Tinto Coal Mozambique reflected in our 2012
accounts. Without admitting to or denying the SEC’s allegations
related to our books, records and reporting requirements, we agreed
to pay a $28 million penalty and retain an independent consultant
to advise on our current policies, procedures, and controls related
to impairment, disclosures and project risk. With this settlement,
all investigations of Rio Tinto regarding this matter have been
finalised.
- Subsequent to the end of the period, Dampier Salt Limited
entered into a sales agreement for the Lake MacLeod salt and gypsum
operation in Carnarvon, Western Australia with privately-owned salt
company Leichhardt Industrials Group for $251 million (A$375
million). Completion of the sale is subject to certain commercial
and regulatory conditions being satisfied.
All figures in this report are unaudited. All currency figures
in this report are US dollars, and comments refer to Rio Tinto’s
share of production, unless otherwise stated.
The full fourth quarter production results are available
here.
This announcement is authorised for release to the market by
Andy Hodges, Rio Tinto’s Group Company Secretary.
LEI: 213800YOEO5OQ72G2R82
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State
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