Rio Tinto : releases fourth quarter production results

Rio Tinto chief executive J-S Jacques said 'We have delivered a strong operational performance in 2016, underpinned by our drive for efficiency and maximising cash flow. Our disciplined approach remains in place in 2017, with the continued focus on productivity, cost reduction and commercial excellence. This will ensure that we continue to deliver value for our shareholders.'

Highlights

• Pilbara iron ore shipments of 327.6 million tonnes (100 per cent basis) were in line with guidance and three per cent higher than 2015.
• Record bauxite production of 47.7 million tonnes exceeded full year guidance of 47 million tonnes, whilst third party shipments increased to 29.3 million tonnes.
• Aluminium production was ten per cent higher than 2015, with record annual production at ten smelters, notably at the modernised and expanded Kitimat smelter, which has produced at nameplate capacity since April 2016.
• Mined copper production was four per cent higher than 2015 at 523 thousand tonnes. This was below full year guidance, with no metal share delivered from Grasberg and lower than expected production at Kennecott.
• Rio Tinto's share of hard coking coal production was slightly above the top end of the guidance range due to strong operational performance, while semi-soft coking and thermal coal production of 21.4 million tonnes was in line.
• Titanium dioxide slag production continued to be aligned with market demand with a four per cent reduction on 2015.
• Production and shipments guidance for 2017 remains unchanged from the update given at our London investor seminar on 6 December 2016.
• On 23 November 2016, Rio Tinto announced it had reached an agreement to sell its aluminium assets at Lochaber, Scotland for a consideration totalling $410 million. The sale was finalised on 16 December 2016.

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. To allow production numbers to be compared on a like-for-like basis, production from asset divestments completed in 2015 have been excluded from Rio Tinto share of production data but assets sold in 2016 remain in comparisons.