Rio Tinto : releases second quarter production results
July 18, 2016 at 07:18 pm EDT
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Rio Tinto chief executive J-S Jacques said 'Rio Tinto has delivered another robust quarter of operational performance. We continue to focus on value and maximising cash flow from our assets, through both commercial and operational excellence while maintaining capital discipline. This will ensure that Rio Tinto is well-positioned to generate compelling and consistent returns for our shareholders.'
Q2 2016
vs Q2 2015
vs Q1 2016
H1 2016
vs H1 2015
Pilbara iron ore shipments (100% basis)
Mt
82.2
+6%
+7%
158.9
+8%
Pilbara iron ore production (100% basis)
Mt
80.9
+8%
+1%
160.8
+10%
Bauxite
kt
12,073
+13%
+9%
23,160
+9%
Aluminium
kt
911
+11%
+3%
1,797
+10%
Mined copper
kt
141.0
+5%
0%
282.3
+1%
Hard coking coal
kt
1,798
-14%
-9%
3,780
-8%
Semi-soft and thermal coal
kt
5,216
+2%
-5%
10,722
0%
Titanium dioxide slag
kt
236
-22%
-4%
481
-23%
Highlights
Second quarter Pilbara iron ore sales achieved a run-rate of close to 330 million tonnes per annum (100 per cent basis) in line with annual guidance. Sales exceeded production in the quarter, partially unwinding the inventory build in the first quarter.
Bauxite production was nine per cent higher than the first half of 2015. This enabled a five per cent increase in third party sales over the first half of 2015.
First half aluminium production was ten per cent higher than the same period in 2015, with the modernised and expanded Kitimat smelter delivering its first full quarter at nameplate capacity.
Mined copper was in line with the first half of 2015 as strong performances at both Rio Tinto Kennecott and Oyu Tolgoi, as well as a contribution from Grasberg, offset a weaker performance from Escondida.
On 6 May 2016, Rio Tinto and its partners, the Government of Mongolia and Turquoise Hill Resources, announced the next stage in the development of Oyu Tolgoi. Following the approval of the underground project, over $4 billion of project financing has been drawn down.
On 21 June 2016, Rio Tinto announced changes to its organisational structure. The Group continues to be organised into four product groups: Aluminium, Copper & Diamonds, Energy & Minerals (including Iron Ore Company of Canada) and Iron Ore, complemented by a newly-shaped Growth & Innovation group, which will focus on future assets and technical support.
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.
Rio Tinto plc published this content on 19 July 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 July 2016 23:18:07 UTC.
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Rio Tinto plc is one of the world's leaders in mining research, prospecting and operating. Net sales break down by family of products as follows:
- iron ore (59%): 283.2 Mt produced in 2022;
- aluminum, alumina and bauxite (24.9%): 54.6 Mt bauxite, 7.5 Mt alumina and 3 Mt aluminum produced;
- copper (5.8%) : 521.1 Kt produced;
- industrial minerals (4.8%): titanium dioxide pigments (1,200 Kt produced), borates (532 Kt produced) and salts (5.7 Mt produced);
- diamonds (1.5%) : 4.7 million carats produced;
- gold (1%) : 235,000 ounces produced;
- other (3%): uranium, silver, zinc and molybdenum.
Net sales are distributed geographically as follows: the United Kingdom (0.3%), Europe (6.5%), China (54.3%), Japan (7.4%), Asia (7.1%), the United States (15.9%), Canada (3.1%), Australia (1.9%) and other (3.5%).