Rio Tinto : releases third quarter production results
October 19, 2016 at 05:38 pm EDT
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Rio Tinto chief executive J-S Jacques said 'We have delivered strong quarterly production, underpinned by improving operational performance across our Tier 1 portfolio. Output from our iron ore and bauxite assets reflects the drive for productivity and operational excellence. With a continued focus on value, we will seek further productivity improvements across the business. Our rigorous attention to cash generation, coupled with a disciplined allocation of capital remains our key focus in delivering shareholder value.'
Q3 2016
vs Q3 2015
vs Q2 2016
9 mths 2016
vs 9 mths 2015
Pilbara iron ore shipments (100% basis)
Mt
80.9
-5%
-2%
239.9
+3%
Pilbara iron ore production (100% basis)
Mt
83.2
+2%
+3%
243.9
+7%
Bauxite
kt
12,422
+10%
+3%
35,583
+10%
Aluminium
kt
924
+11%
+1%
2,721
+11%
Mined copper
kt
133.3
+16%
-4%
409.6
+4%
Hard coking coal
kt
2,175
+17%
+21%
5,954
0%
Semi-soft and thermal coal
kt
5,412
-2%
+4%
16,133
-1%
Titanium dioxide slag
kt
267
+10%
+13%
748
-14%
Pilbara iron ore production (100 per cent basis), saw a run-rate of 330 million tonnes a year. Shipments were reduced by port and rail maintenance during the quarter and annual shipment guidance is revised to between 325 and 330 million tonnes for 2016.
Quarterly production records at both Weipa and Gove led to nine month bauxite production of 35.6 million tonnes, ten per cent higher than the same period in 2015.
Kitimat delivered its second consecutive quarter at nameplate capacity, giving rise to an 11 per cent increase in year to date aluminium production.
Mined copper production for the first nine months of 2016 was four per cent higher than the same period in 2015, despite 18 per cent lower copper production at Escondida, primarily due to lower grades. Rio Tinto Kennecott achieved increased production from mining an area of higher grades, whilst continuing its focus on de-weighting to access ore from the east wall of Bingham Canyon.
On 5 August, the Group completed the sale of its Mount Pleasant thermal coal assets for $221 million plus royalties.*
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.
*Amount is before completion adjustments.
Rio Tinto plc published this content on 20 October 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 October 2016 21:38:02 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%).