RIO TINTO PLC Third quarter operations review
Rio Tinto releases third quarter production results
16 October 2018
Rio Tinto chief executive J-S Jacques said 'We have delivered consistent operational performance in the third quarter, highlighted by strong production from the Group's copper assets. We made strong strategic progress with the full exit from coal, the announcement of the additional $3.2 billion of share buy-backs, and the signing of a binding conditional agreement to exit Grasberg for $3.5 billion. We continue to pursue all opportunities to improve productivity and drive enhanced cash flow generation. This, combined with the disciplined allocation of capital, will ensure we continue to deliver superior returns to our shareholders in the short, medium and long-term.'
Q3 2018 | vs Q3 2017 | vs Q2 2018 | 9 mths 2018 | vs 9 mths 2017 | ||
Pilbara iron ore shipments (100% basis) | Mt | 81.9 | -5% | -7% | 250.7 | +4% |
Pilbara iron ore production (100% basis) | Mt | 82.5 | -3% | -3% | 251.2 | +4% |
Bauxite | kt | 12,700 | -1% | -4% | 38,631 | +4% |
Aluminium | kt | 880 | -1% | +3% | 2,584 | -3% |
Mined copper | kt | 159.7 | +32% | +2% | 455.8 | +38% |
Titanium dioxide slag | kt | 297 | -9% | +28% | 822 | -16% |
IOC iron ore pellets and concentrate | Mt | 2.9 | -9% | +231% | 6.1 | -27% |
Key points | |
• | On 15 August 2018, a truck operator was fatally injured at the Paraburdoo Iron Ore mine. An investigation is in progress. |
• | On 9 July 2018, a serious incident occurred at Richards Bay Minerals (RBM) mining operation, resulting in the fatality of a security contractor. The incident remains the subject of a police investigation. |
• | Pilbara iron ore shipments of 81.9 million tonnes (100 per cent basis) in the third quarter were five per cent lower than the third quarter of 2017, due to planned maintenance cycles and safety pauses across all operations following the fatality. |
• | Bauxite production of 12.7 million tonnes was one per cent lower than the corresponding quarter of 2017, with strong production at Weipa offset by lower production at the non-managed Sangaredi and Porto Trombetas (MRN) mines. Third party shipments increased by two per cent to 8.4 million tonnes, reflecting firm demand. |
• | Aluminium production of 0.9 million tonnes was one per cent lower than the third quarter of 2017 due primarily to ongoing labour disruptions at the non-managed Becancour smelter in Canada. Full year guidance has been revised to between 3.4 and 3.5 million tonnes (previously 3.5 to 3.7 million tonnes). |
• | Mined copper production of 159.7 thousand tonnes was 32 per cent higher than the corresponding quarter of 2017, primarily reflecting increased production from Rio Tinto Kennecott due to higher grades. |
• | Titanium dioxide slag production was nine per cent lower than the third quarter of 2017, but 28 per cent higher than the previous quarter as production at Rio Tinto Fer et Titane and RBM ramped up following disruptions in the second quarter. |
• | Production at Iron Ore Company of Canada was nine per cent lower than the third quarter of 2017, however significantly higher than the previous quarter as operations ramped up to normal production rates following a labour dispute in the previous quarter. |
• | The major growth projects continue to progress. First bauxite shipment from Amrun is now expected in the fourth quarter of 2018 with full ramp-up in 2019. Following an annual re-forecast of the Oyu Tolgoi underground development schedule and costs, capital costs remain in line with the overall $5.3 billion budget and construction of the first draw bell is still expected in mid-2020. The preliminary re-forecast assessment indicates ground conditions and shaft sinking challenges that are ultimately expected to result in a revised ramp-up schedule to sustainable first production. |
• | On 1 August 2018, Rio Tinto completed the sale of its remaining coal assets for $3.95 billion. This, along with the sale of the Winchester South development project in the first half of 2018, resulted in gross disposal proceeds of $4.15 billion. |
• | On 20 September 2018, Rio Tinto subsequently announced the return to shareholders of the $3.2 billion post-tax coal disposal proceeds via an off-market buy-back tender in Rio Tinto Limited shares totalling $1.9 billion, and further on-market purchases of Rio Tinto plc shares of approximately $1.3 billion. |
• | On 28 September 2018, Rio Tinto announced that it had signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum), Indonesia's state mining company, for $3.5 billion. The transaction is subject to a number of conditions precedent being satisfied, including the receipt of regulatory approvals, with completion expected in the first half of 2019. |
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 2017 is excluded from Rio Tinto share of production data but assets sold in 2018 remain in comparisons.
IRON ORE
Rio Tinto share of production (million tonnes)
Q3 2018 | vs Q3 2017 | vs Q2 2018 | 9 mths 2018 | vs 9 mths 2017 | |
Pilbara Blend Lump | 20.6 | -1% | -6% | 63.2 | +6% |
Pilbara Blend Fines | 29.9 | -1% | -4% | 90.9 | +7% |
Robe Valley Lump | 1.5 | -6% | +3% | 4.5 | +0% |
Robe Valley Fines | 2.7 | -5% | +5% | 8.4 | +13% |
Yandicoogina Fines (HIY) | 14.4 | -0% | +1% | 42.6 | +3% |
Total Pilbara production | 69.1 | 209.7 | |||
Total Pilbara production (100% basis) | 82.5 | 251.2 |
Pilbara operations
On 15 August 2018, a truck operator was fatally injured at the Paraburdoo Iron Ore mine. An investigation is in progress.
Pilbara operations produced 251.2 million tonnes (Rio Tinto share 209.7 million tonnes) in the first nine months of 2018, four per cent higher than the same period of 2017 due to favourable weather conditions in the first half, a continued improvement in mine and rail capacity as Silvergrass ramps up and ongoing productivity improvements across the integrated system.
Third quarter production of 82.5 million tonnes (Rio Tinto share 69.1 million tonnes) was three per cent lower than the third quarter of 2017, due to planned maintenance cycles and safety pauses across all operations following the fatality at Paraburdoo operations.
Year to date sales of 250.7 million tonnes (Rio Tinto share 208.1 million tonnes) were four per cent higher than the corresponding period of 2017, with third quarter sales of 81.9 million tonnes (Rio Tinto share 68.0 million tonnes) five per cent lower than the same period of last year.
Approximately 17 per cent of sales in the quarter were priced by reference to the prior quarter's average index lagged by one month. The remainder was sold either on current quarter average, current month average or on the spot market.
Approximately 33 per cent of sales in the quarter were made free on board (FOB), with the remainder sold including freight.
Pilbara projects
The automation of the Pilbara train system (AutoHaulTM) is in ramp-up, with a steady increase in the number of trains in autonomous mode over the third quarter. Autonomous mode operations have increased to an average of 34 trains per day, equating to 290,000 kilometres (or 45 per cent of daily kilometres) completed in this mode. Full implementation of AutoHaulTM is expected by the end of 2018.
The Koodaideri feasibility study remains on track for completion in 2018. Early works funding of $146 million was approved on 1 August 2018 ahead of a final investment decision expected by the end of the year.
The approval of the West Angelas Deposits C and D project, and the Robe Valley sustaining project was announced by Rio Tinto and its joint venture partners on 1 October 2018 for $1.55 billion (Rio Tinto's 53 per cent share $820 million). Construction is forecast to commence in 2019, subject to final environmental and government approvals.
2018 guidance
Rio Tinto's Pilbara shipments in 2018 are expected to be at the upper end of the existing guidance range (330 to 340 million tonnes, 100 per cent basis).
ALUMINIUM
Rio Tinto share of production ('000 tonnes)
Q3 2018 | vs Q3 2017 | vs Q2 2018 | 9 mths 2018 | vs 9 mths 2017 | |
Rio Tinto Aluminium | |||||
Bauxite | 12,700 | -1% | -4% | 38,631 | +4% |
Alumina | 1,972 | -1% | -1% | 5,960 | -2% |
Aluminium | 880 | -1% | +3% | 2,584 | -3% |
Bauxite
Bauxite production of 12.7 million tonnes was one per cent lower than the third quarter of 2017, with strong production at Weipa offset by lower production at the non-managed Sangaredi and Porto Trombetas (MRN) mines. Production at Sangaredi was 24 per cent lower than the third quarter of 2017 due to tie-in works required to complete expansion works, whilst production was partly curtailed at MRN as a result of the declaration of force majeure at Norsk Hydro's Alunorte alumina refinery.
8.4 million tonnes of bauxite were shipped to third parties in the third quarter of 2018, two per cent higher than the third quarter of 2017, reflecting firm demand.
Amrun
The Amrun project is ahead of schedule, with first shipment now expected in the fourth quarter of 2018 and full ramp-up in 2019. Pre-commissioning has commenced on critical infrastructure such as the reclaimer and beneficiation plant, and the shiploader was successfully transported to site and installed on the wharf facility.
Alumina
Alumina production for the quarter was one per cent lower than the corresponding period in 2017.
Aluminium
Quarterly aluminium production was one per cent lower than the corresponding period of 2017, due to an ongoing lock-out at the non-managed Becancour smelter, which began on 11 January 2018. Excluding this impact, aluminium production for the third quarter was two per cent higher than the same period of 2017, reflecting continued productivity creep.
On 14 September 2018, Rio Tinto was informed by Hydro that it had withdrawn its offer to acquire the ISAL smelter in Iceland, its 53.3 per cent share in the Aluchemie anode plant in the Netherlands and its 50 per cent share in the Aluminium fluoride plant in Sweden. The sale of the Aluminium Dunkerque smelter in France for $500 million is expected to complete in the fourth quarter of 2018, subject to satisfactory completion of consultations with key stakeholders and applicable regulatory clearances.
Market disruptions
Although Rio Tinto is broadly balanced in alumina, it is exposed to long-term legacy alumina sales contracts, which are LME linked. The negative impact on EBITDA of these legacy contracts, due to the significant escalation in the alumina index price as a result of industry supply disruptions, was $178 million in the first half of 2018 and a further $130 million in the third quarter.
The wind-down period for sanctions implemented by the United States Treasury Department on various Russian individuals and companies has been extended until 12 November 2018. Rio Tinto continues to monitor this situation closely and no force majeure declarations have been made to date.
2018 guidance
As announced on 11 October 2018, raw material cost headwinds (caustic soda, petroleum coke, green coke and tar pitch) are expected to have a $400 million negative impact on EBITDA in full year 2018 compared with 2017. In addition, higher thermal coal prices are expected to have a $100 million negative impact in 2018 for the Pacific Aluminium smelters.
Rio Tinto's expected share of bauxite production in 2018 has been revised to the upper end of the previous guidance range at between 50 and 51 million tonnes (previously 49 to 51 million tonnes).
Aluminium guidance is revised to between 3.4 and 3.5 million tonnes (previously 3.5 to 3.7 million tonnes), to reflect the impact of the ongoing lock-out at the non-managed Becancour smelter. This excludes any potential adjustment from the completion of the sale of the Aluminium Dunkerque smelter.
Alumina production guidance remains unchanged at 8.0 to 8.2 million tonnes.
COPPER & DIAMONDS
Rio Tinto share of production ('000 tonnes)
Q3 2018 | vs Q3 2017 | vs Q2 2018 | 9 mths 2018 | vs 9 mths 2017 | |
Mined copper | |||||
Rio Tinto Kennecott | 59.1 | +129% | +16% | 145.7 | +28% |
Escondida | 87.4 | +6% | -5% | 270.7 | +52% |
Grasberg | 0.0 | N/A | N/A | 0.0 | N/A |
Oyu Tolgoi | 13.2 | +7% | +0% | 39.4 | +5% |
Refined copper | |||||
Rio Tinto Kennecott | 54.2 | +1% | +33% | 130.2 | +25% |
Escondida | 16.6 | -23% | -21% | 58.5 | +20% |
Diamonds('000 carats) | |||||
Argyle | 3,830 | -19% | +10% | 10,857 | -1% |
Diavik | 1,066 | -9% | -7% | 3,280 | -4% |
Rio Tinto Kennecott
Mined copper production in the third quarter of 2018 was significantly higher than the third quarter of 2017 as mining activity continued in a higher grade area of the pit, coupled with productivity improvements and increased plant throughput. The production profile is expected to experience increased variation in grade as operations mine in lower levels of the pit, together with waste stripping related to the south wall pushback expansion. Anticipated south wall pushback grade increases beginning in late 2020 are expected to offset this impact over the longer term.
Refined copper was one per cent higher than the corresponding period of 2017, and 33 per cent above the second quarter of 2018 as better mine grades improved concentrate quality and smelting throughput.
Rio Tinto Kennecott continues to toll and purchase third party concentrate to optimise smelter utilisation, with 6.3 thousand tonnes of concentrate received for processing in the third quarter of 2018. Purchased and tolled copper concentrate are excluded from reported production figures.
The pushback of the south wall progressed during the quarter. It will extend the life of mine and remains on track for completion in 2020.
Escondida
Third quarter mined copper production at Escondida was six per cent higher than the same period of 2017, reflecting the ramp-up of Escondida production to nameplate capacity following commissioning of the Los Colorados concentrator, which occurred in the second half of 2017.
Oyu Tolgoi
Mined copper production from the open pit in the third quarter of 2018 was seven per cent higher than the corresponding period of 2017, with higher grades partly offset by lower plant throughput due to the processing of harder ore.
Oyu Tolgoi Underground Project
The project workforce reached 8,800 at the end of September, with an 89 per cent participation rate of Mongolian nationals. A ground breaking ceremony was held at site to mark the commencement of shaft three and shaft four earthworks. Work continues on shaft two equipping and on the conveyor to surface decline.
Following an annual re-forecast of the underground development schedule and costs, capital costs remain in line with the overall $5.3 billion budget and construction of the first draw bell is still expected in mid-2020. The preliminary re-forecast assessment indicates ground conditions and shaft sinking challenges that are ultimately expected to result in a revised ramp-up schedule to sustainable first production.
In February 2018, the Southern Region Power Sector Co-operation Agreement under which Oyu Tolgoi was committed to working with the Government of Mongolia on a Tavan Tolgoi Independent Power Provider project was cancelled. As a result the Government of Mongolia expects Oyu Tolgoi to deliver a domestic power source for the operation within four years (by February 2022).
Oyu Tolgoi is progressing studies and preparations for suitable power solutions and continues to discuss the provision of domestic power with the Government of Mongolia.
On 15 October 2018, a loader caught fire while operating in the Oyu Tolgoi underground mine. All employees working underground at the time were evacuated safely.
Grasberg
On 28 September 2018, Rio Tinto signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum), Indonesia's state mining company, for $3.5 billion. Separately, Inalum signed a binding agreement with Freeport-McMoRan Inc. (FCX) in relation to the future ownership and operation of the Grasberg mine.
The transaction and the Inalum/FCX transaction (which are inter-conditional) are each subject to a number of conditions precedent being satisfied, including the receipt of regulatory approvals. Subject to these conditions being met, completion of both transactions is expected to occur in the first half of 2019.
The proceeds of the sale are to be paid in cash to Rio Tinto at closing, with the funds to be used for general corporate purposes.
Rio Tinto is reporting its metal share for the third quarter as zero.
Diamonds
At Argyle, carat production was 19 per cent lower than the third quarter of 2017, when production was enhanced by the processing of higher grade alluvial tailings.
At Diavik, carats recovered in the third quarter of 2018 were nine per cent lower than the corresponding period in 2017 due to lower grades. The A21 project successfully mined first ore in March 2018 and is expected to reach commercial production during the fourth quarter of 2018. This fourth diamond pipe was officially opened on 20 August 2018.
2018 guidance
Rio Tinto's expected share of mined copper production for 2018 is expected to be at the upper end of the previously published range of between 510 and 610 thousand tonnes. Refined copper production is expected to be between 225 to 265 thousand tonnes.
Diamond production guidance for 2018 is between 17 and 20 million carats.
ENERGY & MINERALS
Rio Tinto share of production
Q3 2018 | vs Q3 2017 | vs Q2 2018 | 9 mths 2018 | vs 9 mths 2017 | |
Coal ('000 tonnes) | |||||
Hard coking coal | 712 | -68% | -67% | 3,988 | -26% |
| Thermal coal (a) | 397 | -63% | -61% | 2,527 | -18% |
Iron ore pellets and concentrate (million tonnes) | |||||
IOC | 2.9 | -9% | +231% | 6.1 | -27% |
Minerals ('000 tonnes) | |||||
Borates - B2O3 content | 137 | -2% | +4% | 394 | -1% |
Salt | 1,481 | +21% | -11% | 4,657 | +31% |
Titanium dioxide slag | 297 | -9% | +28% | 822 | -16% |
Uranium ('000 lbs) | |||||
Energy Resources of Australia | 820 | -15% | +36% | 2,090 | -18% |
Rössing | 994 | +31% | +7% | 2,771 | +21% |
(a) Production from Coal & Allied of 9.9 million tonnes (Rio Tinto share) prior to divestment on 1 September 2017 has been excluded from the comparisons above.
Coal
Production of coal attributable to Rio Tinto ceased following the completion of the sale of Rio Tinto's interests in Kestrel and Hail Creek on 1 August 2018. The sale of these assets, along with the Valeria coal and Winchester South development projects resulted in gross disposal proceeds of $4.15 billion.
Iron Ore Company of Canada (IOC)
Following a labour dispute in the second quarter of 2018, IOC achieved a safe and successful re-start and ramp-up of operations to normal production rates by the end of June 2018. Third quarter pellet production was 3.0 million tonnes (Rio Tinto share 1.7 million tonnes) and concentrate production for sale was 1.9 million tonnes (Rio Tinto share 1.1 million tonnes). Total third quarter production was nine per cent lower than the corresponding quarter in 2017, due to maintenance and the commissioning of a productivity improvement project on the spiral plant, which temporarily restricted throughput.
Resulting sales achieved for the quarter were 5.4 million tonnes (Rio Tinto share 3.2 million tonnes) of concentrate and pellets.
Borates
Borates production was comparable to the previous quarter and the third quarter of 2017, with production aligned to customer demand.
Iron and Titanium (RTIT)
Titanium dioxide slag production for the quarter was nine per cent lower compared to the third quarter of 2017.
During the quarter, slag production at Richards Bay Minerals (RBM) continued to be impacted by ongoing labour disputes between contractors and their employees. On 9 July 2018, a serious incident occurred at RBM's mining operation, resulting in the fatality of a security contractor. The incident remains the subject of a police investigation. With Rio Tinto's highest priority being the safety of its people, operations at RBM were temporarily suspended, and a safe, optimised re-start was achieved. The force majeure on deliveries from RBM has now been lifted.
Following a deflagration of a furnace at Rio Tinto Fer et Titane Sorel-Tracy (RTFT) on 23 July 2018, three of nine furnaces at RTFT are idle, two of which are being rebuilt. One of four furnaces at RBM remains idle. The focus remains on maximising the productivity of the furnaces currently in operation, and a decision to re-start idle furnaces will be based on maximising value over volume.
Salt
Salt production in the third quarter of 2018 was 21 per cent higher than the same quarter of 2017 to align to demand.
Uranium
Energy Resources of Australia continues to process existing low grade stockpiles. Third quarter production was 15 per cent lower than the same period of 2017 due to declining grades and completion of laterite processing.
Production at Rössing in the third quarter of 2018 was 31 per cent higher than the corresponding quarter of 2017 due to higher mill grades.
2018 guidance
Coal production for 2018 is 4.0 million tonnes of hard coking coal and 2.5 million tonnes of thermal coal, reflecting the completion of the asset disposals.
At IOC, guidance for 2018 production remains at 9.0 to 10.0 million tonnes of iron ore pellets and concentrates.
Guidance for Rio Tinto's expected share of titanium dioxide slag production in 2018 remains at 1.1 to 1.2 million tonnes.
Guidance for Rio Tinto's expected share of boric oxide equivalent production in 2018 is unchanged at 0.5 million tonnes and guidance for uranium production in 2018 is unchanged at 6.2 to 7.2 million pounds.
EXPLORATION AND EVALUATION
Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in the first nine months of 2018 was $341 million, compared with $297 million in the first nine months of 2017. Approximately 46 per cent of this expenditure was incurred by central exploration, 37 per cent by Copper & Diamonds, eight per cent by Energy & Minerals and the remainder by Iron Ore and Aluminium.
There were no significant divestments of central exploration properties in the first half of 2018.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 16 countries across some eight commodities. The bulk of the exploration expenditure in this quarter was focused on copper targets in Australia, Canada, Chile, Kazakhstan, Mongolia, Namibia, Papua New Guinea, Peru, Serbia, Uganda, United States and Zambia. Mine-lease exploration continued at a number of Rio Tinto managed businesses including Pilbara Iron, RTFT, Oyu Tolgoi and Weipa.
A summary of activity for the quarter is as follows:
Product Groups | Studies stage | Advanced exploration projects | Greenfield/ Brownfield programmes |
Aluminium | Cape York, Australia | Amargosa, Brazil Sanxai, Laos | Cape York, Australia |
Copper & Diamonds | Copper/molybdenum: Resolution, US | Copper: La Granja, Peru Nickel: Tamarack, US Diamonds: FalCon (1), Canada | Copper: Australia, Chile, China, Kazakhstan, Mongolia, Namibia, Papua New Guinea, Peru, Serbia, US, Zambia Nickel: Canada, Uganda Diamonds: Canada |
Energy & Minerals | Lithium borates: Jadar, Serbia Potash: KP405, Canada Heavy mineral sands: Mutamba, Mozambique and Zulti South, South Africa | Uranium: Roughrider, Canada | Heavy mineral sands: Canada, Tanzania |
Iron Ore | Pilbara, Australia | Pilbara, Australia |
(1)Formerly Forte a la Corne
Forward-looking statements
This announcement may include 'forward-looking statements' within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Rio Tinto's production forecast or guidance, financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto's products and reserve and resource positions), are forward-looking statements. The words 'intend', 'aim', 'project', 'anticipate', 'estimate', 'plan', 'believes', 'expects', 'may', 'should', 'will', 'target', 'set to', 'assumes' or similar expressions, commonly identify such forward looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual production, performance or results of Rio Tinto to be materially different from any future production, performance or results expressed or implied by such forward-looking statements. Such forward-looking statements could be influenced by such risk factors as identified in Rio Tinto's most recent Annual Report and Accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the 'SEC') or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this announcement should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.
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Rio Tinto production summary | |||||||||||
Rio Tinto share of production | |||||||||||
Quarter | 9 Months | % Change | |||||||||
2017 Q3 | 2018 Q2 | 2018 Q3 | 2017 9 MTHS | 2018 9 MTHS | Q3 18 vs Q3 17 | Q3 18 vs Q2 18 | 9 MTHS 18 vs 9 MTHS 17 | ||||
Principal Commodities | |||||||||||
Alumina | ('000 t) | 1,984 | 1,999 | 1,972 | 6,055 | 5,960 | -1% | -1% | -2% | ||
Aluminium | ('000 t) | 887 | 858 | 880 | 2,664 | 2,584 | -1% | 3% | -3% | ||
Bauxite | ('000 t) | 12,867 | 13,279 | 12,700 | 37,034 | 38,631 | -1% | -4% | 4% | ||
Borates | ('000 t) | 140 | 132 | 137 | 396 | 394 | -2% | 4% | -1% | ||
Coal - hard coking | ('000 t) | 2,244 | 2,174 | 712 | 5,382 | 3,988 | -68% | -67% | -26% | ||
Coal - thermal | ('000 t) | 1,076 | 1,011 | 397 | 3,099 | 2,527 | -63% | -61% | -18% | ||
Copper - mined | ('000 t) | 120.6 | 156.8 | 159.7 | 329.5 | 455.8 | 32% | 2% | 38% | ||
Copper - refined | ('000 t) | 75.2 | 61.7 | 70.8 | 152.3 | 188.6 | -6% | 15% | 24% | ||
Diamonds | ('000 cts) | 5,933 | 4,626 | 4,896 | 14,420 | 14,137 | -17% | 6% | -2% | ||
Iron Ore | ('000 t) | 72,903 | 72,336 | 72,010 | 206,828 | 215,782 | -1% | 0% | 4% | ||
Titanium dioxide slag | ('000 t) | 327 | 232 | 297 | 975 | 822 | -9% | 28% | -16% | ||
Uranium | ('000 lbs) | 1,718 | 1,531 | 1,814 | 4,829 | 4,860 | 6% | 19% | 1% | ||
Other Metals & Minerals | |||||||||||
Gold - mined | ('000 oz) | 59.1 | 82.8 | 101.4 | 197.5 | 253.7 | 72% | 22% | 28% | ||
Gold - refined | ('000 oz) | 54.1 | 48.4 | 50.3 | 148.3 | 139.5 | -7% | 4% | -6% | ||
Molybdenum | ('000 t) | 1.4 | 0.7 | 1.4 | 3.0 | 3.5 | -4% | 90% | 16% | ||
Salt | ('000 t) | 1,227 | 1,662 | 1,481 | 3,555 | 4,657 | 21% | -11% | 31% | ||
Silver - mined | ('000 oz) | 959 | 1,448 | 1,384 | 3,022 | 4,070 | 44% | -4% | 35% | ||
Silver - refined | ('000 oz) | 731 | 461 | 730 | 1,861 | 2,058 | 0% | 58% | 11% | ||
Throughout this report, figures in italics indicate adjustments made since the figure was previously quoted on the equivalent page. Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result between the total of the quarter figures and the year to date figures. | |||||||||||
Rio Tinto share of production | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
ALUMINA | ||||||||
Production ('000 tonnes) | ||||||||
Jonquière (Vaudreuil) | 100% | 351 | 365 | 362 | 365 | 363 | 1,083 | 1,090 |
Jonquière (Vaudreuil) specialty Alumina plant | 100% | 30 | 29 | 31 | 32 | 31 | 93 | 95 |
Queensland Alumina | 80% | 720 | 773 | 717 | 752 | 748 | 2,216 | 2,216 |
São Luis (Alumar) | 10% | 94 | 93 | 87 | 87 | 85 | 276 | 259 |
Yarwun | 100% | 790 | 816 | 793 | 763 | 744 | 2,387 | 2,300 |
Rio Tinto total alumina production | 1,984 | 2,077 | 1,990 | 1,999 | 1,972 | 6,055 | 5,960 | |
ALUMINIUM | ||||||||
Production ('000 tonnes) | ||||||||
Australia - Bell Bay | 100% | 48 | 47 | 47 | 47 | 48 | 140 | 141 |
Australia - Boyne Island | 59% | 74 | 74 | 72 | 74 | 75 | 228 | 221 |
Australia - Tomago | 52% | 77 | 77 | 75 | 76 | 78 | 228 | 228 |
Canada - six wholly owned | 100% | 401 | 405 | 398 | 402 | 407 | 1,192 | 1,208 |
Canada - Alouette (Sept-Îles) | 40% | 60 | 60 | 58 | 58 | 59 | 179 | 175 |
Canada - Bécancour | 25% | 28 | 27 | 10 | 9 | 8 | 83 | 26 |
| France - Dunkerque (a) | 100% | 71 | 72 | 51 | 52 | 66 | 212 | 170 |
Iceland - ISAL (Reykjavik) | 100% | 53 | 54 | 52 | 53 | 53 | 158 | 158 |
New Zealand - Tiwai Point | 79% | 67 | 67 | 66 | 67 | 68 | 200 | 200 |
Oman - Sohar | 20% | 7 | 5 | 17 | 19 | 20 | 45 | 56 |
Rio Tinto total aluminium production | 887 | 887 | 846 | 858 | 880 | 2,664 | 2,584 | |
(a) On 10 January 2018, Rio Tinto announced a binding offer to sell its 100% interest in the Dunkerque smelter. | ||||||||
BAUXITE | ||||||||
Production ('000 tonnes) (a) | ||||||||
Gove | 100% | 2,809 | 3,224 | 3,124 | 3,274 | 2,893 | 7,977 | 9,290 |
Porto Trombetas | 12% | 492 | 426 | 353 | 393 | 342 | 1,338 | 1,087 |
Sangaredi | (b) | 1,670 | 1,809 | 1,745 | 1,657 | 1,261 | 5,125 | 4,664 |
Weipa | 100% | 7,895 | 8,304 | 7,431 | 7,955 | 8,204 | 22,594 | 23,590 |
Rio Tinto total bauxite production | 12,867 | 13,762 | 12,653 | 13,279 | 12,700 | 37,034 | 38,631 | |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production. | ||||||||
Rio Tinto share of production | ||||||||
Rio Tinto | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | 9 MTHS 2017 | 9 MTHS 2018 | |
BORATES | ||||||||
Production ('000 tonnes B2O3 content) | ||||||||
Rio Tinto Borates - borates | 100% | 140 | 120 | 124 | 132 | 137 | 396 | 394 |
COAL - hard coking | ||||||||
Rio Tinto Coal Australia ('000 tonnes) | ||||||||
| Hail Creek Coal (a) (c) | 0% | 1,276 | 1,275 | 758 | 1,131 | 325 | 3,028 | 2,214 |
| Kestrel Coal (b) (c) | 0% | 968 | 1,048 | 344 | 1,043 | 387 | 2,354 | 1,774 |
Rio Tinto total hard coking coal production | 2,244 | 2,322 | 1,102 | 2,174 | 712 | 5,382 | 3,988 | |
(a) On 1 August 2018, Rio Tinto completed the sale of its 82% interest in the Hail Creek mine. Production is reported up to the date of completion. (b) On 1 August 2018, Rio Tinto completed the sale of its 80% interest in the Kestrel mine. Production is reported up to the date of completion. (c) Kestrel and Hail Creek produce hard coking coal and thermal coal through their mining operations. Both mines may blend coal types at ports. | ||||||||
COAL - thermal | ||||||||
Rio Tinto Coal Australia ('000 tonnes) | ||||||||
| Hail Creek Coal (a) (c) | 0% | 851 | 785 | 1,060 | 835 | 368 | 2,605 | 2,264 |
| Kestrel Coal (b) (c) | 0% | 226 | 180 | 59 | 176 | 28 | 494 | 263 |
Rio Tinto total thermal coal production | 1,076 | 966 | 1,119 | 1,011 | 397 | 3,099 | 2,527 | |
(a) On 1 August 2018, Rio Tinto completed the sale of its 82% interest in the Hail Creek mine. Production is reported up to the date of completion. (b) On 1 August 2018, Rio Tinto completed the sale of its 80% interest in the Kestrel mine. Production is reported up to the date of completion. (c) Kestrel and Hail Creek produce hard coking coal and thermal coal through their mining operations. Both mines may blend coal types at ports. | ||||||||
Rio Tinto share of production | ||||||||
Rio Tinto | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | 9 MTHS 2017 | 9 MTHS 2018 | |
COPPER | ||||||||
Mine production ('000 tonnes) (a) | ||||||||
Bingham Canyon | 100% | 25.8 | 34.8 | 35.4 | 51.2 | 59.1 | 114.0 | 145.7 |
Escondida | 30% | 82.5 | 92.9 | 90.9 | 92.4 | 87.4 | 177.9 | 270.7 |
| Grasberg - Joint Venture (b) | 40% | 0.0 | 5.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Oyu Tolgoi (c) | 34% | 12.4 | 15.2 | 13.0 | 13.2 | 13.2 | 37.6 | 39.4 |
Rio Tinto total mine production | 120.6 | 148.6 | 139.3 | 156.8 | 159.7 | 329.5 | 455.8 | |
Refined production ('000 tonnes) | ||||||||
Escondida | 30% | 21.6 | 22.8 | 20.8 | 21.0 | 16.6 | 48.6 | 58.5 |
Rio Tinto Kennecott | 100% | 53.6 | 22.1 | 35.3 | 40.7 | 54.2 | 103.7 | 130.2 |
Rio Tinto total refined production | 75.2 | 44.9 | 56.1 | 61.7 | 70.8 | 152.3 | 188.6 | |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. On 28 September 2018, Rio Tinto signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). | ||||||||
(c) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources Ltd. | ||||||||
DIAMONDS | ||||||||
Production ('000 carats) | ||||||||
Argyle | 100% | 4,757 | 6,146 | 3,551 | 3,476 | 3,830 | 10,988 | 10,857 |
Diavik | 60% | 1,177 | 1,060 | 1,065 | 1,150 | 1,066 | 3,432 | 3,280 |
Rio Tinto total diamond production | 5,933 | 7,207 | 4,616 | 4,626 | 4,896 | 14,420 | 14,137 | |
GOLD | ||||||||
Mine production ('000 ounces) (a) | ||||||||
Bingham Canyon | 100% | 33.6 | 35.9 | 37.4 | 45.6 | 56.6 | 142.1 | 139.6 |
Escondida | 30% | 15.2 | 15.1 | 18.0 | 20.5 | 19.1 | 28.8 | 57.6 |
| Grasberg - Joint Venture (b) | 40% | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Oyu Tolgoi (c) | 34% | 10.4 | 11.7 | 14.0 | 16.8 | 25.8 | 26.7 | 56.6 |
Rio Tinto total mine production | 59.1 | 62.6 | 69.4 | 82.8 | 101.4 | 197.5 | 253.7 | |
Refined production ('000 ounces) | ||||||||
Rio Tinto Kennecott | 100% | 54.1 | 55.4 | 40.8 | 48.4 | 50.3 | 148.3 | 139.5 |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. On 28 September 2018, Rio Tinto signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). | ||||||||
(c) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources Ltd. | ||||||||
Rio Tinto share of production | ||||||||
Rio Tinto | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | 9 MTHS 2017 | 9 MTHS 2018 | |
IRON ORE | ||||||||
Production ('000 tonnes) (a) | ||||||||
Hamersley mines | (b) | 52,921 | 56,501 | 53,631 | 56,034 | 54,583 | 150,259 | 164,248 |
Hamersley - Channar | 60% | 1,596 | 1,345 | 1,136 | 1,227 | 604 | 5,134 | 2,967 |
Hope Downs | 50% | 5,978 | 5,987 | 5,342 | 5,783 | 5,713 | 17,483 | 16,839 |
Iron Ore Company of Canada | 59% | 3,171 | 2,733 | 2,364 | 871 | 2,880 | 8,433 | 6,116 |
Robe River - Pannawonica (Mesas J and A) | 53% | 4,461 | 4,580 | 4,672 | 4,048 | 4,208 | 11,946 | 12,928 |
Robe River - West Angelas | 53% | 4,776 | 4,509 | 4,290 | 4,373 | 4,021 | 13,573 | 12,685 |
Rio Tinto iron ore production ('000 tonnes) | 72,903 | 75,656 | 71,436 | 72,336 | 72,010 | 206,828 | 215,782 | |
Breakdown of Production: | ||||||||
Pilbara Blend Lump | 20,700 | 21,082 | 20,714 | 21,901 | 20,554 | 59,687 | 63,169 | |
Pilbara Blend Fines | 30,113 | 31,172 | 29,769 | 31,239 | 29,921 | 85,187 | 90,930 | |
Robe Valley Lump | 1,570 | 1,646 | 1,587 | 1,431 | 1,470 | 4,482 | 4,488 | |
Robe Valley Fines | 2,891 | 2,934 | 3,086 | 2,617 | 2,738 | 7,465 | 8,441 | |
Yandicoogina Fines (HIY) | 14,458 | 16,088 | 13,916 | 14,277 | 14,446 | 41,575 | 42,639 | |
Pilbara iron ore production ('000 tonnes) | 69,732 | 72,922 | 69,072 | 71,465 | 69,129 | 198,395 | 209,666 | |
IOC Concentrate | 1,450 | 1,163 | 799 | 572 | 1,131 | 3,858 | 2,501 | |
IOC Pellets | 1,722 | 1,571 | 1,566 | 299 | 1,750 | 4,576 | 3,615 | |
IOC iron ore production ('000 tonnes) | 3,171 | 2,733 | 2,364 | 871 | 2,880 | 8,433 | 6,116 | |
Breakdown of Sales: | ||||||||
Pilbara Blend Lump | 18,044 | 18,861 | 18,062 | 19,424 | 17,967 | 52,295 | 55,453 | |
Pilbara Blend Fines | 32,421 | 35,575 | 30,746 | 35,158 | 31,432 | 91,697 | 97,336 | |
Robe Valley Lump | 1,391 | 1,388 | 1,223 | 1,264 | 1,174 | 3,829 | 3,661 | |
Robe Valley Fines | 3,174 | 3,287 | 2,996 | 3,255 | 2,839 | 7,917 | 9,089 | |
Yandicoogina Fines (HIY) | 14,963 | 15,731 | 13,578 | 14,388 | 14,583 | 41,454 | 42,549 | |
Pilbara iron ore sales ('000 tonnes) | 69,993 | 74,843 | 66,604 | 73,489 | 67,995 | 197,191 | 208,088 | |
IOC Concentrate | 1,362 | 1,559 | 746 | 62 | 1,521 | 3,494 | 2,329 | |
IOC Pellets | 1,590 | 1,615 | 1,574 | 202 | 1,659 | 4,493 | 3,435 | |
IOC Iron ore sales ('000 tonnes) | 2,952 | 3,173 | 2,320 | 263 | 3,180 | 7,987 | 5,763 | |
Rio Tinto iron ore sales ('000 tonnes) | 72,944 | 78,016 | 68,925 | 73,752 | 71,175 | 205,179 | 213,851 | |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Includes 100% of production from Paraburdoo, Mt Tom Price, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass and the Eastern Range mines. Whilst Rio Tinto owns 54% of the Eastern Range mine, under the terms of the joint venture agreement, Hamersley Iron manages the operation and is obliged to purchase all mine production from the joint venture and therefore all of the production is included in Rio Tinto's share of production. | ||||||||
Rio Tinto share of production | ||||||||
Rio Tinto | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | 9 MTHS 2017 | 9 MTHS 2018 | |
MOLYBDENUM | ||||||||
Mine production ('000 tonnes) (a) | ||||||||
Bingham Canyon | 100% | 1.4 | 1.9 | 1.5 | 0.7 | 1.4 | 3.0 | 3.5 |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
SALT | ||||||||
Production ('000 tonnes) | ||||||||
Dampier Salt | 68% | 1,227 | 1,535 | 1,514 | 1,662 | 1,481 | 3,555 | 4,657 |
SILVER | ||||||||
Mine production ('000 ounces) (a) | ||||||||
Bingham Canyon | 100% | 357 | 418 | 461 | 615 | 708 | 1,737 | 1,784 |
Escondida | 30% | 521 | 658 | 702 | 758 | 599 | 1,054 | 2,059 |
| Grasberg - Joint Venture (b) | 40% | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Oyu Tolgoi (c) | 34% | 80 | 96 | 74 | 75 | 77 | 231 | 227 |
Rio Tinto total mine production | 959 | 1,172 | 1,237 | 1,448 | 1,384 | 3,022 | 4,070 | |
Refined production ('000 ounces) | ||||||||
Rio Tinto Kennecott | 100% | 731 | 516 | 867 | 461 | 730 | 1,861 | 2,058 |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. On 28 September 2018, Rio Tinto signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). | ||||||||
(c) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources Ltd. | ||||||||
TITANIUM DIOXIDE SLAG | ||||||||
Production ('000 tonnes) | ||||||||
| Rio Tinto Iron & Titanium (a) | 100% | 327 | 341 | 294 | 232 | 297 | 975 | 822 |
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74% interest in Richards Bay Minerals (RBM). | ||||||||
URANIUM | ||||||||
Production ('000 lbs U3O8) (a) | ||||||||
Energy Resources of Australia | 68% | 962 | 919 | 667 | 603 | 820 | 2,539 | 2,090 |
Rössing | 69% | 757 | 902 | 848 | 928 | 994 | 2,290 | 2,771 |
Rio Tinto total uranium production | 1,718 | 1,821 | 1,515 | 1,531 | 1,814 | 4,829 | 4,860 | |
(a) ERA and Rössing production reported are drummed U3O8. | ||||||||
Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result between the total of the quarter figures and the year to date figures. | ||||||||
The Rio Tinto percentage shown above is at 30 September 2018. | ||||||||
Rio Tinto's interest in the Coal and Allied mines were sold in 2017. No data for these operations are included in the Share of production table. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
ALUMINA | ||||||||
Smelter Grade Alumina - Aluminium Group | ||||||||
Alumina production ('000 tonnes) | ||||||||
Australia | ||||||||
Queensland Alumina Refinery - Queensland | 80.0% | 900 | 966 | 896 | 940 | 935 | 2,769 | 2,770 |
Yarwun refinery - Queensland | 100.0% | 790 | 816 | 793 | 763 | 744 | 2,387 | 2,300 |
Brazil | ||||||||
São Luis (Alumar) refinery | 10.0% | 937 | 934 | 871 | 869 | 851 | 2,763 | 2,592 |
Canada | ||||||||
| Jonquière (Vaudreuil) refinery - Quebec(a) | 100.0% | 351 | 365 | 362 | 365 | 363 | 1,083 | 1,090 |
(a) Jonquière's (Vaudreuil's) production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina. | ||||||||
Specialty Alumina - Aluminium Group | ||||||||
Specialty alumina production ('000 tonnes) | ||||||||
Canada | ||||||||
Jonquière (Vaudreuil) plant - Quebec | 100.0% | 30 | 29 | 31 | 32 | 31 | 93 | 95 |
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
ALUMINIUM | ||||||||
Primary Aluminium | ||||||||
Primary aluminium production ('000 tonnes) | ||||||||
Australia | ||||||||
Bell Bay smelter - Tasmania | 100.0% | 48 | 47 | 47 | 47 | 48 | 140 | 141 |
Boyne Island smelter - Queensland | 59.4% | 125 | 124 | 122 | 124 | 126 | 384 | 371 |
Tomago smelter - New South Wales | 51.6% | 149 | 149 | 145 | 148 | 151 | 441 | 443 |
Canada | ||||||||
Alma smelter - Quebec | 100.0% | 115 | 116 | 115 | 116 | 117 | 341 | 347 |
Alouette (Sept-Îles) smelter - Quebec | 40.0% | 150 | 150 | 144 | 146 | 148 | 448 | 438 |
Arvida smelter - Quebec | 100.0% | 43 | 44 | 43 | 43 | 43 | 127 | 129 |
Arvida AP60 smelter - Quebec | 100.0% | 14 | 14 | 13 | 13 | 13 | 44 | 39 |
Bécancour smelter - Quebec | 25.1% | 113 | 108 | 39 | 35 | 32 | 331 | 105 |
Grande-Baie smelter - Quebec | 100.0% | 58 | 58 | 57 | 58 | 59 | 172 | 174 |
Kitimat smelter - British Columbia | 100.0% | 108 | 110 | 108 | 109 | 110 | 323 | 327 |
Laterrière smelter - Quebec | 100.0% | 63 | 64 | 63 | 64 | 65 | 185 | 191 |
France | ||||||||
| Dunkerque smelter (a) | 100.0% | 71 | 72 | 51 | 52 | 66 | 212 | 170 |
Iceland | ||||||||
ISAL (Reykjavik) smelter | 100.0% | 53 | 54 | 52 | 53 | 53 | 158 | 158 |
New Zealand | ||||||||
Tiwai Point smelter | 79.4% | 84 | 85 | 83 | 84 | 85 | 252 | 252 |
Oman | ||||||||
Sohar smelter | 20.0% | 35 | 27 | 87 | 97 | 98 | 226 | 281 |
(a) On 10 January 2018, Rio Tinto announced a binding offer to sell its 100% interest in the Dunkerque smelter. | ||||||||
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
BAUXITE | ||||||||
Bauxite production ('000 tonnes) | ||||||||
Australia | ||||||||
Gove mine - Northern Territory | 100.0% | 2,809 | 3,224 | 3,124 | 3,274 | 2,893 | 7,977 | 9,290 |
Weipa mine - Queensland | 100.0% | 7,895 | 8,304 | 7,431 | 7,955 | 8,204 | 22,594 | 23,590 |
Brazil | ||||||||
Porto Trombetas (MRN) mine | 12.0% | 4,103 | 3,550 | 2,939 | 3,273 | 2,848 | 11,148 | 9,061 |
Guinea | ||||||||
| Sangaredi mine (a) | 23.0% | 3,711 | 4,020 | 3,878 | 3,683 | 2,803 | 11,390 | 10,364 |
Rio Tinto share of bauxite shipments | ||||||||
Share of total bauxite shipments ('000 tonnes) | 12,913 | 13,557 | 12,551 | 12,936 | 12,427 | 36,683 | 37,914 | |
Share of third party bauxite shipments ('000 tonnes) | 8,250 | 9,164 | 8,248 | 8,738 | 8,441 | 23,140 | 25,427 | |
(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production. | ||||||||
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
BORATES | ||||||||
Rio Tinto Borates - borates | 100.0% | |||||||
US | ||||||||
| Borates ('000 tonnes) (a) | 140 | 120 | 124 | 132 | 137 | 396 | 394 | |
(a) Production is expressed as B2O3 content. | ||||||||
COAL | ||||||||
Rio Tinto Coal Australia | ||||||||
Hail Creek Coal mine (a) | 0.0% | |||||||
Queensland | ||||||||
Hard coking coal ('000 tonnes) | 1,556 | 1,555 | 924 | 1,380 | 396 | 3,692 | 2,700 | |
Thermal coal ('000 tonnes) | 1,037 | 958 | 1,293 | 1,018 | 449 | 3,177 | 2,760 | |
Hunter Valley Operations (b) | 0.0% | |||||||
New South Wales | ||||||||
Semi-soft coking coal ('000 tonnes) | 445 | - | - | - | - | 1,529 | - | |
Thermal coal ('000 tonnes) | 2,112 | - | - | - | - | 8,502 | - | |
Kestrel Coal mine (c) | 0.0% | |||||||
Queensland | ||||||||
Hard coking coal ('000 tonnes) | 1,210 | 1,309 | 430 | 1,303 | 484 | 2,943 | 2,217 | |
Thermal coal ('000 tonnes) | 282 | 226 | 74 | 220 | 35 | 617 | 329 | |
Mount Thorley Operations (b) | 0.0% | |||||||
New South Wales | ||||||||
Semi-soft coking coal ('000 tonnes) | 149 | - | - | - | - | 876 | - | |
Thermal coal ('000 tonnes) | 703 | - | - | - | - | 2,011 | - | |
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
COAL (continued) | ||||||||
Warkworth mine (b) | 0.0% | |||||||
New South Wales | ||||||||
Semi-soft coking coal ('000 tonnes) | 44 | - | - | - | - | 514 | - | |
Thermal coal ('000 tonnes) | 1,305 | - | - | - | - | 4,521 | - | |
Total hard coking coal production ('000 tonnes) | 2,766 | 2,864 | 1,354 | 2,683 | 880 | 6,635 | 4,917 | |
Total semi-soft coking coal production ('000 tonnes) | 639 | - | - | - | - | 2,919 | - | |
Total thermal coal production ('000 tonnes) | 5,439 | 1,183 | 1,367 | 1,238 | 485 | 18,827 | 3,089 | |
Total coal production ('000 tonnes) | 8,844 | 4,047 | 2,721 | 3,921 | 1,365 | 28,382 | 8,007 | |
Total coal sales ('000 tonnes) | 9,298 | 4,092 | 3,050 | 3,717 | 1,725 | 27,962 | 8,492 | |
Rio Tinto Coal Australia share (d) | ||||||||
Share of hard coking coal sales ('000 tonnes) | 2,511 | 2,429 | 1,368 | 2,228 | 650 | 5,753 | 4,246 | |
| Share of semi-soft coal sales ('000 tonnes) (e) | 485 | - | - | - | - | 2,010 | - | |
| Share of thermal coal sales ('000 tonnes) (e) | 3,804 | 896 | 1,119 | 791 | 754 | 12,289 | 2,664 | |
(a) On 1 August 2018, Rio Tinto completed the sale of its 82% interest in the Hail Creek mine. Production is reported up to the date of completion. (b) On 1 September 2017, Rio Tinto completed the sale of Coal & Allied, a wholly owned subsidiary of Rio Tinto Coal Australia (RTCA) and production from these assets is included to this date. This included Coal & Allied's 67.6% interest in the Hunter Valley Operations mine, 80% interest in the Mount Thorley mine and 55.6% interest in the Warkworth mine. In an earlier restructuring of the Coal & Allied group completed on 3 February 2016, Rio Tinto had obtained 100% of Coal & Allied and retained a 67.6% interest in the newly created Hunter Valley Operations joint venture. Prior to restructuring, Rio Tinto's interest in the Hunter Valley Operations, Mount Thorley and Warkworth mines was 80%, 64% and 44.46% respectively. (c) On 1 August 2018, Rio Tinto completed the sale of its 80% interest in the Kestrel mine. Production is reported up to the date of completion. (d) Kestrel and Hail Creek produce hard coking coal and thermal coal through their mining operations. Both mines may blend coal types at ports. (e) Sales relate only to coal mined by the operations and exclude traded coal. | ||||||||
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
COPPER & GOLD | ||||||||
Escondida | 30.0% | |||||||
Chile | ||||||||
Sulphide ore to concentrator ('000 tonnes) | 24,080 | 30,260 | 32,203 | 31,732 | 30,513 | 50,911 | 94,449 | |
Average copper grade (%) | 1.06 | 0.98 | 0.96 | 0.96 | 0.94 | 1.06 | 0.95 | |
Mill production (metals in concentrates): | ||||||||
Contained copper ('000 tonnes) | 204.1 | 245.7 | 252.6 | 253.6 | 241.9 | 438.8 | 748.1 | |
Contained gold ('000 ounces) | 51 | 50 | 60 | 68 | 64 | 96 | 192 | |
Contained silver ('000 ounces) | 1,737 | 2,193 | 2,339 | 2,527 | 1,997 | 3,514 | 6,863 | |
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) | 70.8 | 63.9 | 50.4 | 54.4 | 49.4 | 154.3 | 154.2 | |
Refined production from leach plants: | ||||||||
Copper cathode production ('000 tonnes) | 71.9 | 76.1 | 69.4 | 70.1 | 55.4 | 161.9 | 194.9 | |
(a) The calculation of copper in material mined for leaching is based on ore stacked at the leach pad. | ||||||||
Freeport-McMoRan | ||||||||
Grasberg mine (a) | 0.0% (b) | |||||||
Papua, Indonesia | ||||||||
Ore treated ('000 tonnes) | 15,791 | 16,381 | 15,625 | 17,101 | 17,647 | 34,881 | 50,372 | |
Average mill head grades: | ||||||||
Copper (%) | 0.91 | 1.03 | 1.12 | 1.06 | 0.94 | 1.00 | 1.03 | |
Gold (g/t) | 0.98 | 1.28 | 1.63 | 1.77 | 1.59 | 1.08 | 1.67 | |
Silver (g/t) | 3.96 | 4.36 | 4.68 | 5.09 | 2.50 | 4.29 | 4.05 | |
Production of metals in concentrates: | ||||||||
Copper in concentrates ('000 tonnes) | 130.1 | 153.2 | 159.9 | 165.7 | 146.6 | 315.0 | 472.1 | |
Gold in concentrates ('000 ounces) | 417 | 579 | 693 | 842 | 769 | 1,023 | 2,304 | |
Silver in concentrates ('000 ounces) | 1,016 | 1,293 | 1,513 | 1,548 | 839 | 2,583 | 3,900 | |
| Sales of payable metals in concentrates: (c) | ||||||||
Copper in concentrates ('000 tonnes) | 109.6 | 154.3 | 157.4 | 145.3 | 156.1 | 295.9 | 458.8 | |
Gold in concentrates ('000 ounces) | 343 | 584 | 676 | 740 | 821 | 956 | 2,238 | |
Silver in concentrates ('000 ounces) | 666 | 1,044 | 1,184 | 1,098 | 754 | 1,920 | 3,036 | |
(a) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. The Q3 2018 results show the forecast from FCX's most recent five-year plan, because FCX is not releasing its actual 100% operating data for Q3 2018 until the release of its 2018 third-quarter results on 24 October 2018. On 28 September 2018, Rio Tinto signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). (b) Rio Tinto share of Grasberg production is 40% of the expansion. (c) Net of smelter deductions. | ||||||||
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
COPPER & GOLD (continued) | ||||||||
Rio Tinto Kennecott | ||||||||
Bingham Canyon mine | 100.0% | |||||||
Utah, US | ||||||||
Ore treated ('000 tonnes) | 10,092 | 9,074 | 9,260 | 8,974 | 11,173 | 30,309 | 29,407 | |
Average ore grade: | ||||||||
Copper (%) | 0.29 | 0.43 | 0.43 | 0.63 | 0.58 | 0.42 | 0.55 | |
Gold (g/t) | 0.18 | 0.21 | 0.23 | 0.26 | 0.26 | 0.26 | 0.25 | |
Silver (g/t) | 1.51 | 1.89 | 2.25 | 2.73 | 2.62 | 2.46 | 2.53 | |
Molybdenum (%) | 0.032 | 0.036 | 0.025 | 0.025 | 0.030 | 0.028 | 0.027 | |
Copper concentrates produced ('000 tonnes) | 148 | 162 | 171 | 194 | 233 | 542 | 598 | |
Average concentrate grade (% Cu) | 17.3 | 21.5 | 20.7 | 26.4 | 25.3 | 21.0 | 24.3 | |
Production of metals in copper concentrates: | ||||||||
| Copper ('000 tonnes) (a) | 25.8 | 34.8 | 35.4 | 51.2 | 59.1 | 114.0 | 145.7 | |
Gold ('000 ounces) | 34 | 36 | 37 | 46 | 57 | 142 | 140 | |
Silver ('000 ounces) | 357 | 418 | 461 | 615 | 708 | 1,737 | 1,784 | |
Molybdenum concentrates produced ('000 tonnes): | 2.8 | 3.8 | 2.8 | 1.5 | 2.8 | 6.0 | 7.0 | |
Molybdenum in concentrates ('000 tonnes) | 1.4 | 1.9 | 1.5 | 0.7 | 1.4 | 3.0 | 3.5 | |
Kennecott smelter & refinery | 100.0% | |||||||
Copper concentrates smelted ('000 tonnes) | 258 | 90 | 200 | 224 | 246 | 554 | 670 | |
| Copper anodes produced ('000 tonnes) (b) | 50.6 | 12.1 | 42.4 | 44.4 | 58.1 | 117.0 | 144.9 | |
Production of refined metal: | ||||||||
Copper ('000 tonnes) | 53.6 | 22.1 | 35.3 | 40.7 | 54.2 | 103.7 | 130.2 | |
| Gold ('000 ounces) (c) | 54.1 | 55.4 | 40.8 | 48.4 | 50.3 | 148.3 | 139.5 | |
| Silver ('000 ounces) (c) | 731 | 516 | 867 | 461 | 730 | 1,861 | 2,058 | |
(a) Includes a small amount of copper in precipitates. (b) New metal excluding recycled material. (c) Includes gold and silver in intermediate products. | ||||||||
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
COPPER & GOLD (continued) | ||||||||
Turquoise Hill Resources | ||||||||
Oyu Tolgoi mine (a) | 33.5% | |||||||
Mongolia | ||||||||
Ore Treated ('000 tonnes) | 10,615 | 10,838 | 9,561 | 10,164 | 9,652 | 30,339 | 29,377 | |
Average mill head grades: | ||||||||
Copper (%) | 0.48 | 0.53 | 0.51 | 0.48 | 0.51 | 0.50 | 0.50 | |
Gold (g/t) | 0.18 | 0.20 | 0.25 | 0.26 | 0.38 | 0.16 | 0.29 | |
Silver (g/t) | 1.34 | 1.54 | 1.32 | 1.17 | 1.19 | 1.34 | 1.22 | |
Copper concentrates produced ('000 tonnes) | 170.0 | 205.5 | 177.3 | 178.8 | 179.8 | 517.0 | 535.9 | |
Average concentrate grade (% Cu) | 21.7 | 22.0 | 21.9 | 22.0 | 21.9 | 21.7 | 21.9 | |
Production of metals in concentrates: | ||||||||
Copper in concentrates ('000 tonnes) | 36.9 | 45.3 | 38.8 | 39.4 | 39.4 | 112.1 | 117.6 | |
Gold in concentrates ('000 ounces) | 30.9 | 34.8 | 41.8 | 50.0 | 77.0 | 79.5 | 168.8 | |
Silver in concentrates ('000 ounces) | 239 | 285 | 221 | 225 | 230 | 689 | 676 | |
Sales of metals in concentrates: | ||||||||
Copper in concentrates ('000 tonnes) | 36.9 | 35.7 | 34.3 | 46.1 | 36.0 | 113.6 | 116.4 | |
Gold in concentrates ('000 ounces) | 28 | 27 | 31 | 51 | 55 | 84 | 137 | |
Silver in concentrates ('000 ounces) | 229 | 205 | 206 | 250 | 201 | 656 | 657 | |
(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources. | ||||||||
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
DIAMONDS | ||||||||
Argyle Diamonds | 100.0% | |||||||
Western Australia | ||||||||
AK1 ore processed ('000 tonnes) | 1,255 | 1,446 | 1,260 | 1,428 | 1,465 | 3,511 | 4,153 | |
AK1 diamonds produced ('000 carats) | 4,757 | 6,146 | 3,551 | 3,476 | 3,830 | 10,988 | 10,857 | |
Diavik Diamonds | 60.0% | |||||||
Northwest Territories, Canada | ||||||||
Ore processed ('000 tonnes) | 578 | 525 | 556 | 652 | 670 | 1,664 | 1,879 | |
Diamonds recovered ('000 carats) | 1,961 | 1,767 | 1,774 | 1,916 | 1,776 | 5,719 | 5,467 | |
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
IRON ORE | ||||||||
Rio Tinto Iron Ore | ||||||||
Western Australia | ||||||||
Pilbara Operations | ||||||||
Saleable iron ore production ('000 tonnes) | ||||||||
Hamersley mines | (a) | 52,921 | 56,501 | 53,631 | 56,034 | 54,583 | 150,259 | 164,248 |
Hamersley - Channar | 60.0% | 2,661 | 2,241 | 1,893 | 2,045 | 1,007 | 8,557 | 4,945 |
Hope Downs | 50.0% | 11,956 | 11,975 | 10,685 | 11,567 | 11,426 | 34,966 | 33,677 |
Robe River - Pannawonica (Mesas J and A) | 53.0% | 8,416 | 8,642 | 8,816 | 7,637 | 7,940 | 22,540 | 24,393 |
Robe River - West Angelas | 53.0% | 9,011 | 8,507 | 8,094 | 8,252 | 7,587 | 25,609 | 23,933 |
Total production ('000 tonnes) | 84,965 | 87,866 | 83,120 | 85,534 | 82,542 | 241,931 | 251,196 | |
Breakdown of total production: | ||||||||
Pilbara Blend Lump | 25,342 | 25,496 | 24,831 | 26,253 | 24,461 | 73,631 | 75,545 | |
Pilbara Blend Fines | 36,748 | 37,641 | 35,556 | 37,368 | 35,696 | 104,185 | 108,620 | |
Robe Valley Lump | 2,962 | 3,106 | 2,993 | 2,699 | 2,774 | 8,456 | 8,467 | |
Robe Valley Fines | 5,454 | 5,535 | 5,823 | 4,937 | 5,166 | 14,084 | 15,926 | |
Yandicoogina Fines (HIY) | 14,458 | 16,088 | 13,916 | 14,277 | 14,446 | 41,575 | 42,639 | |
Breakdown of total sales: | ||||||||
Pilbara Blend Lump | 21,959 | 22,377 | 21,457 | 22,954 | 21,644 | 63,682 | 66,054 | |
Pilbara Blend Fines | 40,305 | 43,039 | 37,320 | 42,638 | 38,100 | 112,856 | 118,058 | |
Robe Valley Lump | 2,624 | 2,619 | 2,307 | 2,386 | 2,215 | 7,224 | 6,908 | |
Robe Valley Fines | 5,989 | 6,202 | 5,652 | 6,141 | 5,356 | 14,938 | 17,149 | |
Yandicoogina Fines (HIY) | 14,963 | 15,731 | 13,578 | 14,388 | 14,583 | 41,454 | 42,549 | |
| Total sales ('000 tonnes) (b) | 85,840 | 89,968 | 80,314 | 88,506 | 81,898 | 240,153 | 250,718 | |
(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass and the Eastern Range mines. Whilst Rio Tinto owns 54% of the Eastern Range mine, under the terms of the joint venture agreement, Hamersley Iron manages the operation and is obliged to purchase all mine production from the joint venture and therefore all of the production is included in Rio Tinto's share of production. | ||||||||
Iron Ore Company of Canada | 58.7% | |||||||
Newfoundland & Labrador and Quebec in Canada | ||||||||
Saleable iron ore production: | ||||||||
Concentrates ('000 tonnes) | 2,469 | 1,980 | 1,360 | 974 | 1,926 | 6,569 | 4,260 | |
Pellets ('000 tonnes) | 2,932 | 2,675 | 2,667 | 510 | 2,979 | 7,792 | 6,156 | |
IOC Total production ('000 tonnes) | 5,401 | 4,655 | 4,027 | 1,484 | 4,905 | 14,362 | 10,416 | |
Sales: | ||||||||
Concentrates ('000 tonnes) | 2,319 | 2,655 | 1,271 | 105 | 2,590 | 5,950 | 3,966 | |
Pellets ('000 tonnes) | 2,707 | 2,750 | 2,681 | 343 | 2,825 | 7,652 | 5,849 | |
IOC Total Sales ('000 tonnes) | 5,027 | 5,404 | 3,951 | 449 | 5,415 | 13,602 | 9,815 | |
Global Iron Ore Totals | ||||||||
Iron Ore Production ('000 tonnes) | 90,365 | 92,521 | 87,146 | 87,018 | 87,448 | 256,293 | 261,612 | |
Iron Ore Sales ('000 tonnes) | 90,867 | 95,373 | 84,265 | 88,954 | 87,314 | 253,755 | 260,533 | |
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
Rio Tinto operational data | ||||||||
Rio Tinto |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 MTHS |
9 MTHS | |
SALT | ||||||||
Dampier Salt | 68.4% | |||||||
Western Australia | ||||||||
Salt production ('000 tonnes) | 1,795 | 2,246 | 2,215 | 2,431 | 2,167 | 5,200 | 6,813 | |
TITANIUM DIOXIDE SLAG | ||||||||
Rio Tinto Iron & Titanium | 100.0% | |||||||
Canada and South Africa | ||||||||
(Rio Tinto share) (a) | ||||||||
Titanium dioxide slag ('000 tonnes) | 327 | 341 | 294 | 232 | 297 | 975 | 822 | |
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74% interest in Richards Bay Minerals' production. Ilmenite mined in Madagascar is being processed in Canada. | ||||||||
URANIUM | ||||||||
Energy Resources of Australia Ltd | ||||||||
Ranger mine (a) | 68.4% | |||||||
Northern Territory, Australia | ||||||||
U3O8 Production ('000 lbs) | 1,407 | 1,343 | 975 | 881 | 1,199 | 3,713 | 3,056 | |
(a) ERA production data are drummed U3O8. | ||||||||
Rössing Uranium Ltd (a) | 68.6% | |||||||
Namibia | ||||||||
U3O8 Production ('000 lbs) | 1,103 | 1,314 | 1,236 | 1,352 | 1,449 | 3,337 | 4,038 | |
(a) Rössing production data are drummed U3O8. | ||||||||
Rio Tinto percentage interest shown above is at 30 September 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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Rio Tinto plc published this content on 16 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 October 2018 06:42:10 UTC
