Rio Tinto : 2024 First Quarter Operations Review

Notice to ASX/LSE

Rio Tinto releases first quarter production results

17 April 2024

Rio Tinto Chief Executive Jakob Stausholm said: "We have been deeply affected by the loss of four Diavik colleagues and two airline crew members in a plane crash in January. This tragedy has strengthened our resolve to never be complacent about safety.

"We delivered stable operating results in the first quarter, including improvements at our bauxite and aluminium businesses, as we navigated seasonal challenges across our global operations. Our full year guidance is unchanged across all our products. We remained focused on growth in energy-transition materials, with the ramp-up at Oyu Tolgoi underground, the first full quarter of recycled aluminium production from Matalco and further progress at Simandou, our high grade iron ore project in Guinea.

"Action to decarbonise our operations continues, with power purchase agreements signed marking a significant step towards a competitive renewable energy solution for our Gladstone operations - the single largest lever towards our 2030 emissions goal. We also joined with BHP and BlueScope to investigate the development of Australia's first electric smelting furnace pilot plant, progressing our work on steel decarbonisation. We continue to pursue our long-term strategy, and have a clear pathway to deliver operational excellence, while investing in

profitable growth and delivering attractive shareholder returns."

		Q1	vs Q1	vs Q4
Production*		2024	2023	2023
Pilbara iron ore shipments (100% basis)	Mt	78.0	-5%	-10%
Pilbara iron ore production (100% basis)	Mt	77.9	-2%	-11%
Bauxite	Mt	13.4	+11%	-11%
Aluminium**	kt	826	+5%	-2%
Mined copper (consolidated basis)	kt	156	+7%	-3%
Titanium dioxide slag	kt	254	-11%	-8%
IOC*** iron ore pellets and concentrate	Mt	2.6	+3%	-3%

• Rio Tinto share unless otherwise stated ** Includes primary aluminium only
  *** Iron Ore Company of Canada

Q1 2024 operational highlights and other key announcements

• Our all injury frequency rate for the first quarter was 0.36, in line with the previous quarter, and a small increase from the first quarter of 2023 (0.34). The tragic plane crash in January is a devastating reminder of why safety is and must always be our top priority. We continue to work closely with the authorities to support their efforts to understand the full facts of what has happened.
• In the Pilbara, we produced 77.9 million tonnes (Rio Tinto share 66.1 million tonnes) in the first quarter, 2% lower than the corresponding period of 2023. Compared to the first quarter in 2023, planned ore depletion, predominantly at Yandicoogina, was partially offset by productivity gains across other operations. We continue to work on asset management and pit health, and expect further productivity gains over the remainder of the year. Shipments of 78.0 million tonnes (Rio Tinto share 66.1 million tonnes) were 5% lower than the first quarter of 2023. Lower volumes were predominantly the result of weather disruption at the ports, leading to a lower stock draw-down compared to last year, as well as reduced production at the mines.
• Bauxite production of 13.4 million tonnes was 11% higher than the first quarter of 2023 with continued improvement in operational stability at Weipa and Gove.
• Aluminium production of 0.8 million tonnes was 5% higher than the first quarter of 2023. Kitimat is now back at full capacity.
• Mined copper production of 156 thousand tonnes (consolidated basis) was 7% higher than the first quarter of 2023.
• • Kennecott mined copper production was 7% higher than the first quarter of 2023 but 32% lower than the previous quarter, primarily, due to unplanned conveyor downtime. The impacted conveyor is now fully operational again.

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• • Escondida copper production was 7% higher than the first quarter of 2023 due to higher concentrator feed grade (0.92% in the first quarter of 2024 vs 0.78% in the corresponding period of 2023).
  • Oyu Tolgoi mined copper production increased 8% from the first quarter of 2023 as the ramp-up in underground production continued in line with our long term plan, delivering a copper head grade of 1.67% (vs 1.36% in the first quarter of 2023) for the underground and an overall copper head grade of 0.55% (vs 0.49%).
• Titanium dioxide slag production was 11% lower than the first quarter of 2023. We entered 2024 with six out of nine furnaces operating at our RTIT Quebec Operations and three out of four online at Richards Bay Minerals (RBM). During the first quarter, we started the planned rebuild of one of the three offline furnaces in Quebec.
• IOC production was 3% higher than the first quarter of 2023. Shipments were 25% higher than the first quarter of 2023, driven by rail and port availability and utilisation.
• In the first quarter, we continued deployment of the Safe Production System (SPS), now reaching 24 sites, which we have prioritised for value. This year, our focus is on a deeper roll-out of SPS at the sites where it has been deployed.
• On 16 January, weannouncedthat 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 is expected by end of the year subject to certain commercial and regulatory conditions being satisfied.
• On 21 February, weannouncedthat Simon McKeon will step down as a Non-Executive Director at the conclusion of the Rio Tinto Limited annual general meeting on 2 May 2024.
• On 28 March, we published our 2023Taxes and Royalties Paid Report, which details $8.5 billion of taxes and royalties paid globally during the year, including $6.6 billion in Australia.
• Subsequent to the end of the quarter, weannouncedthat we will manage the Ranger Rehabilitation Project in Australia's Northern Territory on behalf of Energy Resources of Australia Ltd (ERA), under a new Management Services Agreement. This agreement will build on ERA's existing rehabilitation work with Rio Tinto's technical expertise in designing, scoping and executing closure projects.
• On 8 April, weannouncedthat Bold Baatar has been appointed to the role of Chief Commercial Officer to lead the Group's commercial and business development activities globally.

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.

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2024 guidance

	2023	Q1 2024	2024	2024
Rio Tinto production share, unless otherwise stated	Actuals	Actuals	Previous	Current
Pilbara iron ore (shipments, 100% basis) (Mt)	331.8	78.0	323 to 338	Unchanged
Bauxite (Mt)	54.6	13.4	53 to 56	Unchanged
Alumina (Mt)	7.5	1.9	7.6 to 7.9	Unchanged
Aluminium (Mt)	3.3	0.8	3.2 to 3.4	Unchanged
Mined copper (consolidated basis) (kt)	620	156	660 to 720	Unchanged
Refined copper (kt)	175	62.5	230 to 260	Unchanged
Titanium dioxide slag (Mt)	1.1	0.3	0.9 to 1.1	Unchanged
IOC1 iron ore pellets and concentrate (Mt)	9.7	2.6	9.8 to 11.5	Unchanged
Boric oxide equivalent (Mt)	0.5	0.1	~0.5	Unchanged

1Iron Ore Company of Canada continues to be reported at Rio Tinto share.

• 2024 production guidance is unchanged.
• Expectations for Pilbara iron ore shipments in 2024 remain at 323 to 338 million tonnes. SP10 levels are expected to remain elevated until replacement projects are delivered. This guidance remains subject to the timing of approvals for planned mining areas and heritage clearances.
• Iron ore shipments and bauxite production guidance remain subject to weather impacts.

Operating costs

• Guidance for 2024 Pilbara iron ore unit cash costs is unchanged at $21.75 to $23.50 per tonne range (based on an average A$:US$ exchange rate of 0.66).
• Guidance for 2024 copper C1 unit costs is unchanged at 140 to 160 US cents/lb.

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Investments, growth and development projects

• Our share of capital investment for 2024 remains unchanged and is expected to be up to $10.0 billion, including growth capital of up to $3.0 billion, sustaining capital of around $4.0 billion and $2.0 to $3.0 billion of replacement capital. This remains subject to Traditional Owner and other stakeholder engagement, regulatory approvals and technology developments. All capital guidance is subject to ongoing inflationary pressures and exchange rates.
• Pre-taxand pre-divestment expenditure on exploration and evaluation charged to the income statement in 2024 was $214 million, compared with $219 million in 2023, on the same basis. Approximately 23% of the spend was by central exploration, 38% by minerals (with the majority focusing on lithium), 29% by copper and 10% by iron ore. In 2024, all qualifying expenditure relating to Simandou has been capitalised.

Pilbara projects

• Construction of our Western Range mine is now over 50% complete.  Bulk earthworks and initial mining area development are well advanced and the focus is on greenfield crushing and screening, and Paraburdoo plant tie-in. First ore remains on plan for 2025.
• We continue to advance our next tranche of Pilbara mine replacement studies including the Hope Downs 1 (Hope Downs 2 and Bedded Hilltop), Brockman 4 (Brockman Syncline 1), Greater Nammuldi and West Angelas projects. Project timelines remain subject to timing of approvals and heritage clearances.
• The Rhodes Ridge pre-feasibility study (PFS) continues to progress, including resource evaluation activities. The PFS, which is targeting an initial capacity of up to 40 million tonnes per year, subject to relevant approvals, is expected to be complete by the end of 2025. This will be followed by a feasibility study. First ore is expected by the end of the decade.
• Following approval in late 2023, engineering and procurement activities for the Coastal Water desalination project are well advanced. The $395 million plant will provide water to our port operations in Dampier.

Oyu Tolgoi underground project

• We continue to see strong performance from the underground mine, with a total of 99 drawbells opened from Panel 0, including 13 during the quarter. The operation is expected to ramp up to deliver average mined copper production of ~500 thousand tonnes per annum (100% basis) between 2028 and 20361.
• Sinking of ventilation shafts 3 and 4 continued to progress well during the quarter and at the end of March reached depths of 1,076 metres and 1,150 metres below ground level, respectively. Final depths required for shafts 3 and 4 are 1,130 and 1,176 metres respectively. Shaft 4 breakthrough (sinking completion) was achieved in early April. Both shafts remain on track to be commissioned in the second half of 2024.
• Construction of the conveyor to surface works continued to plan and was 94% complete at the end of the quarter. Commissioning remains on track for the second half of 2024.
• Construction works for the concentrator conversion remain on schedule. Commissioning is expected to be progressively completed from the fourth quarter of 2024 through to the second quarter of 2025.
• Construction of primary crusher 2 commenced in December 2023 and is due to be completed by the end of 2025.

Simandou iron ore project

• In February, the Board of Rio Tinto approved its share of capital expenditure to progress the Simandou iron ore project in Guinea, subject to joint venture partner and regulatory approvals2 from China and Guinea. We are continuing to work with our partners to satisfy the outstanding conditions.
• We estimate3 our share of capital expenditure for the Simfer mine and co-developed infrastructure is approximately $6.2 billion4. First production from the Simfer mine is expected in 2025, ramping up over 30 months to an annualised capacity of 60 million tonnes per year5 (27 million tonnes per year Rio Tinto share).

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• During the first quarter, we continued to finalise the remaining construction contracts and progressed the full mobilisation of 7,000+ work force for the Simfer6 mine and Simfer-managed scope of the co- developed infrastructure.
• For the Simfer mine, good progress has been made on the earthworks, including completion of clearing the 18-kilometre airport access road. Construction also commenced on the primary crusher. For the Simfer-managed scope of the co-developed infrastructure, the rail spur tunnel, port car dumpers and transhipment vessel (TSV) wharf are now under construction.
• Biodiversity monitoring continues with water monitoring with several local communities, as do our rehabilitation efforts with the sowing of 1,730 seeds for new stock in the Canga nursery and hydroseed of 7 hectares at Siatouro for erosion control. Our community commitments continue with 11 projects underway for schools, water wells, training programs and local content business support.

Other key projects and exploration and evaluation

• At Complexe Jonquière in Quebec, Canada, early works activities for the expansion of our low carbon AP60 aluminium smelter were completed during the quarter. The execution phase of construction activities is ramping up with the mobilisation of civil and structural contractors. Once completed, the project will add 96 new AP60 pots, increasing capacity by approximately 160,000 metric tonnes of primary aluminium per year. This new capacity, in addition to 30,000 tonnes of new recycling capacity at Arvida expected to open in the fourth quarter of 2025, will offset the 170,000 tonnes of capacity lost through the gradual closure of potrooms at the Arvida smelter from 2024.
• At Kennecott, the first stope of the Lower Commercial Skarn was blasted in March. This marks Kennecott's return to underground production after more than 40 years. Activities continued on the North Rim Skarn (NRS) underground development and infrastructure. Production from the NRS is now forecast to commence around mid-year 2025 (previously first quarter of 2025) following updates to our controls after ground fall events.
• At the Resolution Copper project in Arizona, the U.S. Court of Appeals for the Ninth Circuit denied Apache Stronghold's attempt to stop the land exchange between Resolution Copper and the federal government. Apache Stronghold has asked the court to rehear the case. We continue to progress the Final Environmental Impact Statement (FEIS) with the United States Forest Service (USFS), but they have yet to advise on the date of re-publication. We also advanced partnership discussions with federally-recognised Native American Tribes who are part of the formal consultation process. While there is significant local support for the project, we respect the views of groups who oppose it and will continue our efforts to address and mitigate concerns.
• At the Winu copper-gold project in Western Australia, Project Planning Agreements were executed with the Nyangumarta and Martu groups, the Traditional Owners of the land on which the proposed Winu mine and airstrip will be located. Study activities, drilling and fieldwork progressed sufficiently to commence Winu's formal Western Australian Environmental Protection Authority (EPA) approval process. Work in 2024 to complete the environmental approval deliverables and the Project Agreement negotiations with both Traditional Owner groups remains the priority.
• Nuton, Rio Tinto's copper heap leaching technology venture, continues to develop its path for deployment with a portfolio of six partnerships (Cactus with ASCU, Yerington with Lion Copper & Gold, Johnson Camp with Excelsior, AntaKori with Regulus, Escondida with BHP and Los Azules with McEwen) in four countries: United States, Chile, Peru and Argentina. In March, Lion Copper & Gold announced the results of the Preliminary Economic Assessment (PEA) for its Yerington Project. Lion Copper and Gold's assessment incorporated the Nuton case. Nuton continues to develop its pipeline of projects.
• We continue to believe that the Jadar lithium-borate project in Serbia has the potential to be a world- class asset, that will support the development of other future industries in Serbia, acting as a catalyst for tens of thousands of jobs for current and future generations, and sustainably producing materials critical to the energy transition. We are focused on consultation with all stakeholders to explore options related to the project's future.

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• At the Rincon lithium project in Argentina, development of the three thousand tonne per annum lithium carbonate starter plant is ongoing as we progressed the construction of an additional 400-bed camp facility (500 already completed) and concrete works. Structural, mechanical, piping, electrical and instrumentation installation activity is ramping up to plan. We progressed studies for the full-scale operation during the quarter, and the exploration campaign to further understand Rincon's basin, brine and water reservoirs. We continue to engage with communities, the province of Salta and the Government of Argentina to ensure an open and transparent dialogue with stakeholders about the works underway. We continue to expect first production from the starter plant by the end of 2024.

• The 500 thousand tonnes per annum copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was previously reported in a release to the Australian Securities Exchange (ASX) dated 11 July 2023 "Investor site visit to Oyu Tolgoi copper mine, Mongolia". All material assumptions underpinning that production target and those production profiles continue to apply and have not materially changed.
  2 Closing of the joint venture arrangements for the co-developed infrastructure remain subject to a number of conditions including Chinese and Guinean regulatory approvals.
  3 A true-up mechanism will apply between Simfer and WCS to equalise their out of pocket costs of constructing the co-developed rail and port infrastructure.
  4 Estimated numbers, subject to approval by all joint venture partners and government authorities.
  5 The estimated annualised capacity of approximately 60 million dry tonnes per annum iron ore for the Simandou life of mine schedule was previously reported in a release to the ASX dated 6 December 2023 titled "Investor Seminar 2023". Rio Tinto confirms that all material assumptions underpinning that production target and those production profiles continue to apply and have not materially changed.
  6 Simfer Jersey Limited is a joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore Holdings Ltd (CIOH) (47%), a Chinalco- led joint venture of leading Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction Corporation (2.5%) and China Harbour Engineering Company (2.5%)). Simfer S.A. is the holder of the mining concession covering Simandou Blocks 3 & 4, and is owned by the Guinean State (15%) and Simfer Jersey Limited (85%). Simfer Infraco Guinée S.A.U. will deliver Simfer's scope of the co-developed rail and port infrastructure, and is, on the date of this notice, a wholly-owned subsidiary of Simfer Jersey Limited, but will be co-owned by the Guinean State (15%) after closing of the co-development arrangements. Simfer Jersey will ultimately own 42.5% of Compagnie du Transguinéen, which will own and operate the co-developed infrastructure during operations.

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Sustainability highlights

February marked two years since the Everyday Respect Report was released. We recognised this milestone by sharing stories highlighting some of the actions we have taken to implement the 26 recommendations as we progress on our journey of culture change to create a safer, more respectful and inclusive organisation.

We are proud of all we have achieved, but recognise that we are only two years into our journey and have much to learn and do. One of the final recommendations, a Progress Review, was launched on 9 April to help us understand where we still need to make improvements. We continue to commit to transparency and will share the results of the independent Progress Review.

This quarter we launched Inclusive Voices, our employee-led Employee Resource Group community, to amplify voices of diverse groups across our business. We also worked on removing other barriers to inclusion and bringing our Everyday Respect priorities to life through starting to build a series of "how to" guides starting with our Parental Leave guide released in March.

Communities & Social Performance (CSP)

In March, we officially launched a global community perception monitoring program, Local Voices. The program is an important part of our commitment to truly listen to communities so we can continually find better ways to work together. Other key highlights from the quarter are provided below, with further information available on our website:

26 January 2024 | Sokhulu and RBM agree to implement trust reform and support long-term community benefit

26 March 2024 | Rio Tinto commits $10 million to boost Tom Price sports and recreation

8 April 2024 | Yinhawangka People and Rio Tinto partner to co-design 'Living Cultures Program'

Climate change, product stewardship and our value chain

To reach our 2030 goal of a 50% reduction in emissions (Scope 1 and 2), our single largest lever - accounting for around one-quarter of our emissions - is to develop a competitive renewable energy solution for the Boyne and Tomago aluminium smelters in our Pacific Aluminium Operations. In February, we agreed to buy th

e majority of electricity from Windlab's Bungaban wind energy project. This, combined with our announcement in January of a power purchase agreement (PPA) for European Energy's Upper Calliope solar farm in Queensland, will make Rio Tinto the biggest industrial buyer of renewable power in Australia. The combined 2.2GW of renewable PPAs represent the equivalent of 10% of Queensland's current power demand and have the potential to lower carbon emissions by about 5 million tonnes per year. Turning to steel decarbonisation, in February, we announced a partnership with BHP and BlueScope to investigate the development of Australia's first ironmaking electric smelting furnace pilot plant.

Further detail on these PPAs and partnerships is provided in the links below:

24 January 2024 | Rio Tinto to drive development of Australia's largest solar farm at Gladstone

09 February 2024 | Australia's leading iron ore producers partner with BlueScope on steel decarbonisation

21 February 2024 | Rio Tinto signs Australia's biggest renewable power deal as it works to repower its Gladstone operations

27 February 2024 | Rio Tinto IOC and Government of Canada partner to decarbonize iron ore processing in Labrador West

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Our markets

The global economy remains resilient, despite the aggressive policy rate hikes in the past two years, with a recovery in industrial production ahead. Inflation is trending downwards, but slower than expectations, as energy price risks and shipping cost volatility remain. Labour markets are still resilient.

• China's economic recovery has been uneven, prompting more government support to sustain growth and meet the target of around 5% GDP growth this year. The manufacturing sector remains strong, given increased industrial production and exports, while property activity remains weak, despite improved policy support. There is continued issuance of financing for infrastructure projects, although efforts are being taken to restructure local government debts.
• The US market outlook remains optimistic, given the labour market strength, looser financial conditions, and healthy household and corporate balance sheets. The Federal Reserve is still focused on the downward direction of inflation, although the pace of decline is slowing and some headwinds have appeared. The services sector continues to hold up relatively well, while the manufacturing PMI turned expansionary in January.
• The eurozone economy stagnated in the fourth quarter of 2023 and is likely to have stayed weak in the first quarter of this year. It is expected to pick up gradually over the year on the back of a further decline in inflation, cuts in official interest rates, recovery in industrial production and investments in the energy transition. However, the pace of recovery is uneven amongst countries, with Germany lagging given weakness in its manufacturing sector.
• Iron ore prices declined by 27% over the quarter, while the average monthly price in the first quarter of $123/dmt (Platts CFR 62% Fe index) was 4% lower than last year's fourth quarter. China's domestic steel demand trended at levels similar to last year, but steel exports rose 30% year-on- year during the first two months and are likely to remain historically elevated, in turn, supporting iron ore demand. Seaborne shipments in the first quarter rose 1% year-on-year and China's portside inventories increased by 24 million tonnes to 144 million tonnes. Steel mill margins in China oscillated around break-even levels, maintaining iron ore product price relativities within historically narrow bands, while lump premiums declined in the absence of pollution controls and sintering restrictions in China.
• The LME aluminium price declined by 3% over the quarter, while the average price rose 0.4% from the fourth quarter of 2023, to $2,199/t. Aluminium orders improved in Europe and North America, while Chinese demand continued to be resilient on growth from renewables and electric vehicles (EVs). Global aluminium production remained stable, with restarts in Yunnan, China, only expected in the second quarter. Global reported aluminium inventory levels remain low, maintaining tight physical markets. China bauxite import prices remained resilient in the first quarter, supported by firm demand and disruptions to domestic bauxite supply.
• The copper LME price was higher in the first quarter, with the average price up 3% quarter-on- quarter to $3.83/lb. Besides a substantial cut to mine production guidance from the major copper miners, the growth in smelter capacity has led to a severe tightening in the copper concentrates market and a sharp fall in Treatment Charge (TC) and Refining Charge (RC). Copper demand growth continues to be driven by energy transition sectors, including EV, power grid and renewables. Chinese demand growth has been robust, despite the weakening property sector.
• Lithium prices have remained at subdued levels through the first quarter with the weak sentiment impacting price outlooks, triggering production curtailment and project delays. Conversely, global EV sales growth rose 31% year-on-year in the first two months of this year, compared to 26% year-on- year over the same period last year. Chinese EV makers announced a series of price cuts in the first quarter to increase sales further.
• The global TiO2 feedstock market experienced some positive sentiment in the first quarter, although this is from a low base after depressed conditions through most of 2023. Underlying pigment demand has stabilised with some pockets of the market showing encouraging growth. Against this backdrop, there has been some supply curtailment reported.
• The borates market remained well supplied and demand continued to be soft in the first quarter, driven by weakness in the housing and construction markets.

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Iron Ore

Rio Tinto share of production (Million	Q1	vs Q1	vs Q4
tonnes)	2024	2023	2023
Pilbara Blend and SP10 Lump1	19.9	+1%	-11%
Pilbara Blend and SP10 Fines1	29.8	-3%	-11%
Robe Valley Lump	1.5	+35%	-4%
Robe Valley Fines	2.7	+36%	-1%
Yandicoogina Fines (HIY)	12.1	-11%	-12%
Total Pilbara production	66.1	-2%	-10%
Total Pilbara production (100% basis)	77.9	-2%	-11%
Rio Tinto share of shipments (Million	Q1	vs Q1	vs Q4
tonnes)	2024	2023	2023
Pilbara Blend Lump	12.8	-18%	-12%
Pilbara Blend Fines	23.2	-19%	-2%
Robe Valley Lump	1.2	+16%	-19%
Robe Valley Fines	2.9	+30%	-4%
Yandicoogina Fines (HIY)	12.2	-11%	-10%
SP10 Lump1	4.5	+165%	-3%
SP10 Fines1	9.2	+35%	-24%
Total Pilbara shipments2	66.1	-5%	-10%
Total Pilbara shipments (100% basis)2	78.0	-5%	-10%
Total Pilbara Shipments (consolidated
basis)2, 3	67.9	-5%	-10%

Production figures are sometimes more precise than the rounded numbers shown, hence small rounding differences may appear.

• SP10 includes other lower grade products.

• Shipments includes material shipped from the Pilbara to our portside trading facility in China which may not be sold onwards by the group in the same period.
  3 While Rio Tinto has a 53% net beneficial interest in Robe River Iron Associates, it recognises 65% of the assets, liabilities, sales revenues and expenses in its accounts (as 30% is held through a 60% owned subsidiary and 35% is held through a 100% owned subsidiary). The consolidated basis sales reported here include Robe River Iron Associates on a 65% basis to enable comparison with revenue reported in the financial statements.

Pilbara operations

We produced 77.9 million tonnes (Rio Tinto share 66.1 million tonnes) in the first quarter, 2% lower than the corresponding period of 2023. Compared to the first quarter of 2023, planned ore depletion, predominantly at Yandicoogina, was partially offset by productivity gains across other operations. We continue to work on asset management and pit health and expect further productivity gains over the remainder of the year.

Shipments of 78.0 million tonnes (Rio Tinto share 66.1 million tonnes) were 5% lower than the first quarter of 2023. Lower volumes were predominantly the result of weather disruption at the ports, leading to a lower stock draw-down compared to last year, as well as reduced production at the mines. SP10 volumes accounted for 18%1 of shipments in the first quarter, in line with the second half of 2023.

Approximately 10% of sales in the first 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, average of two months, forward month or on the spot market. Approximately 27% of sales in the first quarter were made on a free on board (FOB) basis, with the remainder sold including freight.

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China Portside Trading

Our iron ore portside sales in China were 6.5 million tonnes in the first quarter of 2024 (6.2 million tonnes in the first quarter of 2023). At the end of March, inventory levels were 7.0 million tonnes (6.4 million tonnes at the end of December), including 4.8 million tonnes of Pilbara product. In the first quarter of 2024, approximately 90% of our portside sales were either screened or blended in Chinese ports.

• Based on total Pilbara shipments on a 100% basis.

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