leadf
logo-loader
RNS
viewRio Tinto PLC

Rio Tinto - Rio Tinto second quarter production results

RNS Number : 2821T
Rio Tinto PLC
17 July 2020
 

Rio Tinto releases second quarter production results

 

17 July 2020

 

Rio Tinto Chief Executive J-S Jacques said "We delivered a strong performance, particularly in iron ore and bauxite, demonstrating the underlying resilience of our business and ability to adapt in difficult conditions. Our iron ore assets are performing well in a strong pricing environment and we are on track to meet our 2020 iron ore guidance. Despite various COVID-19 related challenges, all our assets have continued to operate, with our first priority to protect the health and safety of all our employees and communities.

 

"Our focus is to maintain a business as usual approach with many safeguards at a very unusual time. Our operational teams are continuing to run our assets safely so we can continue to contribute to local and national economies and serve our customers. We remain even more committed to our relationship with communities, following the Juukan Gorge events in the Pilbara, and we are engaging extensively with Traditional Owners around our operations and across Australia

 

"We are executing our value over volume strategy to drive performance, productivity and free cash flow per share. We will remain agile and ready to adapt to the changing operating and macro environment."

 

Production*

 

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Pilbara iron ore shipments (100% basis)

Mt

86.7

+1 

%

+19 

%

159.6

+3 

%

Pilbara iron ore production (100% basis)

Mt

83.2

+4 

%

+7 

%

161.1

+3 

%

Bauxite

Mt

14.6

+9 

%

+5 

%

28.4

+8 

%

Aluminium

kt

785

-2 

%

%

1,568

-2 

%

Mined Copper

kt

132.8

-3 

%

%

265.7

-5 

%

Titanium dioxide slag

kt

262

-13 

%

-10 

%

555

-7 

%

IOC iron ore pellets and concentrate

Mt

2.8

+9 

%

+8 

%

5.3

+6 

%

*Rio Tinto share unless otherwise stated

 

Q2 Operational update

 

•       We continue to prioritise the health and safety of our employees and communities during this turbulent period. We achieved an all injury frequency rate of 0.37 for the first half of 2020, trending positively compared with a rate of 0.42 in 2019. We have now fully embedded our rigorous COVID-19 health and hygiene controls as we adapt to the new operating conditions. Our operational sites and offices are moving ahead with the implementation of fit for purpose COVID-19 screening as an additional measure to protect our people and communities.

 

•       We remain even more committed to our relationship with communities, following the Juukan Gorge events in the Pilbara. We are engaging extensively with Traditional Owners, including the Puutu Kunti Kurrama and Pinikura people, and indigenous leaders in the Pilbara and across Australia. On 19 June 2020, we announced a board-led review of our heritage management processes within Iron Ore to be completed by October 2020. We will also contribute to the Inquiry by the Joint Standing Committee on Northern Australia that will report to the Senate and we will continue to support the West Australian government's planned reform of the Aboriginal Heritage Act 1972 (WA).

 

•       Overall, we achieved a robust production performance with volumes up 1% compared with the second quarter of 2019 on a copper equivalent basis despite significant global challenges, restrictions related to COVID-19 and the impact of the earthquake at Kennecott, Utah.

 

•       Pilbara iron ore shipments of 86.7 million tonnes (100% basis) were 1% higher than the second quarter of 2019 despite the impact of COVID-19 related operational controls. With 1.7 million tonnes of port sales in the second quarter, we continue to grow our portside business steadily, looking to better serve our existing customers and open opportunities to sell to new customers who do not participate in the seaborne market.

 

•       Bauxite production of 14.6 million tonnes, 9% higher than the second quarter of 2019, continued the first quarter trend following the successful ramp-up of Amrun in 2019, and higher production at the non-managed CBG joint venture in Guinea reflecting good progress on the ramp-up of the expansion.

 

•       Aluminium production of 0.8 million tonnes in the second quarter was 2% lower than the second quarter of 2019 primarily due to pot relining at Kitimat, the decision to operate the ISAL smelter at 85% capacity and the curtailment of the fourth pot line at our New Zealand Aluminium Smelter (NZAS) in April 2020 due to COVID-19 impacts.

 

•       On 9 July 2020, we announced the wind-down of operations and eventual closure of NZAS following the conclusion of the strategic review.

 

•       Second quarter mined copper was 3% lower than the same period of 2019 due to lower head grade at Kennecott. Second quarter refined copper was 67% lower than the same period of 2019 due to the impact from the 5.7 magnitude earthquake in the first quarter resulting in an unplanned flash converting furnace rebuild at Kennecott, in addition to the planned 45-day smelter shutdown in May/June.

 

•       On 29 June 2020, we announced an agreement with Turquoise Hill Resources and the Government of Mongolia on the preferred domestic power solution for Oyu Tolgoi that paves the way for the Government to fund and construct a State Owned Power Plant at Tavan Tolgoi. Parties will work towards finalising a Power Purchase Agreement by March 2021.

 

•       The new Oyu Tolgoi mine design announced on 3 July 2020, confirms that the caving method of mining remains valid. We are targeting first sustainable production between October 2022 to June 2023 and development capital of $6.6 to $7.1 billion based on the updated mine design of Panel 0. Material contained in pillars retained on either side of Panel 0 have been reclassified from Ore Reserves to Mineral Resources. Part of the material contained in these pillars is expected to be recoverable at a later stage following additional studies which are currently underway.

 

•       Titanium dioxide slag production of 262 thousand tonnes was 13% lower than the second quarter of 2019 partly due to COVID-19 restrictions in Quebec and South Africa.

 

•       Production of pellets and concentrate at the Iron Ore Company of Canada (IOC) was 9% higher than the same period of 2019 with continued focus on concentrate feed to match market demand.

 

•       Governments are gradually lifting restrictions on the movement of goods and people as part of their COVID-19 recovery plans. However, some restrictions remain in place or are being reintroduced. As a result, there continues to be an impact on projects in general although to a lesser degree than earlier in the year.

 

•       Capital expenditure is expected to be around $6 billion in 2020 (previously $5 to $6 billion) due to an appreciation in our major operating currencies against the US dollar since the first quarter and a reduced impact of COVID-19 on both sustaining and development expenditure. Capital expenditure for 2021 and 2022 is expected to be around $7 billion per year (previously $6.5 billion). This includes spend from 2020 that has been re-phased as a result of COVID-19 restrictions. Further details can be found in the Investments, growth and development projects section below.

 

•       We made a final payment of US$1.0 billion in Australian income tax in June 2020 with respect to 2019 profits.

 

 

 

COVID-19

 

Our markets

In China, conditions have improved through the second quarter and appear to be stabilising. While employment and trade uncertainties remain, the construction and infrastructure sectors are performing well; house prices and stock markets are also recovering, lending support to consumer confidence. The United States and Europe have started to re-open and recover. A second wave of infections remains a key threat for advanced economies.

 

•       China's demand for iron ore continues while the recovery in Japan and Europe is yet to begin meaningfully and is likely to be subdued when it does.

•       The automotive sector is showing initial signs of recovery from a very low base, supporting demand for aluminium value-added products (VAP).

•       There has been limited impact on bauxite demand to date.

•       China's copper concentrate market remains favourable; however, the US market is weaker. COVID-19 related supply disruptions are between 3 to 4% of annual copper supply currently, in addition to normal industry supply disruptions, and could increase further.

 

Average realised prices achieved for our major commodities

 

Units

H1 19

FY 19

Q1 20

Q2 20

H1 20

Pilbara iron ore

FOB, $/wmt

78.5

79.0

77.3

79.6

78.5

Pilbara iron ore

FOB, $/dmt

85.3

85.9

84.0

85.4

Aluminium

Metal $/t

2,174

2,132

2,014

1,715

1,849

Copper

US cents per pound

282.0

275.0

260.5

250.0

IOC pellets

$/wmt

141.4

137.1

116.6

117.0

 

Our assets

During the COVID-19 pandemic, we have implemented strict protocols globally across the business. These measures are in line with government guidance and directives, and advice from leading medical experts and international health organisations on best practice to keep our employees, contractors and partners healthy and safe. These range from physical distancing to travel restrictions, roster changes and team splits, to flexible working arrangements, rapid screening and personal hygiene controls.

 

While uncertainties continue to exist in our business environment, we are focused on our underlying resilience and ability to adapt in a fast-moving environment. Key updates are outlined below and full details of initiatives taken to date can be found on our website.

 

Operations and Workforce

•       With the de-escalation of health restrictions in Western Australia, we are progressing the return to normal rosters at our Iron Ore operations, construction and exploration projects. We expect this transition to be completed by August 2020.

•       Our office-based employees are beginning to return to offices in regions where permitted. In most cases, employees are returning to offices in alternate teams to reduce the risk of widespread transmission and ensure business continuity.

•       We have introduced screening programmes across sites as a control to stop the spread of COVID-19. For the Pilbara fly-in-fly-out workforce, we have conducted more than 50,000 checks through facilities we established at Perth and regional airports as an enhanced control for employees boarding flights to site.

•       At our copper assets in Mongolia and the US, our teams have used virtual technology to overcome some challenges related to COVID-19 travel restrictions. At our Oyu Tolgoi underground project in Mongolia, the use of virtual reality glasses has helped gain access to global experts to support project progression during construction and commissioning stages.

•       At Richards Bay Minerals (RBM), furnaces are gradually ramping up production following easing of restrictions in South Africa. However, we are managing the situation carefully in the challenging South African environment.

Products

•       In the second quarter, we continued to focus on the optimisation of IOC product mix to match market demand, moving from pellet to concentrate.

•       In aluminium, in response to market conditions we have reduced the proportion of primary metal being produced as VAP, which represented 40% of primary metal sold in the first half of 2020 (first half 2019: 54%).

 

 

 

 

 

 

 

 

Production guidance

 

Rio Tinto share, unless otherwise stated

2019 Actuals

H1 2020 (YTD)

2020

Pilbara iron ore (shipments, 100% basis) (Mt)

327

159.6

324 to 334

Bauxite (Mt)

55

28.4

55 to 58

Alumina (Mt)

7.7

4.0

7.8 to 8.2

Aluminium (Mt)

3.2

1.6

3.1 to 3.3

Mined copper (kt)

577

265.7

475 to 520

Refined copper (kt)

260

74.1

165 to 205

Diamonds (M carats)

17

7.7

12 to 14

Titanium dioxide slag (Mt)

1.2

0.6

Lower end of 1.2 to 1.4

IOC iron ore pellets and concentrate (Mt)

10.5

5.3

10.5 to 12.0

Boric oxide equivalent (Mt)

0.5

0.26

~0.5

 

•       Production guidance remains unchanged across all commodities from the First Quarter Operations Review.

•       We will continue to monitor and adjust production levels and product mix to meet customer requirements in 2020, in line with our value over volume strategy, government imposed restrictions related to COVID-19, and any other potential COVID-19 related disruptions.

 

Operating costs

•       Pilbara iron ore 2020 unit cost guidance is expected to be within the previous guidance of $14 to $15 per tonne, including unplanned one-off COVID-19 costs of $0.50 per tonne mostly incurred in the first half of 2020, relating to controls such as cleaning, screening, additional flights, and roster changes. The guidance is based on an Australian dollar exchange rate of $0.67.

•       Copper C1 unit cost guidance in 2020 remains unchanged at 120-135 US cents/lb.

 

Investments, growth and development projects 

•       Governments are gradually lifting restrictions on the movement of goods and people as part of their COVID-19 recovery plans. Nevertheless, the pace is controlled and some restrictions remain in place or are being reintroduced. This continues to have an impact on projects in general although to a lesser degree than earlier in the year.

•       Capital expenditure is expected to be around $6 billion in 2020 (previously $5 to $6 billion) due to an appreciation in our major operating currencies against the US dollar since the first quarter and a reduced impact of COVID-19 on both sustaining and development expenditure. Our focus is to complete as much of the original planned sustaining expenditure as possible in the second half to enhance the resilience of our asset base.  Capital expenditure for 2021 and 2022 is expected to be around $7 billion per year (previously $6.5 billion). This includes spend from 2020 that has been re-phased as a result of COVID-19 restrictions.

•       Exploration and evaluation spend in the second quarter was $136 million ($280 million in the first half of 2020), 16% lower than the second quarter of 2019, and 5% lower than the first quarter of 2020.

 

Pilbara replacement projects

•       Project teams continue to actively manage the impacts of COVID-19 with the implementation of project response plans. Recovery efforts are underway including a transition back to the usual three weeks on, one week off project rosters in the Pilbara.

•       Supply chain issues are being managed and construction continues to progress despite necessary roster changes, social distancing and travel restrictions.

•       The Koodaideri project is progressing with production ramp-up still expected to occur in early 2022. The primary crusher surge bin was delivered to site in May 2020, representing the first significant structural component for the processing plant.

•       First ore from the Robe River Joint Venture sustaining production projects (West Angelas C&D and Mesa B, C and H at Robe Valley) is still expected in 2021. All primary approvals for Mesa H have now been received.

 

Oyu Tolgoi underground project

•       Work continues to progress despite international travel restrictions issued by the Government of Mongolia to manage the risk of COVID-19 transmission.

•       Underground lateral development continues to achieve high productivity with average monthly rates above 1,800 equivalent metres (eqm) in April, May and June.

•       Shafts 3 and 4 remain on care and maintenance with no effective progress for the quarter and non-critical surface construction work areas have now also been placed on care and maintenance. Limited night shift work has recommenced on critical underground handling infrastructure, with the material handling system currently progressing at approximately 40% of planned rates.

•       The new mine design announced on 3 July 2020, confirms that the caving method of mining remains valid and that the underground schedule and costs currently remain within the ranges previously disclosed. We are targeting first sustainable production between October 2022 to June 2023 and development capital of $6.6 to $7.1 billion  based on the updated mine design of Panel 0.1

•       Material contained in pillars retained on either side of Panel 0 have been reclassified from Ore Reserves to Mineral Resources. Part of the material contained in these pillars is expected to be recoverable at a later stage following additional studies which are currently underway.

•       The definitive estimate of cost and schedule for Panel 0 is still expected in the second half of 2020.

 

Other key projects and exploration and evaluation

•       Phase one of the south wall pushback project at Kennecott remains on track, despite disruptions from the 5.7 magnitude earthquake in the first quarter, with access to higher grades expected from 2021.

•       The Zulti South project in South Africa remains on full suspension due to security and community issues.

•       The Kemano hydropower tunnel project is targeting a re-start of tunnel excavation works in the third quarter of 2020.

•       We are continuing our study programme at the Resolution Copper project in Arizona, USA despite COVID-19 disruptions. The study commenced underground characterisation of the ore body following Board approval in April 2020. Sinking of Shaft 9 continues on schedule and on budget, reaching a depth of 1,906m out of 2,086m total at the end of June.

•       At our Winu project in Western Australia, drilling and fieldwork activities continue with strong health protocols in place to prevent the transmission of COVID-19. Restrictions are beginning to ease, allowing people movements and access to sites. We continue to see potential to develop the Paterson into a broader opportunity through both our own exploration and joint ventures in the region.

•       The Simandou iron ore project (Blocks 3 and 4) in Guinea is progressing as we collaborate with our partners to optimise the programme. A scope of work has been prepared to enable selected China-based design institutes to update the infrastructure elements of the project including the design of its designated trans-Guinean rail line and to assess shipping methods.

 

1 The level of accuracy of these estimates is preliminary in nature and subject to a range of variables, in line with previous guidance. The confidence level of these estimates is at a level associated with a Pre-Feasibility Study, and further work is required between now and the second half of 2020 to refine the mine design options and study them to a level of confidence and accuracy associated with Feasibility Study quality estimates.

 

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 2019 is excluded from Rio Tinto share of production data.

 

 

 

 

 

IRON ORE

Rio Tinto share of production (Million tonnes)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Pilbara Blend and SP10 Lump1

19.0

-4 

%

+3 

%

37.5

-6 

%

Pilbara Blend and SP10 Fines1

30.9

+8 

%

+11 

%

58.6

+2 

%

Robe Valley Lump

1.3

+10 

%

-10 

%

2.8

+52 

%

Robe Valley Fines

3.0

+40 

%

+24 

%

5.4

+60 

%

Yandicoogina Fines (HIY)

14.8

+6 

%

+5 

%

28.9

+5 

%

Total Pilbara production

68.9

+5 

%

+7 

%

133.2

+3 

%

Total Pilbara production (100% basis)

83.2

+4 

%

+7 

%

161.1

+3 

%

 

Rio Tinto share of shipments (Million tonnes)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Pilbara Blend Lump

16.7

-7 

%

+16 

%

31.1

-8 

%

Pilbara Blend Fines

33.0

+3 

%

+24 

%

59.7

+1 

%

Robe Valley Lump

1.1

+8 

%

-1 

%

2.2

+51 

%

Robe Valley Fines

3.0

+16 

%

+12 

%

5.7

+46 

%

Yandicoogina Fines (HIY)

15.6

+2 

%

+21 

%

28.5

+4 

%

SP10 Lump1

1.0

+60 

%

+1 

%

2.0

+218 

%

SP10 Fines1

1.6

-8 

%

+47 

%

2.7

-18 

%

Total Pilbara shipments2

72.0

+1 

%

+20 

%

132.0

+2 

%

Total Pilbara shipments (100% basis)2

86.7

+1 

%

+19 

%

159.6

+3 

%

Total Pilbara Shipments (consolidated basis)2, 3

74.0

+1 

%

+20 

%

135.7

+2 

%

 

1 SP10 includes other lower grade products.  2 Shipments includes material shipped from the Pilbara to our portside trading facility in China which may not be sold onwards 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

Pilbara operations produced 161.1 million tonnes (Rio Tinto share 133.2 million tonnes) in the first half of 2020, 3% higher than the same period of 2019. Total material moved across our operations, including waste, was 8% higher than the corresponding period of 2019.

 

First half shipments of 159.6 million tonnes (Rio Tinto share 132.0 million tonnes) were 3% higher than the first half of 2019, despite infrastructure damage and significant disruptions experienced at our ports as a result of Tropical Cyclone Damien in February.  In the second quarter, our operations performed well, despite the strict measures implemented to manage COVID-19. In early June, our port operations achieved a record week of shipping with rates exceeding 400 million tonnes per annum.

 

Approximately 14% of shipments in the first half of 2020 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 31% of first half 2020 sales were made on a free on board (FOB) basis, with the remainder sold including freight.

 

Achieved average pricing in the first half of 2020 was $78.5 per wet metric tonne on an FOB basis (equivalent to $85.4 per dry metric tonne, at 8% moisture assumption). This compares to the average first half price for the Platts 62% index of $85.1 per dry metric tonne.

 

China Portside Trading

We continue to increase the volumes of our port sales in China, with 2.5 million tonnes of sales during the first half of 2020 (1.7 million tonnes in the second quarter), and included product from our IOC and Pilbara operations, as well as third party volume. Our portside trading sales are now serving 61 new customers.

 

Heritage

Following the Juukan Gorge heritage events in the Pilbara, we announced a board-led review of our heritage management processes within Iron Ore to be completed by October 2020. We will also contribute to the Inquiry by the Joint Standing Committee on Northern Australia that will report to the Senate and we will continue to support the West Australian government's planned reform of the Aboriginal Heritage Act 1972 (WA). We have introduced additional controls related to heritage management and we are actively engaging with Traditional Owners and Aboriginal and Torres Strait Islander communities around our operations and across Australia more broadly.

 

 

ALUMINIUM

Rio Tinto share of production ('000 tonnes)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Bauxite

14,560 

 

+9 

%

+5 

%

28,373 

 

+8 

%

Bauxite third party shipments

10,721 

 

+13 

%

+13 

%

20,190 

 

+10 

%

Alumina

1,990 

 

+6 

%

-1 

%

4,000 

 

+3 

%

Aluminium

785 

 

-2 

%

%

1,568 

 

-2 

%

 

Bauxite

Second quarter bauxite production of 14.6 million tonnes was 9% higher than the second quarter of 2019. Production at managed operations increased by 9% underpinned by the Amrun mine, whilst production at the non-managed CBG joint venture in Guinea increased by 7% reflecting good progress on the ramp-up of the expansion.

 

We shipped 10.7 million tonnes of bauxite to third parties in the second quarter, 13% higher than same period of 2019.

 

Our Bauxite Integrated Operations Centre (BIOC) in Brisbane, Australia provides 24/7 operation and monitoring of all safety, production and quality aspects at our remote bauxite sites in Weipa, Queensland and Gove, Northern Territory. We continue to apply technology solutions for optimising the supply chain, leveraging data analytics and progressing automation initiatives. For instance, we are utilising a fully automated "drone in a box" for remote monitoring of stock piles, removing the need for manual visual inspection.

 

Alumina

Alumina production in the second quarter of 2020 is 6% higher than the same period of 2019 due to higher production levels in the Pacific refineries with Yarwun delivering a half year production record.

 

Aluminium

Aluminium production in the second quarter of 0.8 million tonnes was 2% lower than the second quarter of 2019 (flat on the prior quarter), primarily due to pot relining at Kitimat, the decision to operate the ISAL smelter in Iceland at 85% of its capacity, and the curtailment of the fourth pot line at NZAS on 3 April 2020 due to COVID-19 impacts. This has been partly offset by the non-managed Becancour smelter which has reached 93% capacity, following its ramp-up after a lock-out in 2019.

 

Average realised aluminium prices including premiums for value-added products (VAP) were down by 15% to $1,849 per tonne in the first half of 2020 (first half 2019: $2,174 per tonne). The LME price decreased by 13% to $1,595 per tonne (first half 2019: $1,826), whilst the mid-west premium duty paid dropped 41% to $249 per tonne in the first half of 2020 (first half 2019: $420 per tonne) due to the impact of COVID-19. Our VAP sales also dropped significantly to 40% of primary metal sold in the first half of 2020 (first half 2019: 54%) in line with the market, but this was substituted by sales of standard ingot products (P1020). Product premiums for VAP sales declined by 14% averaging, $208 per tonne of VAP sold (first half 2019: $242 per tonne). 

 

The aluminium industry continues to face challenging conditions in global markets and policy uncertainty, exacerbated by the impact of COVID-19. On 9 July 2020, we announced the wind-down of operations and eventual closure of the Tiwai Point Aluminium Smelter (NZAS) following the conclusion of the strategic review which has shown the business is no longer viable given high energy costs and a challenging outlook for the aluminium industry. As a result, NZAS has given Meridian Energy notice to terminate the power contract, which will end in August 2021 when the smelter's wind-down of operations is expected to be complete.

 

We continue to actively work on enhancing the competitiveness of our smelters, including discussing energy pricing with stakeholders, to ensure the sustainability of our smelters in Australia and Iceland. Work on the strategic review of the ISAL smelter in Iceland announced in February 2020 is ongoing, to determine the viability and competitive position of the operation considering all options including closure.

 

 

 

 

COPPER AND DIAMONDS

Rio Tinto share of production ('000 tonnes)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Mined copper

 

 

 

 

 

Rio Tinto Kennecott

36.5

-11 

%

+4 

%

71.5

-24 

%

Escondida

84.0

+2 

%

-3 

%

170.2

+7 

%

Oyu Tolgoi

12.2

-7 

%

+4 

%

24.0

-16 

%

 

 

 

 

 

 

Refined copper

 

 

 

 

 

Rio Tinto Kennecott

7.2

-89 

%

-73 

%

33.6

-64 

%

Escondida

19.7

+3 

%

-6 

%

40.5

+7 

%

 

 

 

 

 

 

Rio Tinto share of production ('000 carats)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Argyle

3,271 

 

-1 

%

+27 

%

5,849

-4 

%

Diavik

963 

 

-19 

%

+12 

%

1,820

-17 

%

 

Kennecott

Mined copper production was 11% lower than the same quarter of 2019, primarily due to pit sequencing and lower copper grades, with the end of the east wall lower pit mining approaching. Copper grades were 11% lower in the second quarter of 2020 compared with the same quarter of 2019. Grades will continue to be lower through 2020 before increasing from the first half of 2021, with the transition from east wall to south wall mining.

 

Refined copper was 89% lower than the same quarter in 2019, driven by the shutdown of the flash converting furnace required as a result of the earthquake on 18 March, and the consequent shutdown of anode production. Low levels of refined copper produced in the second quarter were based on anodes refined prior to the shutdown and refining of scrap anodes.

 

The planned 45-day smelter shutdown in May has concluded and we are now focused on the safe re-start of the smelter. The flash converting furnace rebuild required following the earthquake in Utah on 18 March is on track for completion by the second half of July.

 

Escondida

Escondida operated with a reduced workforce to incorporate preventative measures in response to COVID-19 in the second quarter. Despite this, mined copper production was 2% higher than the same quarter of 2019 due to record concentrator throughput, which was offset by 6% lower grade and 3% lower amount of material stacked into the leaching pads.

 

Oyu Tolgoi

Mined copper production from the open pit was 7% lower than the same quarter of 2019 primarily due to a scheduled maintenance shutdown in the mill. Sales recovered in the second quarter with the easing of COVID-19 trucking restrictions within China and improved border access. Mine development and production phasing have been successfully accelerated so that access to higher copper and gold grades are now expected in the second half of 2020 instead of the originally planned first half of 2021.

 

Provisional pricing

At 30 June 2020, the Group had an estimated 230 million pounds of copper sales that were provisionally priced at 255 cents per pound. The final price of these sales will be determined during the second half of 2020. This compares with 220 million pounds of open shipments at 31 December 2019, provisionally priced at 277 cents per pound.

 

Diamonds

At Argyle, carat production was 1% lower than the same period of 2019 as a result of an 11% reduction in recovered grade, partially offset by higher tonnes mined and processed. Preparation continues for the safe cessation of Argyle operations before the end of 2020 and closure activities commencing in 2021.

 

At Diavik, carats recovered in second quarter 2020 were 19% lower than the second quarter of 2019 due to lower processed tonnes and lower grade in the underground.

 

We continue to execute our value over volume strategy to match market demand during a challenging period for the industry. 

 

 

 

 

 

 

 

 

ENERGY AND MINERALS

Rio Tinto share of production (million tonnes)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Iron ore pellets and concentrate

 

 

 

 

 

IOC

2.8

+9 

%

+8 

%

5.3

+6 

%

 

 

 

 

 

 

Rio Tinto share of production ('000 tonnes)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Minerals

 

 

 

 

 

Borates - B2O3 content

132

-5 

%

+5 

%

258

+2 

%

Titanium dioxide slag

262

-13 

%

-10 

%

555

-7 

%

 

 

 

 

 

 

Rio Tinto share of production ('000 lbs)

Q2
2020

vs Q2
2019

vs Q1
2020

H1
2020

vs H1
2019

Uranium

 

 

 

 

 

Energy Resources of Australia

718

+16 

%

+6 

%

1,393

-1 

%

 

 

Iron Ore Company of Canada (IOC)

Iron ore pellets and concentrate production was 9% higher than the second quarter of 2019 with focus on higher concentrator feed (28% higher than the corresponding period). In the second quarter of 2019, production was adversely affected by a flooding incident.

 

In the second quarter, we continued to focus on the optimisation of product mix (pellet and concentrate) to match market demand.

 

Borates

Borates production was 5% below the corresponding period of 2019. Refinery operating rates continued to be below name plate capacity during the quarter.  We adjust refinery operating rates to match market demand for borates products. Market demand is being adversely impacted by COVID-19 in a number of end-use segments.

 

Iron and Titanium

Titanium dioxide feedstock production was 13% lower than same period of 2019, due to community disruptions that resulted in a site wide shutdown at RBM in December 2019. Operations have resumed at RBM following COVID-19 restrictions. However, we are managing the situation carefully in the challenging South African environment.

 

We have restarted production at the Rio Tinto Fer et Titane (RTFT) metal powder plant in Sorel-Tracy, Quebec. The restart follows a temporary suspension of production that was implemented in the first quarter due to the slowdown in demand from the automotive industry.

 

Uranium

ERA's Ranger operation continued to process existing stockpiles uninterrupted during the second quarter, 16% higher than the second quarter of 2019. We sold additional material from inventory to capitalise on improved market conditions.

 

 

 

EXPLORATION AND EVALUATION

Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in the first half of 2020 was $280 million, compared with $287 million in the first half of 2019. Approximately 44% of this expenditure was incurred by central exploration, 41% by Copper & Diamonds, 10% by Energy & Minerals and the remainder by Iron Ore and Aluminium.

 

There were no significant divestments of central exploration properties in the second quarter of 2020.

 

Exploration highlights

Rio Tinto has a strong portfolio of projects with activity in 15 countries across six commodities. Due to COVID-19, there have been significant impacts on exploration activities in some jurisdictions.  All projects have followed government requirements and guidelines while focusing on protecting well-being and health of local and indigenous communities. The bulk of the exploration expenditure in this quarter focused on copper in Australia, Brazil, Canada, Chile, Colombia, Kazakhstan, Mongolia, Peru, Serbia, United States and Zambia, and diamonds projects in Canada. Mine-lease exploration continued at Rio Tinto managed businesses including Pilbara Iron in Australia, and Diavik in Canada. At Winu, studies are ongoing and drilling has focused on resource definition and brownfield exploration. At Falcon, processing of samples collected in 2020 is ongoing. A summary of activity for the quarter is as follows:

 

Commodities

Studies stage

Advanced projects

Greenfield/Brownfield programmes

Bauxite

 

Amargosa, Brazil*; Sanxai, Laos*

Cape York, Australia

Base Metals

Copper/molybdenum: Resolution, US; Winu, Australia

La Granja, Peru
Nickel: Tamarack, US (3rd party operated)
Pribrezhniy, Kazakhstan

Copper Greenfield: AustraliaChile, China, Kazakhstan, Nicaragua, Peru, Serbia, US, Zambia, Brazil, Canada, Colombia, Finland
Nickel Greenfield: Canada, Finland

Diamonds

Falcon, Canada

 

Greenfield: Canada
Brownfield: Diavik, Canada

Minerals

Lithium borates: Jadar, Serbia
Heavy mineral sands: Mutamba, Mozambique (third party operated)

 

 

Iron Ore

Pilbara, Australia

Pilbara, Australia

Brownfield: Pilbara, Australia

 

*Limited activity during the quarter

 

 

FORWARD-LOOKING STATEMENT

 

This announcement includes "forward-looking statements" within the meaning of the 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 financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto's products, production forecasts and reserve and resource positions and any statements related to the ongoing impact of the COVID-19 pandemic), are forward-looking statements. The words "intend", "aim", "project", "anticipate", "estimate", "plan", "believes", "expects", "may", "would", "should", "could", "will", "target", "set to", "seek", "risk" 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 results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto's present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto's actual results, performance or achievements to differ materially from those in the forward-looking statements are levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation, the risks and uncertainties associated with the ongoing impacts of COVID-19 or other pandemic and such other risk factors 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. The above list is not exhaustive. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the outbreak of COVID-19. 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 Guidance 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.

 

 

CONTACTS

media.enquiries@riotinto.com

riotinto.com 

 

Follow @RioTinto on Twitter

 

 

Media Relations, United Kingdom

Illtud Harri

M +44 7920 503 600

 

David Outhwaite

T +44 20 7781 1623

M +44 7787 597 493

 

Media Relations, Americas

Matthew Klar

T +1 514 608 4429

 

Media Relations, Asia

Grant Donald

T +65 6679 9290

M +65 9722 6028

Media Relations, Australia

Jonathan Rose

T +61 3 9283 3088

M +61 447 028 913

 

Matt Chambers

T +61 3 9283 3087

M +61 433 525 739

 

Jesse Riseborough

T +61 8 6211 6013

M +61 436 653 412

Investor Relations, United Kingdom

Menno Sanderse

T +44 20 7781 1517

M +44 7825 195 178

 

David Ovington

T +44 20 7781 2051

M +44 7920 010 978

 

Clare Peever

M: +44 7788 967 877

Investor Relations, Australia

Natalie Worley

T +61 3 9283 3063

M +61 409 210 462

 

Amar Jambaa

T +61 3 9283 3627 

M +61 472 865 948

Group Company Secretary

Steve Allen

 

 

 

Rio Tinto plc

6 St James's Square

London SW1Y 4AD

United Kingdom

T +44 20 7781 2000

Registered in England

No. 719885

Joint Company Secretary

Tim Paine

 

 

 

Rio Tinto Limited

Level 7, 360 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

This announcement is authorised for release to the market by Rio Tinto's Group Company Secretary.

 

LEI: 213800YOEO5OQ72G2R82

Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State

 

 

 

 

Rio Tinto production summary

 

Rio Tinto share of production

 

 

 

 

Quarter

 

Half Year

 

% change

 

 

2019
Q2

2020
Q1

2020
Q2

 

2019
H1

2020
H1

 

Q2 20
vs
Q2 19

Q2 20
vs
Q1 20

H1 20
vs
H1 19

Principal commodities

 

 

 

 

 

 

 

 

 

 

 

Alumina

('000 t)

1,878

2,010

1,990

 

3,886

4,000

 

+6 

%

-1 

%

+3 

%

Aluminium

('000 t)

803

783

785

 

1,599

1,568

 

-2 

%

%

-2 

%

Bauxite

('000 t)

13,407

13,813

14,560

 

26,171

28,373

 

+9 

%

+5 

%

+8 

%

Borates

('000 t)

138

126

132

 

253

258

 

-5 

%

+5 

%

+2 

%

Copper - mined

('000 t)

136.9

133.0

132.8

 

280.8

265.7

 

-3 

%

%

-5 

%

Copper - refined

('000 t)

82.3

47.2

26.9

 

130.6

74.1

 

-67 

%

-43 

%

-43 

%

Diamonds

('000 cts)

4,481

3,434

4,235

 

8,277

7,669

 

-5 

%

+23 

%

-7 

%

Iron Ore

('000 t)

68,141

66,787

71,689

 

134,723

138,477

 

+5 

%

+7 

%

+3 

%

Titanium dioxide slag

('000 t)

303

293

262

 

599

555

 

-13 

%

-10 

%

-7 

%

Uranium

('000 lbs)

620

676

718

 

1,413

1,393

 

+16 

%

+6 

%

-1 

%

Other Metals & Minerals

 

 

 

 

 

 

 

 

 

 

 

Gold - mined

('000 oz)

111.6

61.5

63.6

 

227.0

125.1

 

-43 

%

+3 

%

-45 

%

Gold - refined

('000 oz)

52.9

44.8

30.1

 

94.6

74.9

 

-43 

%

-33 

%

-21 

%

Molybdenum

('000 t)

2.6

5.1

3.9

 

4.4

8.9

 

+50 

%

-24 

%

+101 

%

Salt

('000 t)

1,269

1,044

1,425

 

2,579

2,469

 

+12 

%

+37 

%

-4 

%

Silver - mined

('000 oz)

1,403

1,027

1,077

 

2,883

2,104

 

-23 

%

+5 

%

-27 

%

Silver - refined

('000 oz)

734

462

382

 

1,351

844

 

-48 

%

-17 

%

-38 

%

 

Throughout this report, figures in italics indicate adjustments made since the figure was previously quoted on the equivalent page or reported for the first time. 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
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

ALUMINA

 

 

 

 

 

 

 

 

Production ('000 tonnes)

 

 

 

 

 

 

 

 

Jonquière (Vaudreuil)

100 

%

336

360

345

373

340

709

713

Jonquière (Vaudreuil) specialty Alumina plant

100 

%

31

28

24

24

25

57

49

Queensland Alumina

80 

%

668

669

716

713

711

1,378

1,424

São Luis (Alumar)

10 

%

86

99

97

94

95

172

188

Yarwun

100 

%

757

671

850

806

820

1,570

1,626

Rio Tinto total alumina production

 

1,878

1,826

2,032

2,010

1,990

3,886

4,000

 

 

 

 

 

 

 

 

 

ALUMINIUM

 

 

 

 

 

 

 

 

Production ('000 tonnes)

 

 

 

 

 

 

 

 

Australia - Bell Bay

100 

%

47

48

48

47

49

92

96

Australia - Boyne Island

59 

%

75

75

74

75

75

147

150

Australia - Tomago

52 

%

76

77

76

75

76

150

151

Canada - six wholly owned

100 

%

400

399

383

375

370

800

744

Canada - Alouette (Sept-Îles)

40 

%

60

61

62

61

62

118

123

Canada - Bécancour

25 

%

4

4

7

18

26

8

44

Iceland - ISAL (Reykjavik)

100 

%

52

36

43

45

44

105

89

New Zealand - Tiwai Point

79 

%

69

70

69

67

65

140

131

Oman - Sohar

20 

%

19

20

20

20

20

39

39

Rio Tinto total aluminium production

 

803

789

783

783

785

1,599

1,568

 

 

 

 

 

 

 

 

 

BAUXITE

 

 

 

 

 

 

 

 

Production ('000 tonnes) (a)

 

 

 

 

 

 

 

 

Gove

100 

%

2,957

2,968

3,273

2,876

3,186

5,960

6,062

Porto Trombetas

12 

%

287

385

371

338

270

572

608

Sangaredi

   (b)

1,630

1,749

1,227

1,879

1,742

3,189

3,621

Weipa

100 

%

8,533

8,695

10,267

8,720

9,362

16,450

18,082

Rio Tinto total bauxite production

 

13,407

13,796

15,137

13,813

14,560

26,171

28,373

 

 

(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
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

BORATES

 

 

 

 

 

 

 

 

Production ('000 tonnes B2O3 content)

 

 

 

 

 

 

 

 

Rio Tinto Borates - borates

100 

%

138 

 

138 

 

128 

 

126 

 

132 

 

253 

 

258 

 

 

 

 

 

 

 

 

 

 

COPPER

 

 

 

 

 

 

 

 

Mine production ('000 tonnes) (a)

 

 

 

 

 

 

 

 

Bingham Canyon

100 

%

41.1 

 

57.8 

 

35.4 

 

35.0 

 

36.5 

 

93.7 

 

71.5 

 

Escondida

30 

%

82.7 

 

90.5 

 

92.3 

 

86.2 

 

84.0 

 

158.7 

 

170.2 

 

Oyu Tolgoi (b)

34 

%

13.1 

 

9.5 

 

11.0 

 

11.8 

 

12.2 

 

28.5 

 

24.0 

 

 

136.9 

 

157.9 

 

138.7 

 

133.0 

 

132.8 

 

280.8 

 

265.7 

 

Refined production ('000 tonnes)

 

 

 

 

 

 

 

 

Escondida

30 

%

19.0 

 

16.8 

 

20.5 

 

20.9 

 

19.7 

 

37.7 

 

40.5 

 

Rio Tinto Kennecott

100 

%

63.3 

 

40.3 

 

51.4 

 

26.4 

 

7.2 

 

92.8 

 

33.6 

 

 

82.3 

 

57.1 

 

71.9 

 

47.2 

 

26.9 

 

130.6 

 

74.1 

 

 

(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 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 

%

3,292

3,558

3,363

2,578

3,271

6,079

5,849

Diavik

60 

%

1,188

994

840

857

963

2,198

1,820

Rio Tinto total diamond production

 

4,481

4,551

4,203

3,434

4,235

8,277

7,669

 

 

 

 

 

 

 

 

 

GOLD

 

 

 

 

 

 

 

 

Mine production ('000 ounces) (a)

 

 

 

 

 

 

 

 

Bingham Canyon

100 

%

65.1

64.6

52.0

41.9

40.2

118.0

82.1

Escondida

30 

%

22.4

14.6

14.8

10.8

13.0

44.6

23.8

Oyu Tolgoi (b)

34 

%

24.1

8.6

8.2

8.8

10.4

64.3

19.2

Rio Tinto total mine production

 

111.6

87.8

75.0

61.5

63.6

227.0

125.1

Refined production ('000 ounces)

 

 

 

 

 

 

 

 

Rio Tinto Kennecott

100 

%

52.9

60.8

63.3

44.8

30.1

94.6

74.9

 

(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 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
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

IRON ORE

 

 

 

 

 

 

 

 

Production ('000 tonnes) (a)

 

 

 

 

 

 

 

 

Hamersley mines

   (b)

50,087

55,567

52,521

49,327

53,187

101,304

102,514

Hamersley - Channar

60 

%

1,451

947

1,452

1,160

1,334

2,382

2,494

Hope Downs

50 

%

6,051

6,077

6,047

5,667

5,659

12,007

11,326

Iron Ore Company of Canada

59 

%

2,532

2,960

2,564

2,560

2,762

5,012

5,322

Robe River - Pannawonica (Mesas J and A)

53 

%

3,329

4,725

4,360

3,880

4,307

5,200

8,187

Robe River - West Angelas

53 

%

4,692

4,840

4,409

4,193

4,440

8,817

8,634

Rio Tinto iron ore production ('000 tonnes)

 

68,141

75,117

71,352

66,787

71,689

134,723

138,477

Breakdown of Production:

 

 

 

 

 

 

 

 

Pilbara Blend and SP10 Lump (c)

 

19,842

21,015

19,930

18,504

18,970

39,821

37,474

Pilbara Blend and SP10 Fines (c)

 

28,463

31,713

30,304

27,734

30,866

57,242

58,600

Robe Valley Lump

 

1,201

1,650

1,574

1,472

1,326

1,836

2,798

Robe Valley Fines

 

2,128

3,075

2,786

2,407

2,981

3,363

5,388

Yandicoogina Fines (HIY)

 

13,975

14,704

14,194

14,110

14,784

27,448

28,893

Pilbara iron ore production ('000 tonnes)

 

65,610

72,156

68,788

64,227

68,927

129,711

133,154

IOC Concentrate

 

1,193

1,400

1,146

923

1,523

2,083

2,446

IOC Pellets

 

1,339

1,560

1,418

1,637

1,240

2,929

2,877

IOC iron ore production ('000 tonnes)

 

2,532

2,960

2,564

2,560

2,762

5,012

5,322

Breakdown of Shipments:

 

 

 

 

 

 

 

 

Pilbara Blend Lump

 

18,009

15,948

16,176

14,385

16,700

33,781

31,085

Pilbara Blend Fines

 

32,165

30,032

31,182

26,692

33,036

59,029

59,728

Robe Valley Lump

 

1,037

1,290

1,246

1,132

1,118

1,494

2,250

Robe Valley Fines

 

2,577

3,349

3,259

2,688

2,999

3,885

5,687

Yandicoogina Fines (HIY)

 

15,212

14,286

15,260

12,913

15,578

27,505

28,491

SP10 Lump (c)

 

635

2,685

2,072

1,006

1,014

635

2,020

SP10 Fines (c)

 

1,747

4,057

2,081

1,089

1,603

3,289

2,692

Pilbara iron ore shipments ('000 tonnes) (d)

 

71,382

71,646

71,277

59,903

72,048

129,618

131,951

Pilbara iron ore shipments - consolidated basis ('000 tonnes) (d) (f)

73,230

73,787

73,401

61,729

73,976

132,772

135,704

IOC Concentrate

 

1,315

1,425

1,223

1,006

1,410

1,830

2,416

IOC Pellets

 

1,423

1,229

1,413

1,769

1,320

2,999

3,089

IOC Iron ore shipments ('000 tonnes) (d)

 

2,738

2,654

2,636

2,775

2,731

4,830

5,506

Rio Tinto iron ore shipments ('000 tonnes) (d)

 

74,119

74,300

73,913

62,678

74,779

134,448

137,457

Rio Tinto iron ore sales ('000 tonnes)   (e)

 

74,119

74,300

72,334

62,433

74,808

134,448

137,241

 

(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. (c) SP10 include other lower grade products. (d) Shipments includes material shipped to our portside trading facility in China which may not be sold onwards in the same period.  (e) The difference between Rio Tinto sales and shipments represents volumes shipped to portside trading and onward sales from portside trading, and third party volumes sold.  (f) 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.

 

 

 

 

 

 

Rio Tinto share of production

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

MOLYBDENUM

 

 

 

 

 

 

 

 

Mine production ('000 tonnes) (a)

 

 

 

 

 

 

 

 

Bingham Canyon

100 

%

2.6

2.1

4.7

5.1

3.9

4.4

8.9

                   

 

(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 

%

1,269

1,392

1,450

1,044

1,425

2,579

2,469

 

 

 

 

 

 

 

 

 

SILVER

 

 

 

 

 

 

 

 

Mine production ('000 ounces) (a)

 

 

 

 

 

 

 

 

Bingham Canyon

100 

%

700

768

605

538

526

1,442

1,064

Escondida

30 

%

622

488

539

417

480

1,279

897

Oyu Tolgoi (b)

34 

%

80

64

64

72

71

163

143

Rio Tinto total mine production

 

1,403

1,320

1,209

1,027

1,077

2,883

2,104

Refined production ('000 ounces)

 

 

 

 

 

 

 

 

Rio Tinto Kennecott

100 

%

734

664

839

462

382

1,351

844

 

(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 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)

 

 

 

 

 

 

 

 

100 

%

303

321

286

293

262

599

555

                   

 

(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

86 

%

620

585

642

676

718

1,413

1,393

                   

 

(a) ERA production data are drummed U3O8.

On 25 February 2020, Rio Tinto's ownership interest in ERA increased from 68.39% to 86.33%, following completion of its offer to ensure ERA has the funds it needs to meet its current rehabilitation obligations. Production is reported including this change from 1 March 2020.

 

 

 

 

 

 

Rio Tinto's interest in the Rössing operations were sold in 2019. No data for these operations are included in the Share of production table.

 

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 June 2020.

 

 

 

 

Rio Tinto operational data

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

ALUMINA

 

 

 

 

 

 

 

 

Smelter Grade Alumina - Aluminium Group

 

 

 

 

 

 

 

 

Alumina production ('000 tonnes)

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

Queensland Alumina Refinery - Queensland

80.0 

%

834

836

895

891

889

1,723

1,780

Yarwun refinery - Queensland

100.0 

%

757

671

850

806

820

1,570

1,626

Brazil

 

 

 

 

 

 

 

 

São Luis (Alumar) refinery

10.0 

%

864

989

966

936

945

1,723

1,882

Canada

 

 

 

 

 

 

 

 

Jonquière (Vaudreuil) refinery - Quebec (a)

100.0 

%

336

360

345

373

340

709

713

 

(a) Jonquière's (Vaudreuil's) production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina.

 

Speciality Alumina - Aluminium Group

 

 

 

 

 

 

 

 

Speciality alumina production ('000 tonnes)

 

 

 

 

 

 

 

 

Canada

 

 

 

 

 

 

 

 

Jonquière (Vaudreuil) plant - Quebec

100.0 

%

31

28

24

24

25

57

49

                   

 

 

 

 

 

 

 

Rio Tinto percentage interest shown above is at 30 June 2020. The data represent full production and sales on a 100% basis unless otherwise stated.

Rio Tinto operational data

 

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

ALUMINIUM

 

 

 

 

 

 

 

 

Primary Aluminium

 

 

 

 

 

 

 

 

Primary aluminium production ('000 tonnes)

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

Bell Bay smelter - Tasmania

100.0 

%

47

48

48

47

49

92

96

Boyne Island smelter - Queensland

59.4 

%

126

125

125

126

126

248

252

Tomago smelter - New South Wales

51.6 

%

147

149

148

145

148

292

293

Canada

 

 

 

 

 

 

 

 

Alma smelter - Quebec

100.0 

%

118

119

119

118

118

233

236

Alouette (Sept-Îles) smelter - Quebec

40.0 

%

150

153

155

153

155

294

308

Arvida smelter - Quebec

100.0 

%

44

45

44

44

42

86

86

Arvida AP60 smelter - Quebec

100.0 

%

15

15

15

15

15

29

30

Bécancour smelter - Quebec

25.1 

%

16

16

28

72

102

33

174

Grande-Baie smelter - Quebec

100.0 

%

58

59

59

58

55

116

113

Kitimat smelter - British Columbia

100.0 

%

102

96

81

76

78

208

154

Laterrière smelter - Quebec

100.0 

%

64

65

65

64

62

128

125

Iceland

 

 

 

 

 

 

 

 

ISAL (Reykjavik) smelter

100.0 

%

52

36

43

45

44

105

89

New Zealand

 

 

 

 

 

 

 

 

Tiwai Point smelter

79.4 

%

87

88

87

84

82

176

165

Oman

 

 

 

 

 

 

 

 

Sohar smelter

20.0 

%

97

98

98

99

99

194

197

 

 

 

 

 

 

 

 

Rio Tinto percentage interest shown above is at 30 June 2020. The data represent full production and sales on a 100% basis unless otherwise stated.

 

Rio Tinto operational data

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

BAUXITE

 

 

 

 

 

 

 

 

Bauxite production ('000 tonnes)

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

Gove mine - Northern Territory

100.0 

%

2,957

2,968

3,273

2,876

3,186

5,960

6,062

Weipa mine - Queensland

100.0 

%

8,533

8,695

10,267

8,720

9,362

16,450

18,082

Brazil

 

 

 

 

 

 

 

 

Porto Trombetas (MRN) mine

12.0 

%

2,393

3,205

3,090

2,814

2,251

4,765

5,065

Guinea

 

 

 

 

 

 

 

 

Sangaredi mine (a)

23.0 

%

3,623

3,887

2,727

4,175

3,871

7,087

8,046

 

 

 

 

 

 

 

 

 

Rio Tinto share of bauxite shipments

 

 

 

 

 

 

 

 

Share of total bauxite shipments ('000 tonnes)

 

13,122

13,912

14,849

13,567

14,668

25,847

28,235

Share of third party bauxite shipments ('000 tonnes)

9,477

10,361

10,968

9,469

10,721

18,318

20,190

 

(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production.

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

BORATES

 

 

 

 

 

 

 

 

Rio Tinto Borates - borates

100.0 

%

 

 

 

 

 

 

 

US

 

 

 

 

 

 

 

 

Borates ('000 tonnes) (a)

 

138 

 

138 

 

128 

 

126 

 

132 

 

253 

 

258 

 

                                 

 

(a) Production is expressed as B2O3 content.

 

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

COPPER & GOLD

 

 

 

 

 

 

 

 

Escondida

30.0 

%

 

 

 

 

 

 

 

Chile

 

 

 

 

 

 

 

 

Sulphide ore to concentrator ('000 tonnes)

 

32,519 

 

33,956 

 

33,659 

 

33,440 

 

34,755 

 

64,546 

 

68,194 

 

Average copper grade (%)

 

0.86

0.86

0.87

0.82

0.81

0.84

0.81

Mill production (metals in concentrates):

 

 

 

 

 

 

 

 

Contained copper ('000 tonnes)

 

230.9 

 

245.0 

 

246.1 

 

230.0 

 

236.8 

 

447.8 

 

466.8 

 

Contained gold ('000 ounces)

 

74.7 

 

48.8 

 

49.2 

 

36.0 

 

43.4 

 

148.7 

 

79.4 

 

Contained silver ('000 ounces)

 

2,074 

 

1,626 

 

1,798 

 

1,390 

 

1,599 

 

4,263 

 

2,989 

 

Recoverable copper in ore stacked for leaching ('000 tonnes) (a)

44.7 

 

56.8 

 

61.7 

 

57.2 

 

43.3 

 

81.2 

 

100.5 

 

Refined production from leach plants:

 

 

 

 

 

 

 

 

Copper cathode production ('000 tonnes)

 

63.5 

 

55.9 

 

68.4 

 

69.6 

 

65.5 

 

125.8 

 

135.2 

 

                                 

 

(a) The calculation of copper in material mined for leaching is based on ore stacked at the leach pad.

 

 

 

 

 

 

 

Rio Tinto percentage interest shown above is at 30 June 2020. The data represent full production and sales on a 100% basis unless otherwise stated.

Rio Tinto operational data

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

COPPER & GOLD (continued)

 

 

 

 

 

 

 

 

Rio Tinto Kennecott

 

 

 

 

 

 

 

 

Bingham Canyon mine

100.0 

%

 

 

 

 

 

 

 

Utah, US

 

 

 

 

 

 

 

 

Ore treated ('000 tonnes)

 

10,123 

 

10,084 

 

11,141 

 

10,315 

 

10,083 

 

20,808 

 

20,398 

 

Average ore grade:

 

 

 

 

 

 

 

 

Copper (%)

 

0.46

0.64

0.36

0.37

0.41

0.50

0.39

Gold (g/t)

 

0.33

0.30

0.23

0.22

0.23

0.29

0.23

Silver (g/t)

 

2.84

2.74

2.09

2.16

2.14

2.80

2.15

Molybdenum (%)

 

0.039 

 

0.039 

 

0.061 

 

0.058 

 

0.056 

 

0.035 

 

0.057 

 

Copper concentrates produced ('000 tonnes)

 

161 

 

207 

 

156 

 

148 

 

135 

 

368 

 

283 

 

Average concentrate grade (% Cu)

 

25.5

27.8

22.6

23.7

26.6

25.4

25.1

Production of metals in copper concentrates:

 

 

 

 

 

 

 

 

Copper ('000 tonnes) (a)

 

41.1 

 

57.8 

 

35.4 

 

35.0 

 

36.5 

 

93.7 

 

71.5 

 

Gold ('000 ounces)

 

65.1 

 

64.6 

 

52.0 

 

41.9 

 

40.2 

 

118.0 

 

82.1 

 

Silver ('000 ounces)

 

700 

 

768 

 

605 

 

538 

 

526 

 

1,442 

 

1,064 

 

Molybdenum concentrates produced ('000 tonnes):

 

5.0 

 

4.3 

 

9.4 

 

10.4 

 

7.8 

 

8.7 

 

18.2 

 

Molybdenum in concentrates ('000 tonnes)

 

2.6 

 

2.1 

 

4.7 

 

5.1 

 

3.9 

 

4.4 

 

8.9 

 

 

 

 

 

 

 

 

 

 

Kennecott smelter & refinery

100.0 

%

 

 

 

 

 

 

 

Copper concentrates smelted ('000 tonnes)

 

207 

 

160 

 

216 

 

161 

 

51 

 

411 

 

212 

 

Copper anodes produced ('000 tonnes) (b)

 

60.3 

 

39.3 

 

53.7 

 

24.0 

 

(2.1)

 

93.6 

 

21.9 

 

Production of refined metal:

 

 

 

 

 

 

 

 

Copper ('000 tonnes)

 

63.3 

 

40.3 

 

51.4 

 

26.4 

 

7.2 

 

92.8 

 

33.6 

 

Gold ('000 ounces) (c)

 

52.9 

 

60.8 

 

63.3 

 

44.8 

 

30.1 

 

94.6 

 

74.9 

 

Silver ('000 ounces) (c)

 

734 

 

664 

 

839 

 

462 

 

382 

 

1,351 

 

844 

 

 

(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 June 2020. The data represent full production and sales on a 100% basis unless otherwise stated.

 

Rio Tinto operational data

 

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

COPPER & GOLD (continued)

 

 

 

 

 

 

 

 

Turquoise Hill Resources

 

 

 

 

 

 

 

 

Oyu Tolgoi mine (a)

33.5 

%

 

 

 

 

 

 

 

Mongolia

 

 

 

 

 

 

 

 

Ore Treated ('000 tonnes)

 

10,394 

 

10,040 

 

11,088 

 

10,889 

 

9,645 

 

19,649 

 

20,534 

 

Average mill head grades:

 

 

 

 

 

 

 

 

Copper (%)

 

0.46

0.37

0.42

0.42

0.47

0.51

0.45

Gold (g/t)

 

0.31

0.14

0.15

0.15

0.19

0.44

0.17

Silver (g/t)

 

1.20

1.03

1.06

1.14

1.22

1.23

1.18

Copper concentrates produced ('000 tonnes)

 

180.6 

 

131.3 

 

152.6 

 

164.5 

 

169.9 

 

390.7 

 

334.4 

 

Average concentrate grade (% Cu)

 

21.7 

 

21.7 

 

21.6 

 

21.4 

 

21.5 

 

21.8 

 

21.4 

 

Production of metals in concentrates:

 

 

 

 

 

 

 

 

Copper in concentrates ('000 tonnes)

 

39.2 

 

28.4 

 

32.9 

 

35.2 

 

36.5 

 

85.0 

 

71.7 

 

Gold in concentrates ('000 ounces)

 

71.8 

 

25.6 

 

24.3 

 

26.2 

 

31.1 

 

191.9 

 

57.3 

 

Silver in concentrates ('000 ounces)

 

239 

 

191 

 

190 

 

214 

 

212 

 

486 

 

426 

 

Sales of metals in concentrates:

 

 

 

 

 

 

 

 

Copper in concentrates ('000 tonnes)

 

46.6 

 

32.5 

 

32.3 

 

25.8 

 

39.7 

 

85.1 

 

65.5 

 

Gold in concentrates ('000 ounces)

 

115.6 

 

35.4 

 

24.7 

 

19.7 

 

30.8 

 

213.5 

 

50.5 

 

Silver in concentrates ('000 ounces)

 

245 

 

207 

 

244 

 

146 

 

220 

 

445 

 

365 

 

                                 

 

(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources.

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

DIAMONDS

 

 

 

 

 

 

 

 

Argyle Diamonds

100.0 

%

 

 

 

 

 

 

 

Western Australia

 

 

 

 

 

 

 

 

AK1 ore processed ('000 tonnes)

 

1,427 

 

1,716 

 

1,977 

 

1,322 

 

1,571 

 

2,674 

 

2,893 

 

AK1 diamonds produced ('000 carats)

 

3,292 

 

3,558 

 

3,363 

 

2,578 

 

3,271 

 

6,079 

 

5,849 

 

Diavik Diamonds

60.0 

%

 

 

 

 

 

 

 

Northwest Territories, Canada

 

 

 

 

 

 

 

 

Ore processed ('000 tonnes)

 

671 

 

628 

 

516 

 

571 

 

626 

 

1,291 

 

1,197 

 

Diamonds recovered ('000 carats)

 

1,980 

 

1,656 

 

1,400 

 

1,428 

 

1,606 

 

3,663 

 

3,033 

 

 

 

 

 

 

 

 

Rio Tinto percentage interest shown above is at 30 June 2020. The data represent full production and sales on a 100% basis unless otherwise stated.

 

 

Rio Tinto operational data

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

IRON ORE

 

 

 

 

 

 

 

 

Rio Tinto Iron Ore

 

 

 

 

 

 

 

 

Western Australia

 

 

 

 

 

 

 

 

Pilbara Operations

 

 

 

 

 

 

 

 

Saleable iron ore production ('000 tonnes)

 

 

 

 

 

 

 

 

Hamersley mines

   (a)

50,087

55,567

52,521

49,327

53,187

101,304

102,514

Hamersley - Channar

60.0 

%

2,419

1,579

2,420

1,934

2,223

3,971

4,157

Hope Downs

50.0 

%

12,101

12,155

12,095

11,334

11,318

24,015

22,652

Robe River - Pannawonica (Mesas J and A)

53.0 

%

6,282

8,914

8,225

7,320

8,126

9,811

15,446

Robe River - West Angelas

53.0 

%

8,853

9,133

8,318

7,912

8,378

16,635

16,290

Total production ('000 tonnes)

 

79,741

87,347

83,579

77,827

83,232

155,736

161,059

Breakdown of total production:

 

 

 

 

 

 

 

 

Pilbara Blend and SP10 Lump (b)

 

24,291

25,434

24,326

22,592

23,222

48,359

45,813

Pilbara Blend and SP10 Fines (b)

 

35,194

38,296

36,833

33,806

37,100

70,118

70,906

Robe Valley Lump

 

2,266

3,113

2,969

2,778

2,502

3,465

5,279

Robe Valley Fines

 

4,015

5,802

5,256

4,542

5,625

6,346

10,167

Yandicoogina Fines (HIY)

 

13,975

14,704

14,194

14,110

14,784

27,448

28,893

Breakdown of total shipments:

 

 

 

 

 

 

 

 

Pilbara Blend Lump

 

21,653

19,329

19,680

17,506

20,339

40,621

37,844

Pilbara Blend Fines

 

39,358

36,947

39,186

33,197

40,379

72,374

73,576

Robe Valley Lump

 

1,957

2,433

2,350

2,135

2,110

2,820

4,245

Robe Valley Fines

 

4,862

6,318

6,149

5,071

5,659

7,330

10,730

Yandicoogina Fines (HIY)

 

15,212

14,286

15,260

12,913

15,578

27,505

28,491

SP10 Lump (b)

 

635

2,685

2,072

1,006

1,014

635

2,020

SP10 Fines (b)

 

1,747

4,057

2,081

1,089

1,603

3,289

2,692

Total shipments ('000 tonnes) (c)

 

85,423

86,055

86,779

72,916

86,681

154,573

159,598

 

 

 

 

 

 

 

 

 

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

Iron Ore Company of Canada

58.7 

%

 

 

 

 

 

 

 

Newfoundland & Labrador and Quebec in Canada

 

 

 

 

 

 

 

Saleable iron ore production:

 

 

 

 

 

 

 

 

Concentrates ('000 tonnes)

 

2,031

2,384

1,951

1,572

2,593

3,547

4,165

Pellets ('000 tonnes)

 

2,280

2,657

2,415

2,788

2,112

4,989

4,899

IOC Total production ('000 tonnes)

 

4,311

5,041

4,366

4,360

4,704

8,536

9,064

Shipments:

 

 

 

 

 

 

 

 

Concentrates ('000 tonnes)

 

2,239

2,427

2,083

1,713

2,402

3,117

4,115

Pellets ('000 tonnes)

 

2,424

2,093

2,406

3,013

2,248

5,108

5,261

IOC Total Shipments ('000 tonnes) (c)

 

4,663

4,520

4,490

4,726

4,650

8,225

9,376

Global Iron Ore Totals

 

 

 

 

 

 

 

 

Iron Ore Production ('000 tonnes)

 

84,052

92,389

87,945

82,187

87,936

164,272

170,123

Iron Ore Shipments ('000 tonnes)

 

90,085

90,576

91,269

77,642

91,332

162,798

168,974

Iron Ore Sales ('000 tonnes) (d)

 

90,085

90,576

89,690

77,397

91,361

162,798

168,758

 

(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. (b) SP10 include other lower grade products.  (c) Shipments includes material shipped to our portside trading facility in China which may not be sold onwards in the same period. (d) Include Pilbara and IOC sales adjusted for portside trading movements and third party volumes sold.

 

 

 

 

 

 

Rio Tinto percentage interest shown above is at 30 June 2020. The data represent full production and sales on a 100% basis unless otherwise stated.

Rio Tinto operational data

 

Rio Tinto
interest

Q2
2019

Q3
2019

Q4
2019

Q1
2020

Q2
2020

H1
2019

H1
2020

 

 

 

 

 

 

 

 

 

SALT

 

 

 

 

 

 

 

 

Dampier Salt

68.4 

%

 

 

 

 

 

 

 

Western Australia

 

 

 

 

 

 

 

 

Salt production ('000 tonnes)

 

1,856 

 

2,036 

 

2,121 

 

1,527 

 

2,085 

 

3,773 

 

3,612 

 

 

 

 

 

 

 

 

 

 

TITANIUM DIOXIDE SLAG

 

 

 

 

 

 

 

 

Rio Tinto Iron & Titanium

100.0 

%

 

 

 

 

 

 

 

Canada and South Africa

 

 

 

 

 

 

 

 

(Rio Tinto share) (a)

 

 

 

 

 

 

 

 

Titanium dioxide slag ('000 tonnes)

 

303

321

286

293

262

599

555

                                 

 

(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)

86.3 

%

 

 

 

 

 

 

 

Northern Territory, Australia

 

 

 

 

 

 

 

 

U3O8 Production ('000 lbs)

 

906 

 

855 

 

939 

 

928 

 

831 

 

2,066 

 

1,760 

 

                                 

 

(a) ERA production data are drummed U3O8.

On 25 February 2020, Rio Tinto's ownership interest in ERA increased from 68.39% to 86.33%, following completion of its offer to ensure ERA has the funds it needs to meet its current rehabilitation obligations. Production is reported including this change from 1 March 2020.

 

 

Rössing Uranium Ltd (a) (b)

%

 

 

 

 

 

 

 

Namibia

 

 

 

 

 

 

 

 

U3O8 Production ('000 lbs)

 

1,665 

 

247 

 

 

 

 

2,833 

 

 

                                 

 

(a) Rössing production data are drummed U3O8.

(b) On 16 July 2019, Rio Tinto completed the sale of its entire 68.62% interest in the Rossing mine in Namibia to China National Uranium Corporation Limited. Production is reported up to the date of completion.

 

 

 

 

 

 

 

Rio Tinto percentage interest shown above is at 30 June 2020. The data represent full production and sales on a 100% basis unless otherwise stated.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DRLKKABNBBKBDOD

Quick facts: Rio Tinto PLC

Price: 4990

Market: LSE
Market Cap: £62.21 billion
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE