April 17, 2024

Industry News

Rio Tinto´s 2024 First Quarter Operations Review

Rio Tinto has announced its 2024 first quarter operations review, revealing that in the Pilbara it produced 77.9 million metric tonnes (Mm/t) of iron ore, of which Rio Tinto´s share was 66.1 Mm/t. This was 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.

Iron ore shipments of 78.0 Mm/t (Rio Tinto share 66.1 Mm/t) 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 drawdown compared to last year, as well as reduced production at the mines.

Rio Tinto Chief Executive, Jakob Stausholm, said: “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.”

Bauxite production of 13.4 Mm/t was 11% higher than the first quarter of 2023 with continued improvement in operational stability at Weipa and Gove. Aluminium production of 0.8 Mm/t was 5% higher than the first quarter of 2023. Kitimat is now back at full capacity. Mined copper production of 156 thousand metric tonnes (consolidated basis) was 7% higher than the first quarter of 2023.

Mr Stausholm also said: “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 Steel 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.”

For further information, visit the Rio Tinto website: www.riotinto.com