Exhibit 99.1
Fourth quarter operations review
Rio Tinto releases fourth quarter production results
Rio Tinto chief executive J-S Jacques said “We delivered a solid operational performance in the final quarter of 2018, in particular across our copper assets. During the year, we further strengthened our asset portfolio, continuing to invest in high quality growth. 2018 saw the early completion of Amrun, the deployment of AutoHaul™, the Koodaideri and Robe River investments and the signing of the power agreement at Oyu Tolgoi. Meanwhile, we completed disposals of $8.6 billion, including the Grasberg mine in Indonesia and our remaining coal assets. With a firm ‘value over volume’ focus and disciplined allocation of capital, we will continue to progress our strategic objectives and to deliver superior returns to shareholders in the short, medium and long term.”
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| Q4 2018 | vs Q4 2017 | vs Q3 2018 | 2018 | vs 2017 |
Pilbara iron ore shipments (100% basis) | Mt | 87.4 | -3% | +7% | 338.2 | +2% |
Pilbara iron ore production (100% basis) | Mt | 86.6 | -1% | +5% | 337.8 | +2% |
Bauxite | kt | 11,790 | -14% | -7% | 50,421 | -1% |
Aluminium | kt | 874 | -1% | -1% | 3,458 | -3% |
Mined copper | kt | 177.8 | +20% | +11% | 633.5 | +33% |
Titanium dioxide slag | kt | 294 | -14% | -1% | 1,116 | -15% |
IOC iron ore pellets and concentrate | Mt | 2.8 | +4% | -2% | 9.0 | -20% |
Operational update | |
• | Pilbara iron ore shipments of 338 million tonnes (100 per cent basis) in 2018 were two per cent higher than 2017. |
• | During the quarter, Rio Tinto announced it had successfully deployed AutoHaul™ at its Pilbara operations, approved a $2.6 billion investment in the Koodaideri iron ore replacement mine, and approved an investment of $1.55 billion (Rio Tinto's 53 per cent share $820 million) at two projects to sustain production capacity at the Robe River Joint Venture. |
• | Bauxite production of 50.4 million tonnes in 2018 was one per cent lower than 2017. Third party shipments increased by two per cent to 32.8 million tonnes. During the fourth quarter, commissioning works at CBG in Guinea and the transition of operations from East Weipa to Amrun in Queensland resulted in a short term drop in production. |
• | Aluminium production of 3.5 million tonnes was three per cent lower than 2017 due primarily to ongoing labour disruptions at the non-managed Becancour smelter in Canada. |
• | Mined copper production of 634 thousand tonnes was 33 per cent higher than 2017, and above the guidance range, primarily reflecting strong performance at Escondida and increased production from Rio Tinto Kennecott due largely to higher grades. |
• | Titanium dioxide slag production of 1.1 million tonnes was 15 per cent lower than 2017 due to production disruptions at Rio Tinto Fer et Titane in the second quarter, and intermittent stoppages related to labour disputes between contractors and their employees at Richards Bay Minerals in the first half. |
Page 1 of 31
Fourth quarter production at Iron Ore Company of Canada was four per cent higher than the fourth quarter of 2017. However, 2018 production was 20 per cent lower than 2017, due to a strike at the mine that significantly impacted second quarter production. | |
• | Other major milestones in the quarter included first bauxite shipment from Amrun, achieved six weeks ahead of schedule, and the signing of the Power Source Framework Agreement between Oyu Tolgoi and the Government of Mongolia. |
Corporate update | |
• | Disposal proceeds received in 2018 were approximately $8.6 billion, pre-tax, including: |
| -The completion of the sale of our entire interest in the Grasberg mine in Indonesia for $3.5 billion, including a $0.1 billion attributable share of copper and gold revenues, net of our capital contribution for the year. |
| -The completion of the sale of our aluminium smelter at Dunkerque, France for $0.4 billion, net of completion adjustments. |
| -The completion of the sale of a wharf and land in Kitimat, British Columbia for $0.6 billion. |
| -The completion of the sale of our coking coal assets for $4.1 billion. |
• | During the quarter, Rio Tinto announced that it had entered into a binding agreement with China National Uranium Corporation for the sale of its entire 68.62 per cent stake in Rössing Uranium. Subject to certain conditions precedent being met, the transaction is expected to complete in the first half of 2019. |
• | In 2018, Rio Tinto repurchased $5.4 billion of shares. This included an off-market buy-back tender in Rio Tinto Limited shares for $2.1 billion, and further on-market purchases of Rio Tinto plc shares of $3.3 billion. See page 11 for details. |
• | In the first half of 2018, Rio Tinto noted the negative impact to EBITDA resulting from raw material input price inflation, particularly in the Aluminium business, and the escalation of alumina index prices which impacted its alumina legacy contracts. These trends have continued to be observed in the second half of 2018. |
Average realised prices | |||
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| 2018 | vs 2017 |
Iron ore | $/dmt, FOB | 62.5 | -4% |
Aluminium | $/t (including VAP, mid-west premium) | 2,470 | +11% |
All figures in this report are unaudited. All currency figures in this report are US dollars, and comments refer to Rio Tinto’s share of production, unless otherwise stated. To allow production numbers to be compared on a like-for-like basis, production from asset divestments completed in 2017 is excluded from Rio Tinto share of production data but assets sold in 2018 remain in comparisons.
Rio Tinto share of production (million tonnes)
| Q4 2018 | vs Q4 2017 | vs Q3 2018 | 2018 | vs 2017 |
Pilbara Blend Lump | 21.7 | +3% | +5% | 84.8 | +5% |
Pilbara Blend Fines | 31.7 | +2% | +6% | 122.6 | +5% |
Robe Valley Lump | 1.4 | -14% | -4% | 5.9 | -4% |
Robe Valley Fines | 2.6 | -12% | -5% | 11.0 | +6% |
Yandicoogina Fines (HIY) | 14.9 | -8% | +3% | 57.5 | -0% |
Total Pilbara production | 72.2 | -1% | +4% | 281.8 | +4% |
Total Pilbara production (100% basis) | 86.6 | -1% | +5% | 337.8 | +2% |
Pilbara operations
Pilbara operations produced 337.8 million tonnes (Rio Tinto share 281.8 million tonnes) in 2018, two per cent higher than 2017, at the upper end of guidance. The production performance is attributable to the ramp-up of expanded mines and minimal weather events.
Fourth quarter production of 86.6 million tonnes (Rio Tinto share 72.2 million tonnes) was one per cent lower than the corresponding quarter of 2017.
2018 sales of 338.2 million tonnes (Rio Tinto share 280.8 million tonnes) were two per cent higher than 2017, whilst fourth quarter sales of 87.4 million tonnes (Rio Tinto share 72.7 million tonnes) were three per cent lower than the same period of last year.
Approximately 17 per cent of sales in 2018 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 32 per cent of sales in 2018 were made free on board (FOB), with the remainder sold including freight.
Achieved average pricing in 2018 was $57.6 per wet metric tonne on an FOB basis (equivalent to $62.5 per dry metric tonne). In 2017, the full year price achieved was $59.6 per wet metric tonne (equivalent to $64.8 per dry metric tonne).
Pilbara projects
On 28 December 2018, Rio Tinto announced it had successfully deployed AutoHaul™, establishing the world’s first automated heavy-haul, long distance rail network. Since completing the first autonomous haulage run in July 2018, Rio Tinto has steadily increased the number of autonomous journeys in a controlled and safe manner, with over 1.6 million kilometres now travelled autonomously. The programme will now focus on optimising autonomous operations.
On 29 November 2018, Rio Tinto announced the full approval of a $2.6 billion investment in the Koodaideri iron ore replacement mine. Koodaideri will deliver a new production hub in the Pilbara, incorporating a processing plant and infrastructure including a 166-kilometre rail line connecting the mine to the existing network. Construction will start in 2019 with first production expected in late-2021. Once complete, the mine will have an annual capacity of 43 million tonnes, underpinning production of the Pilbara Blend. Construction of accommodation facilities has commenced at site. A $44 million pre-feasibility study into Koodaideri Phase 2 was also approved in the fourth quarter.
On 1 October 2018, Rio Tinto announced an investment of $1.55 billion (Rio Tinto's 53 per cent share $820 million) at two projects to sustain production capacity at the Robe River Joint Venture. Approvals and commencement of works are proceeding to plan.
Rio Tinto’s Pilbara shipments in 2019 are expected to be between 338 and 350 million tonnes, (100 per cent basis), subject to weather and market conditions.
Following a plant fire at the port of Cape Lambert A on 10 January 2019, Rio Tinto expects limited disruption to Robe Valley lump and fines shipments, which is reflected in the above guidance.
Rio Tinto share of production (‘000 tonnes)
| Q4 2018 | vs Q4 2017 | vs Q3 2018 | 2018 | vs 2017 |
Rio Tinto Aluminium |
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Bauxite | 11,790 | -14% | -7% | 50,421 | -1% |
Alumina | 2,020 | -3% | +2% | 7,980 | -2% |
Aluminium | 874 | -1% | -1% | 3,458 | -3% |
Bauxite
Bauxite production in 2018 of 50.4 million tonnes was one per cent lower than 2017 and at the upper end of guidance. Strong production at Gove and the Andoom mining area in Weipa was offset by lower production at two non-managed operations. The CBG mine in Guinea was impacted by planned tie-in works as part of the commissioning of the expansion project, and MRN in Brazil was affected by the Alunorte refinery outage.
Fourth quarter production was 14 per cent lower than the corresponding period of 2017, reflecting the planned transition of operations from East Weipa to Amrun in Queensland, and the tie-in works at CBG.
32.8 million tonnes of bauxite were shipped to third parties in 2018, two per cent higher than 2017. Fourth quarter shipments were 19 per cent lower than the fourth quarter of 2017, reflecting the lower quarterly production.
Amrun
The Amrun project achieved first shipment six weeks ahead of schedule, with a total of nine ships loading 0.6 million tonnes before the end of 2018.
Alumina
Alumina production in 2018 was two per cent lower than 2017, primarily due to the timing of maintenance shutdowns.
Aluminium
Aluminium production of 3.5 million tonnes was three per cent lower than 2017 and in line with guidance, which was revised during the year due to an ongoing lock-out at the non-managed Becancour smelter, which began on 11 January 2018, and a power interruption at Dunkerque Aluminium in the first quarter. Excluding these smelters, aluminium production was one per cent higher than 2017, reflecting continued productivity creep.
On 14 December 2018, Rio Tinto completed the sale of its aluminium smelter at Dunkerque, France, to Liberty House for $0.4 billion, net of completion adjustments. Production of 0.2 million tonnes is reflected up until this date.
Average realised aluminium prices in 2018 were $2,470 per tonne (2017: $2,231 per tonne). This includes premiums for value-added products (VAP), which represented 57 per cent of primary metal sold in 2018 (2017: 57 per cent) and generated attractive product premiums averaging $224 per tonne of VAP sold (2017: $221 per tonne) on top of the physical market premiums. The mid-west premium increased from $199 per tonne in 2017 to $419 per tonne in 2018.
Kemano
The starter tunnel at the Kemano project in Kitimat, British Columbia was completed in December 2018 and associated rail installation has commenced. The tunnel boring machine is forecast to be moved into the tunnel before the end of January 2019. The $0.5 billion project is due to be completed by late-2020.
Market disruptions
In December, the United States Treasury Department announced its intention to lift the sanctions implemented on various Russian individuals and companies on 21 January 2019. Rio Tinto continues to monitor this situation closely.
Rio Tinto’s expected share of bauxite production in 2019 is between 56 and 59 million tonnes. Aluminium production guidance is between 3.2 and 3.4 million tonnes and alumina production guidance is 8.1 to 8.4 million tonnes.
Rio Tinto share of production (‘000 tonnes)
| Q4 2018 | vs Q4 2017 | vs Q3 2018 | 2018 | vs 2017 |
Mined copper |
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Rio Tinto Kennecott | 58.3 | +67% | -1% | 203.9 | +37% |
Escondida | 79.7 | -14% | -9% | 350.4 | +29% |
Grasberg | 25.9 | +353% | N/A | 25.9 | +353% |
Oyu Tolgoi | 13.9 | -8% | +5% | 53.3 | +1% |
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Refined copper |
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Rio Tinto Kennecott | 64.6 | +193% | +19% | 194.7 | +55% |
Escondida | 21.6 | -6% | +30% | 80.0 | +12% |
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Diamonds (‘000 carats) |
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Argyle | 3,211 | -48% | -16% | 14,069 | -18% |
Diavik | 1,078 | +2% | +1% | 4,358 | -3% |
Rio Tinto Kennecott
Mined copper production in 2018 was 37 per cent higher than 2017 as mining activity continued in a higher grade area of the pit, coupled with productivity improvements and increased plant throughput.
Refined copper was 55 per cent higher than 2017 as better mine grades improved concentrate quality and smelting throughput. Fourth quarter 2017 production was impacted by a fatality at the smelter.
Rio Tinto Kennecott continues to toll and purchase third party concentrate to optimise smelter utilisation, with 100 thousand tonnes of concentrate received for processing in 2018, compared with 161 thousand tonnes in 2017. Purchased and tolled copper concentrate are excluded from reported production figures.
In 2019, the production profile will see increased variability in grade as operations mine in lower levels of the pit, together with waste stripping related to the south wall pushback expansion. Anticipated south wall pushback grades begin to increase in late-2020 and are expected to offset this variability over the longer term.
Escondida
Mined copper production at Escondida in 2018 was 29 per cent higher than 2017, reflecting the ramp-up of production to nameplate capacity following commissioning of the Los Colorados concentrator, and the absence of a labour strike which significantly impacted 2017 production.
Oyu Tolgoi
Mined copper production from the open pit in 2018 was one per cent higher than 2017, with higher copper recovery partly offset by lower plant throughput due to the processing of harder ore.
Oyu Tolgoi Underground Project
Work continues on the critical Shaft Two equipping activities, central heating plant, mine infrastructure, underground materials handling systems and on priority underground development. Overall progress continues to track in-line with the re-forecast undertaken in the third quarter of 2018. The project workforce has now reached peak levels of around 9,400, whilst maintaining a high (88 per cent) participation rate of Mongolian nationals.
On 31 December 2018, Rio Tinto announced the signing of the Power Source Framework Agreement between Oyu Tolgoi and the Government of Mongolia. The agreement provides a binding framework and pathway for the construction of a power plant and also sets out an amended timetable for Oyu Tolgoi to meet its obligation to source power domestically. The 300 megawatt plant will be majority owned by Oyu Tolgoi LLC and will be situated close to the Tavan Tolgoi coalfields. Construction is scheduled to start in 2020, with the commissioning of the plant by mid-2023.
On 21 December 2018, Rio Tinto announced that it had completed the sale of its entire interest in the Grasberg mine in Indonesia as part of a series of transactions involving Inalum (PT Indonesia Asahan Aluminium (Persero)), Indonesia’s state mining company, and Freeport McMoRan Inc. Total proceeds from the transaction were $3.5 billion, including $0.1 billion for the 2018 attributable metal share of 25.9 thousand tonnes of copper and 266.7 thousand ounces of gold, net of the capital contribution for the year.
Provisional pricing
At 31 December 2018, the Group had an estimated 240 million pounds of copper sales that were provisionally priced at 277 cents per pound. The final price of these sales will be determined during the first half of 2019. This compares with 250 million pounds of open shipments at 31 December 2017, provisionally priced at 304 cents per pound.
Diamonds
At Argyle, carat production in 2018 was 18 per cent lower than 2017, when production was enhanced by the processing of higher grade alluvial tailings.
At Diavik, carats recovered in 2018 were three per cent lower than 2017 as lower recovered grade were partially offset by higher ore processing. The A21 project successfully mined first ore in March 2018 and reached commercial production during the fourth quarter.
2019 guidance
Rio Tinto’s share of mined copper production for 2019 is expected to be between 550 and 600 thousand tonnes, subject to grade availability. Refined copper production is expected to be between 220 and 250 thousand tonnes.
Diamond production guidance for 2019 is between 15 and 17 million carats.
Rio Tinto share of production
| Q4 2018 | vs Q4 2017 | vs Q3 2018 | 2018 | vs 2017 |
Coal (‘000 tonnes) |
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Hard coking coal | - | -100% | -100% | 3,988 | -48% |
Thermal coal (a) | - | -100% | -100% | 2,527 | -38% |
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Iron ore pellets and concentrate (million tonnes) |
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IOC | 2.8 | +4% | -2% | 9.0 | -20% |
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Minerals (‘000 tonnes) |
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Borates – B2O3 content | 118 | -2% | -14% | 512 | -1% |
Salt | 1,496 | -3% | +1% | 6,153 | +21% |
Titanium dioxide slag | 294 | -14% | -1% | 1,116 | -15% |
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Uranium (‘000 lbs) |
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Energy Resources of Australia | 924 | +1% | +13% | 3,014 | -13% |
Rössing | 979 | +9% | -1% | 3,750 | +17% |
(a) Production from Coal & Allied of 9.9 million tonnes (Rio Tinto share) prior to divestment on 1 September 2017 has been excluded from the comparisons above.
Coal
Following the completion of the sale of Rio Tinto’s interests in Kestrel and Hail Creek on 1 August 2018, production of coal attributable to Rio Tinto ceased. The sale of these assets, along with the Valeria coal and Winchester South development projects resulted in gross disposal proceeds of $4.15 billion.
Iron Ore Company of Canada (IOC)
Fourth quarter production at IOC was four per cent higher than the corresponding period of 2017.
IOC production and sales in 2018 were impacted by a two month strike at the mine in the second quarter, but was in line with revised guidance. Pellet production of 8.5 million tonnes (Rio Tinto share 5.0 million tonnes) was 18 per cent lower than 2017, whilst concentrate production for sale of 6.7 million tonnes (Rio Tinto share 3.9 million tonnes) was 22 per cent lower than 2017.
Total sales of pellets and concentrates achieved in 2018 were 15.0 million tonnes (Rio Tinto share 8.8 million tonnes), 21 per cent lower than 2017.
Borates
Borates production was one per cent lower than 2017, and in line with guidance, with production aligned to customer demand.
Iron and Titanium
Titanium dioxide feedstock production was 15 per cent lower in 2018 compared to 2017, primarily due to disruptions at Rio Tinto Fer et Titane (RTFT), the deflagration of a furnace at RTFT, and intermittent stoppages related to labour disputes between contractors and their employees at Richards Bay Minerals (RBM) in the first half. Production was in line with revised guidance.
Three of nine furnaces at RTFT are idle, two of which are being rebuilt. One of four furnaces at RBM remains idle. The focus remains on maximising the productivity of the furnaces currently in operation, and a decision to re-start idle furnaces will be based on maximising value over volume.
Salt
Salt production in 2018 was 21 per cent higher than 2017, with production aligned to customer demand.
Energy Resources of Australia continues to process existing low grade stockpiles. 2018 production was 13 per cent lower than 2017 due to declining grades and completion of laterite processing.
Production at Rössing Uranium in 2018 was 17 per cent higher than 2017 due to higher mill grades.
On 26 November 2018, Rio Tinto announced it had entered into a binding agreement with China National Uranium Corporation for the sale of its entire 68.62 per cent stake in Rössing Uranium. The transaction is subject to certain conditions precedent including merger approval from the Namibian Competition Commission. Subject to these conditions precedent being met, the transaction is expected to complete in the first half of 2019.
2019 guidance
At IOC, guidance for Rio Tinto’s expected share of iron ore pellets and concentrates production in 2019 is between 11.3 and 12.3 million tonnes. Titanium dioxide slag production guidance is between 1.2 and 1.4 million tonnes, and boric oxide equivalent production guidance is 0.5 million tonnes.
Share buy-back
During 2018, Rio Tinto purchased $5.4 billion of shares through a combination of on-market purchases of Rio Tinto plc shares and an off-market tender of Rio Tinto Limited shares. As at 1 January 2019, a further $1.7 billion of previously announced buy-backs in Rio Tinto plc shares remains outstanding.
Rio Tinto Limited
The Group returned $2.1 billion through a Rio Tinto Limited off-market tender announced on 20 September 2018 and completed on 12 November 2018.
Rio Tinto plc
In 2018, on-market purchases were completed of $3.3 billion in Rio Tinto plc shares. These comprised the return of $1.9 billion announced in the second half of 2017, the $1 billion programme announced on 7 February 2018 and $0.4 billion of a $1 billion programme announced on 1 August 2018. The remaining $0.6 billion of this last programme will be completed no later than 27 February 2019.
A further $1.1 billion of the programme announced in September 2018 will be returned through an on-market Rio Tinto plc share buy-back commencing on 28 February 2019 and will be completed no later than 28 February 2020.
Cash inflows of approximately $8.6 billion, pre-tax, from divestments in 2018
| Pre-tax proceeds received in 2018 $ billion |
Aluminium Dunkerque, France sold to Liberty House* | 0.4 |
Hail Creek coal mine and Valeria coal development project, both in Queensland, Australia, sold to Glencore | 1.7 |
Kestrel underground coal mine, Queensland, Australia, sold to EMR Capital and PT Adaro Energy Tbk | 2.3 |
Interest in Grasberg mine sold to Inalum (PT Indonesia Asahan Aluminium (Persero))** | 3.4 |
Wharf and land in Kitimat, British Columbia sold to LNG Canada | 0.6 |
Other, including Winchester South coal development project | 0.2 |
Total | 8.6 |
* Net of completion adjustments
** Before a $0.1 billion attributable share of copper and gold revenues, net of Rio Tinto’s capital contribution for the year.
Simandou
The non-binding heads of agreement, originally signed on 28 October 2016, for Chinalco to acquire Rio Tinto's entire interest in the Simandou iron ore project in Guinea has lapsed. Rio Tinto and Chinalco, who respectively own 45.05 per cent and 39.95 per cent of Simandou, will continue to work with the Government of Guinea to explore other options to realise value from the world-class Simandou iron ore deposit. The Government of Guinea owns a 15 per cent stake in the project.
EXPLORATION AND EVALUATION
Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 2018 was $488 million, compared with $445 million in 2017, driven primarily by increased activity at Resolution. Approximately 48 per cent of this expenditure was incurred by central exploration, 37 per cent by Copper & Diamonds, eight per cent by Iron Ore and the remainder by Energy & Minerals and Aluminium.
There were no significant divestments of central exploration properties in the fourth quarter of 2018.
Exploration highlights
Rio Tinto has a strong portfolio of projects with activity in 16 countries across some eight commodities. The bulk of the exploration expenditure in this quarter was focused on copper targets in Australia, Canada, Chile, Kazakhstan, Mongolia, Namibia, Papua New Guinea, Peru, Serbia, United States, Zambia and diamond projects in Canada. Mine-lease exploration continued at a number of Rio Tinto managed businesses including Pilbara Iron in Australia, RTIT in Canada, Oyu Tolgoi In Mongolia, Weipa in Australia and Bingham in the US.
A summary of activity for the quarter is as follows:
Product Groups | Studies stage | Advanced exploration projects | Greenfield/ Brownfield programmes |
Aluminium | Cape York, Australia | Amargosa, Brazil Sanxai, Laos | Cape York, Australia |
Copper & Diamonds | Copper/molybdenum: Resolution, US | Copper: La Granja, Peru Nickel: Tamarack, US Diamonds: FalCon1, Canada | Copper Greenfield: Australia, Chile, China, Kazakhstan, Mongolia, Namibia, Papua New Guinea, Peru, Serbia, US, Zambia Copper Brownfield: Bingham, US Nickel Greenfield: Canada, Uganda Diamonds: Canada |
Energy & Minerals | Lithium borates: Jadar, Serbia Potash: KP405, Canada Heavy mineral sands: Mutamba, Mozambique and Zulti South, South Africa | Uranium: Roughrider, Canada
| Heavy mineral sands: Tanzania, Canada
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Iron Ore | Pilbara, Australia | Pilbara, Australia | Koodaideri, Australia |
(1) Formerly Forte a la Corne
This announcement may include "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Rio Tinto’s production forecast or guidance, financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto’s products and reserve and resource positions), are forward-looking statements. The words “intend”, “aim”, “project”, “anticipate”, “estimate”, “plan”, “believes”, “expects”, “may”, “should”, “will”, “target”, “set to”, “assumes” or similar expressions, commonly identify such forward looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual production, performance or results of Rio Tinto to be materially different from any future production, performance or results expressed or implied by such forward-looking statements. Such forward-looking statements could be influenced by such risk factors as identified in Rio Tinto's most recent Annual Report and Accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this announcement should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.
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Rio Tinto production summary | |||||||||||
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Rio Tinto share of production | |||||||||||
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| 2017 | 2018 | 2018 |
| 2017 | 2018 |
| Q4 18 | Q4 18 | 2018 |
Principal Commodities |
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Alumina | ('000 t) | 2,077 | 1,972 | 2,020 |
| 8,131 | 7,980 |
| -3% | 2% | -2% |
Aluminium | ('000 t) | 887 | 880 | 874 |
| 3,551 | 3,458 |
| -1% | -1% | -3% |
Bauxite | ('000 t) | 13,762 | 12,700 | 11,790 |
| 50,796 | 50,421 |
| -14% | -7% | -1% |
Borates | ('000 t) | 120 | 137 | 118 |
| 517 | 512 |
| -2% | -14% | -1% |
Coal - hard coking | ('000 t) | 2,322 | 712 | - |
| 7,704 | 3,988 |
| -100% | -100% | -48% |
Coal - thermal | ('000 t) | 966 | 397 | - |
| 4,065 | 2,527 |
| -100% | -100% | -38% |
Copper - mined | ('000 t) | 148.6 | 159.7 | 177.8 |
| 478.1 | 633.5 |
| 20% | 11% | 33% |
Copper - refined | ('000 t) | 44.9 | 70.8 | 86.1 |
| 197.2 | 274.8 |
| 92% | 22% | 39% |
Diamonds | ('000 cts) | 7,207 | 4,896 | 4,290 |
| 21,627 | 18,427 |
| -40% | -12% | -15% |
Iron Ore | ('000 t) | 75,656 | 72,010 | 75,018 |
| 282,484 | 290,800 |
| -1% | 4% | 3% |
Titanium dioxide slag | ('000 t) | 341 | 297 | 294 |
| 1,315 | 1,116 |
| -14% | -1% | -15% |
Uranium | ('000 lbs) | 1,821 | 1,814 | 1,904 |
| 6,650 | 6,764 |
| 5% | 5% | 2% |
Other Metals & Minerals |
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Gold - mined | ('000 oz) | 62.6 | 101.4 | 385.1 |
| 260.1 | 638.8 |
| 515% | 280% | 146% |
Gold - refined | ('000 oz) | 55.4 | 50.3 | 58.6 |
| 203.7 | 198.0 |
| 6% | 17% | -3% |
Molybdenum | ('000 t) | 1.9 | 1.4 | 2.2 |
| 5.0 | 5.8 |
| 15% | 63% | 16% |
Salt | ('000 t) | 1,535 | 1,481 | 1,496 |
| 5,090 | 6,153 |
| -3% | 1% | 21% |
Silver - mined | ('000 oz) | 1,172 | 1,384 | 1,840 |
| 4,194 | 5,910 |
| 57% | 33% | 41% |
Silver - refined | ('000 oz) | 516 | 730 | 807 |
| 2,378 | 2,865 |
| 56% | 10% | 21% |
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Throughout this report, figures in italics indicate adjustments made since the figure was previously quoted on the equivalent page. Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result between the total of the quarter figures and the year to date figures. | |||||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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ALUMINA |
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Production ('000 tonnes) |
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Jonquière (Vaudreuil) | 100% | 365 | 362 | 365 | 363 | 354 | 1,448 | 1,444 |
Jonquière (Vaudreuil) specialty Alumina plant | 100% | 29 | 31 | 32 | 31 | 29 | 122 | 124 |
Queensland Alumina | 80% | 773 | 717 | 752 | 748 | 742 | 2,988 | 2,958 |
São Luis (Alumar) | 10% | 93 | 87 | 87 | 85 | 92 | 370 | 351 |
Yarwun | 100% | 816 | 793 | 763 | 744 | 803 | 3,203 | 3,103 |
Rio Tinto total alumina production |
| 2,077 | 1,990 | 1,999 | 1,972 | 2,020 | 8,131 | 7,980 |
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ALUMINIUM |
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Production ('000 tonnes) |
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Australia - Bell Bay | 100% | 47 | 47 | 47 | 48 | 48 | 187 | 189 |
Australia - Boyne Island | 59% | 74 | 72 | 74 | 75 | 74 | 302 | 295 |
Australia - Tomago | 52% | 77 | 75 | 76 | 78 | 77 | 304 | 305 |
Canada - six wholly owned | 100% | 405 | 398 | 402 | 407 | 408 | 1,596 | 1,616 |
Canada - Alouette (Sept-Îles) | 40% | 60 | 58 | 58 | 59 | 58 | 239 | 234 |
Canada - Bécancour | 25% | 27 | 10 | 9 | 8 | 8 | 110 | 34 |
France - Dunkerque (a) | 0% | 72 | 51 | 52 | 66 | 57 | 284 | 227 |
Iceland - ISAL (Reykjavik) | 100% | 54 | 52 | 53 | 53 | 54 | 212 | 212 |
New Zealand - Tiwai Point | 79% | 67 | 66 | 67 | 68 | 70 | 267 | 270 |
Oman - Sohar | 20% | 5 | 17 | 19 | 20 | 20 | 51 | 76 |
Rio Tinto total aluminium production |
| 887 | 846 | 858 | 880 | 874 | 3,551 | 3,458 |
(a) On 14 December 2018, Rio Tinto completed the sale of its 100% interest in the Dunkerque smelter. Production is reported up to the date of completion. | ||||||||
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BAUXITE |
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Production ('000 tonnes) (a) |
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Gove | 100% | 3,224 | 3,124 | 3,274 | 2,893 | 3,250 | 11,201 | 12,540 |
Porto Trombetas | 12% | 426 | 353 | 393 | 342 | 489 | 1,764 | 1,576 |
Sangaredi | (b) | 1,809 | 1,745 | 1,657 | 1,261 | 1,204 | 6,934 | 5,868 |
Weipa | 100% | 8,304 | 7,431 | 7,955 | 8,204 | 6,847 | 30,898 | 30,437 |
Rio Tinto total bauxite production | 13,762 | 12,653 | 13,279 | 12,700 | 11,790 | 50,796 | 50,421 | |
(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. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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BORATES |
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Production ('000 tonnes B2O3 content) |
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Rio Tinto Borates - borates | 100% | 120 | 124 | 132 | 137 | 118 | 517 | 512 |
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COAL - hard coking |
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Rio Tinto Coal Australia ('000 tonnes) |
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Hail Creek Coal (a) (c) | 0% | 1,275 | 758 | 1,131 | 325 | - | 4,303 | 2,214 |
Kestrel Coal (b) (c) | 0% | 1,048 | 344 | 1,043 | 387 | - | 3,402 | 1,774 |
Rio Tinto total hard coking coal production | 2,322 | 1,102 | 2,174 | 712 | - | 7,704 | 3,988 | |
(a) On 1 August 2018, Rio Tinto completed the sale of its 82% interest in the Hail Creek mine. Production is reported up to the date of completion. | ||||||||
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COAL - thermal |
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Rio Tinto Coal Australia ('000 tonnes) |
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Hail Creek Coal (a) (c) | 0% | 785 | 1,060 | 835 | 368 | - | 3,390 | 2,264 |
Kestrel Coal (b) (c) | 0% | 180 | 59 | 176 | 28 | - | 674 | 263 |
Rio Tinto total thermal coal production | 966 | 1,119 | 1,011 | 397 | - | 4,065 | 2,527 | |
(a) On 1 August 2018, Rio Tinto completed the sale of its 82% interest in the Hail Creek mine. Production is reported up to the date of completion. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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COPPER |
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Mine production ('000 tonnes) (a) |
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Bingham Canyon | 100% | 34.8 | 35.4 | 51.2 | 59.1 | 58.3 | 148.9 | 203.9 |
Escondida | 30% | 92.9 | 90.9 | 92.4 | 87.4 | 79.7 | 270.8 | 350.4 |
Grasberg - Joint Venture (b) | 40% | 5.7 | 0.0 | 0.0 | 0.0 | 25.9 | 5.7 | 25.9 |
Oyu Tolgoi (c) | 34% | 15.2 | 13.0 | 13.2 | 13.2 | 13.9 | 52.8 | 53.3 |
Rio Tinto total mine production |
| 148.6 | 139.3 | 156.8 | 159.7 | 177.8 | 478.1 | 633.5 |
Refined production ('000 tonnes) |
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Escondida | 30% | 22.8 | 20.8 | 21.0 | 16.6 | 21.6 | 71.4 | 80.0 |
Rio Tinto Kennecott | 100% | 22.1 | 35.3 | 40.7 | 54.2 | 64.6 | 125.8 | 194.7 |
Rio Tinto total refined production | 44.9 | 56.1 | 61.7 | 70.8 | 86.1 | 197.2 | 274.8 | |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. On 21 December 2018, Rio Tinto completed the sale of its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). Production is reported up to 30 November 2018. Net cashflow of $0.1 billion relating to this production is included in the total divestments proceeds of $3.5 billion. | ||||||||
(c) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources Ltd. | ||||||||
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DIAMONDS |
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Production ('000 carats) |
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Argyle | 100% | 6,146 | 3,551 | 3,476 | 3,830 | 3,211 | 17,135 | 14,069 |
Diavik | 60% | 1,060 | 1,065 | 1,150 | 1,066 | 1,078 | 4,492 | 4,358 |
Rio Tinto total diamond production |
| 7,207 | 4,616 | 4,626 | 4,896 | 4,290 | 21,627 | 18,427 |
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GOLD |
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Mine production ('000 ounces) (a) |
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Bingham Canyon | 100% | 35.9 | 37.4 | 45.6 | 56.6 | 57.1 | 177.9 | 196.7 |
Escondida | 30% | 15.1 | 18.0 | 20.5 | 19.1 | 22.1 | 43.9 | 79.7 |
Grasberg - Joint Venture (b) | 40% | 0.0 | 0.0 | 0.0 | 0.0 | 266.7 | 0.0 | 266.7 |
Oyu Tolgoi (c) | 34% | 11.7 | 14.0 | 16.8 | 25.8 | 39.1 | 38.3 | 95.7 |
Rio Tinto total mine production |
| 62.6 | 69.4 | 82.8 | 101.4 | 385.1 | 260.1 | 638.8 |
Refined production ('000 ounces) |
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Rio Tinto Kennecott | 100% | 55.4 | 40.8 | 48.4 | 50.3 | 58.6 | 203.7 | 198.0 |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. On 21 December 2018, Rio Tinto completed the sale of its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). Production is reported up to 30 November 2018. Net cashflow of $0.1 billion relating to this production is included in the total divestments proceeds of $3.5 billion. | ||||||||
(c) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources Ltd. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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IRON ORE |
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Production ('000 tonnes) (a) |
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Hamersley mines | (b) | 56,501 | 53,631 | 56,034 | 54,583 | 56,364 | 206,760 | 220,612 |
Hamersley - Channar | 60% | 1,345 | 1,136 | 1,227 | 604 | 1,337 | 6,479 | 4,304 |
Hope Downs | 50% | 5,987 | 5,342 | 5,783 | 5,713 | 5,845 | 23,470 | 22,684 |
Iron Ore Company of Canada | 59% | 2,733 | 2,364 | 871 | 2,880 | 2,836 | 11,166 | 8,952 |
Robe River - Pannawonica (Mesas J and A) | 53% | 4,580 | 4,672 | 4,048 | 4,208 | 4,004 | 16,526 | 16,932 |
Robe River - West Angelas | 53% | 4,509 | 4,290 | 4,373 | 4,021 | 4,631 | 18,082 | 17,316 |
Rio Tinto iron ore production ('000 tonnes) |
| 75,656 | 71,436 | 72,336 | 72,010 | 75,018 | 282,484 | 290,800 |
Breakdown of Production: |
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Pilbara Blend Lump |
| 21,082 | 20,714 | 21,901 | 20,554 | 21,674 | 80,770 | 84,843 |
Pilbara Blend Fines |
| 31,172 | 29,769 | 31,239 | 29,921 | 31,652 | 116,359 | 122,582 |
Robe Valley Lump |
| 1,646 | 1,587 | 1,431 | 1,470 | 1,409 | 6,128 | 5,897 |
Robe Valley Fines |
| 2,934 | 3,086 | 2,617 | 2,738 | 2,595 | 10,398 | 11,035 |
Yandicoogina Fines (HIY) |
| 16,088 | 13,916 | 14,277 | 14,446 | 14,852 | 57,663 | 57,491 |
Pilbara iron ore production ('000 tonnes) |
| 72,922 | 69,072 | 71,465 | 69,129 | 72,182 | 271,318 | 281,848 |
IOC Concentrate |
| 1,163 | 799 | 572 | 1,131 | 1,433 | 5,020 | 3,934 |
IOC Pellets |
| 1,571 | 1,566 | 299 | 1,750 | 1,403 | 6,146 | 5,018 |
IOC iron ore production ('000 tonnes) |
| 2,733 | 2,364 | 871 | 2,880 | 2,836 | 11,166 | 8,952 |
Breakdown of Sales: |
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Pilbara Blend Lump |
| 18,861 | 18,062 | 19,424 | 17,967 | 18,439 | 71,156 | 73,892 |
Pilbara Blend Fines |
| 35,575 | 30,746 | 35,158 | 31,432 | 35,205 | 127,272 | 132,541 |
Robe Valley Lump |
| 1,388 | 1,223 | 1,264 | 1,174 | 1,219 | 5,217 | 4,881 |
Robe Valley Fines |
| 3,287 | 2,996 | 3,255 | 2,839 | 2,996 | 11,204 | 12,085 |
Yandicoogina Fines (HIY) |
| 15,731 | 13,578 | 14,388 | 14,583 | 14,831 | 57,185 | 57,380 |
Pilbara iron ore sales ('000 tonnes) |
| 74,843 | 66,604 | 73,489 | 67,995 | 72,690 | 272,034 | 280,778 |
IOC Concentrate |
| 1,559 | 746 | 62 | 1,521 | 1,558 | 5,053 | 3,887 |
IOC Pellets |
| 1,615 | 1,574 | 202 | 1,659 | 1,516 | 6,108 | 4,950 |
IOC Iron ore sales ('000 tonnes) |
| 3,173 | 2,320 | 263 | 3,180 | 3,073 | 11,161 | 8,837 |
Rio Tinto iron ore sales ('000 tonnes) | 78,016 | 68,925 | 73,752 | 71,175 | 75,763 | 283,195 | 289,614 | |
(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. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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MOLYBDENUM |
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Mine production ('000 tonnes) (a) |
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Bingham Canyon | 100% | 1.9 | 1.5 | 0.7 | 1.4 | 2.2 | 5.0 | 5.8 |
(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. | ||||||||
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SALT |
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Production ('000 tonnes) |
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Dampier Salt | 68% | 1,535 | 1,514 | 1,662 | 1,481 | 1,496 | 5,090 | 6,153 |
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SILVER |
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Mine production ('000 ounces) (a) |
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Bingham Canyon | 100% | 418 | 461 | 615 | 708 | 736 | 2,156 | 2,520 |
Escondida | 30% | 658 | 702 | 758 | 599 | 771 | 1,712 | 2,830 |
Grasberg - Joint Venture (b) | 40% | 0 | 0 | 0 | 0 | 253 | 0 | 253 |
Oyu Tolgoi (c) | 34% | 96 | 74 | 75 | 77 | 80 | 326 | 306 |
Rio Tinto total mine production |
| 1,172 | 1,237 | 1,448 | 1,384 | 1,840 | 4,194 | 5,910 |
Refined production ('000 ounces) |
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Rio Tinto Kennecott | 100% | 516 | 867 | 461 | 730 | 807 | 2,378 | 2,865 |
(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets. | ||||||||
(b) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. On 21 December 2018, Rio Tinto completed the sale of its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). Production is reported up to 30 November 2018. Net cashflow of $0.1 billion relating to this production is included in the total divestments proceeds of $3.5 billion. | ||||||||
(c) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources Ltd. | ||||||||
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TITANIUM DIOXIDE SLAG |
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Production ('000 tonnes) |
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Rio Tinto Iron & Titanium (a) | 100% | 341 | 294 | 232 | 297 | 294 | 1,315 | 1,116 |
(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74% interest in Richards Bay Minerals (RBM). | ||||||||
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URANIUM |
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Production ('000 lbs U3O8) (a) |
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Energy Resources of Australia | 68% | 919 | 667 | 603 | 820 | 924 | 3,458 | 3,014 |
Rössing (b) | 69% | 902 | 848 | 928 | 994 | 979 | 3,192 | 3,750 |
Rio Tinto total uranium production | 1,821 | 1,515 | 1,531 | 1,814 | 1,904 | 6,650 | 6,764 | |
(a) ERA and Rössing production reported are drummed U3O8. | ||||||||
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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 31 December 2018. | ||||||||
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Rio Tinto's interest in the Coal and Allied mines were sold in 2017. No data for these operations are included in the Share of production table. | ||||||||
Rio Tinto operational data | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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ALUMINA |
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Smelter Grade Alumina - Aluminium Group |
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Alumina production ('000 tonnes) |
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Australia |
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Queensland Alumina Refinery - Queensland | 80.0% | 966 | 896 | 940 | 935 | 927 | 3,735 | 3,697 |
Yarwun refinery - Queensland | 100.0% | 816 | 793 | 763 | 744 | 803 | 3,203 | 3,103 |
Brazil |
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São Luis (Alumar) refinery | 10.0% | 934 | 871 | 869 | 851 | 918 | 3,697 | 3,509 |
Canada |
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Jonquière (Vaudreuil) refinery - Quebec (a) | 100.0% | 365 | 362 | 365 | 363 | 354 | 1,448 | 1,444 |
(a) Jonquière’s (Vaudreuil’s) production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina. | ||||||||
Specialty Alumina - Aluminium Group |
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Specialty alumina production ('000 tonnes) |
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Canada |
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Jonquière (Vaudreuil) plant – Quebec | 100.0% | 29 | 31 | 32 | 31 | 29 | 122 | 124 |
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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ALUMINIUM |
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Primary Aluminium |
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Primary aluminium production ('000 tonnes) |
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Australia |
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Bell Bay smelter - Tasmania | 100.0% | 47 | 47 | 47 | 48 | 48 | 187 | 189 |
Boyne Island smelter - Queensland | 59.4% | 124 | 122 | 124 | 126 | 125 | 508 | 497 |
Tomago smelter - New South Wales | 51.6% | 149 | 145 | 148 | 151 | 149 | 590 | 592 |
Canada |
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Alma smelter - Quebec | 100.0% | 116 | 115 | 116 | 117 | 118 | 457 | 465 |
Alouette (Sept-Îles) smelter - Quebec | 40.0% | 150 | 144 | 146 | 148 | 146 | 598 | 584 |
Arvida smelter - Quebec | 100.0% | 44 | 43 | 43 | 43 | 44 | 171 | 173 |
Arvida AP60 smelter - Quebec | 100.0% | 14 | 13 | 13 | 13 | 13 | 57 | 52 |
Bécancour smelter - Quebec | 25.1% | 108 | 39 | 35 | 32 | 30 | 438 | 136 |
Grande-Baie smelter - Quebec | 100.0% | 58 | 57 | 58 | 59 | 59 | 229 | 233 |
Kitimat smelter - British Columbia | 100.0% | 110 | 108 | 109 | 110 | 109 | 433 | 436 |
Laterrière smelter - Quebec | 100.0% | 64 | 63 | 64 | 65 | 65 | 249 | 257 |
France |
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Dunkerque smelter (a) | 0% | 72 | 51 | 52 | 66 | 57 | 284 | 227 |
Iceland |
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ISAL (Reykjavik) smelter | 100.0% | 54 | 52 | 53 | 53 | 54 | 212 | 212 |
New Zealand |
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Tiwai Point smelter | 79.4% | 85 | 83 | 84 | 85 | 88 | 337 | 341 |
Oman |
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Sohar smelter | 20.0% | 27 | 87 | 97 | 98 | 99 | 253 | 380 |
(a) On 14 December 2018, Rio Tinto completed the sale of its 100% interest in the Dunkerque smelter. Production is reported up to the date of completion. | ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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BAUXITE |
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Bauxite production ('000 tonnes) |
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Australia |
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Gove mine - Northern Territory | 100.0% | 3,224 | 3,124 | 3,274 | 2,893 | 3,250 | 11,201 | 12,540 |
Weipa mine - Queensland | 100.0% | 8,304 | 7,431 | 7,955 | 8,204 | 6,847 | 30,898 | 30,437 |
Brazil |
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Porto Trombetas (MRN) mine | 12.0% | 3,550 | 2,939 | 3,273 | 2,848 | 4,073 | 14,698 | 13,134 |
Guinea |
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Sangaredi mine (a) | 23.0% | 4,020 | 3,878 | 3,683 | 2,803 | 2,675 | 15,409 | 13,039 |
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Rio Tinto share of bauxite shipments |
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Share of total bauxite shipments ('000 tonnes) | 13,557 | 12,551 | 12,936 | 12,427 | 11,622 | 50,240 | 49,536 | |
Share of third party bauxite shipments ('000 tonnes) | 9,164 | 8,248 | 8,738 | 8,441 | 7,387 | 32,303 | 32,813 | |
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(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production. | ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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BORATES |
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Rio Tinto Borates - borates | 100.0% |
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US |
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Borates ('000 tonnes) (a) |
| 120 | 124 | 132 | 137 | 118 | 517 | 512 |
(a) Production is expressed as B2O3 content. | ||||||||
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COAL |
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Rio Tinto Coal Australia |
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Hail Creek Coal mine (a) | 0.0% |
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Queensland |
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Hard coking coal ('000 tonnes) |
| 1,555 | 924 | 1,380 | 396 | - | 5,247 | 2,700 |
Thermal coal ('000 tonnes) |
| 958 | 1,293 | 1,018 | 449 | - | 4,134 | 2,760 |
Hunter Valley Operations (b) | 0.0% |
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New South Wales |
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Semi-soft coking coal ('000 tonnes) |
| - | - | - | - | - | 1,529 | - |
Thermal coal ('000 tonnes) |
| - | - | - | - | - | 8,502 | - |
Kestrel Coal mine (c) | 0.0% |
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Queensland |
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Hard coking coal ('000 tonnes) |
| 1,309 | 430 | 1,303 | 484 | - | 4,252 | 2,217 |
Thermal coal ('000 tonnes) |
| 226 | 74 | 220 | 35 | - | 843 | 329 |
Mount Thorley Operations (b) | 0.0% |
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New South Wales |
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Semi-soft coking coal ('000 tonnes) |
| - | - | - | - | - | 876 | - |
Thermal coal ('000 tonnes) |
| - | - | - | - | - | 2,011 | - |
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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COAL (continued) |
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Warkworth mine (b) | 0.0% |
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New South Wales |
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Semi-soft coking coal ('000 tonnes) |
| - | - | - | - | - | 514 | - |
Thermal coal ('000 tonnes) |
| - | - | - | - | - | 4,521 | - |
Total hard coking coal production ('000 tonnes) | 2,864 | 1,354 | 2,683 | 880 | - | 9,499 | 4,917 | |
Total semi-soft coking coal production ('000 tonnes) | - | - | - | - | - | 2,919 | - | |
Total thermal coal production ('000 tonnes) | 1,183 | 1,367 | 1,238 | 485 | - | 20,010 | 3,089 | |
Total coal production ('000 tonnes) |
| 4,047 | 2,721 | 3,921 | 1,365 | - | 32,429 | 8,007 |
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Total coal sales ('000 tonnes) |
| 4,092 | 3,050 | 3,717 | 1,725 | - | 32,053 | 8,492 |
Rio Tinto Coal Australia share (d) |
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Share of hard coking coal sales ('000 tonnes) | 2,429 | 1,368 | 2,228 | 650 | - | 8,181 | 4,246 | |
Share of semi-soft coal sales ('000 tonnes) (e) | - | - | - | - | - | 2,010 | - | |
Share of thermal coal sales ('000 tonnes) (e) | 896 | 1,119 | 791 | 754 | - | 13,186 | 2,664 | |
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(a) On 1 August 2018, Rio Tinto completed the sale of its 82% interest in the Hail Creek mine. Production is reported up to the date of completion. | ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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COPPER & GOLD |
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Escondida | 30.0% |
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Chile |
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Sulphide ore to concentrator ('000 tonnes) | 30,260 | 32,203 | 31,732 | 30,513 | 30,507 | 81,171 | 124,956 | |
Average copper grade (%) |
| 0.98 | 0.96 | 0.96 | 0.94 | 0.87 | 1.03 | 0.93 |
Mill production (metals in concentrates): |
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Contained copper ('000 tonnes) |
| 245.7 | 252.6 | 253.6 | 241.9 | 219.9 | 684.5 | 968.0 |
Contained gold ('000 ounces) |
| 50 | 60 | 68 | 64 | 74 | 146 | 266 |
Contained silver ('000 ounces) |
| 2,193 | 2,339 | 2,527 | 1,997 | 2,570 | 5,707 | 9,433 |
Recoverable copper in ore stacked for leaching ('000 tonnes) (a) | 63.9 | 50.4 | 54.4 | 49.4 | 45.7 | 218.2 | 199.9 | |
Refined production from leach plants: |
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Copper cathode production ('000 tonnes) |
| 76.1 | 69.4 | 70.1 | 55.4 | 71.9 | 238.0 | 266.8 |
(a) The calculation of copper in material mined for leaching is based on ore stacked at the leach pad. | ||||||||
Freeport-McMoRan |
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Grasberg mine (a) | 0.0% (b) |
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Papua, Indonesia |
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Ore treated ('000 tonnes) |
| 16,381 | 15,625 | 17,101 | 17,535 | 14,049 | 51,262 | 64,310 |
Average mill head grades: |
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Copper (%) |
| 1.03 | 1.12 | 1.06 | 1.00 | 0.73 | 1.01 | 0.99 |
Gold (g/t) |
| 1.28 | 1.63 | 1.77 | 1.77 | 1.08 | 1.15 | 1.59 |
Silver (g/t) |
| 4.36 | 4.68 | 5.09 | 4.49 | 2.09 | 4.32 | 4.17 |
Production of metals in concentrates: |
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|
Copper in concentrates ('000 tonnes) |
| 153.2 | 159.9 | 165.7 | 158.7 | 85.4 | 468.2 | 569.7 |
Gold in concentrates ('000 ounces) |
| 579 | 693 | 842 | 842 | 402 | 1,602 | 2,779 |
Silver in concentrates ('000 ounces) |
| 1,293 | 1,513 | 1,548 | 1,439 | 545 | 3,877 | 5,045 |
Sales of payable metals in concentrates: (c) |
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| |
Copper in concentrates ('000 tonnes) |
| 154.3 | 157.4 | 145.3 | 170.6 | 82.7 | 450.3 | 556.0 |
Gold in concentrates ('000 ounces) |
| 584 | 676 | 740 | 903 | 399 | 1,540 | 2,719 |
Silver in concentrates ('000 ounces) |
| 1,044 | 1,184 | 1,098 | 1,221 | 426 | 2,964 | 3,928 |
(a) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. The Q4 2018 results show the forecast from FCX's most recent five-year plan, because FCX is not releasing its actual 100% operating data for Q4 2018 until the release of its 2018 fourth-quarter results on 24 January 2019. On 21 December 2018, Rio Tinto completed the sale of its entire interest in the Grasberg mine in Indonesia to PT Indonesia Asahan Aluminium (Persero) (Inalum). | ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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COPPER & GOLD (continued) |
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Rio Tinto Kennecott |
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Bingham Canyon mine | 100.0% |
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Utah, US |
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Ore treated ('000 tonnes) |
| 9,074 | 9,260 | 8,974 | 11,173 | 10,853 | 39,382 | 40,260 |
Average ore grade: |
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|
Copper (%) |
| 0.43 | 0.43 | 0.63 | 0.58 | 0.59 | 0.43 | 0.56 |
Gold (g/t) |
| 0.21 | 0.23 | 0.26 | 0.26 | 0.26 | 0.25 | 0.25 |
Silver (g/t) |
| 1.89 | 2.25 | 2.73 | 2.62 | 2.76 | 2.33 | 2.60 |
Molybdenum (%) |
| 0.036 | 0.025 | 0.025 | 0.030 | 0.032 | 0.029 | 0.028 |
Copper concentrates produced ('000 tonnes) | 162 | 171 | 194 | 233 | 222 | 704 | 820 | |
Average concentrate grade (% Cu) |
| 21.5 | 20.7 | 26.4 | 25.3 | 26.0 | 21.1 | 24.8 |
Production of metals in copper concentrates: |
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| |
Copper ('000 tonnes) (a) |
| 34.8 | 35.4 | 51.2 | 59.1 | 58.3 | 148.9 | 203.9 |
Gold ('000 ounces) |
| 36 | 37 | 46 | 57 | 57 | 178 | 197 |
Silver ('000 ounces) |
| 418 | 461 | 615 | 708 | 736 | 2,156 | 2,520 |
Molybdenum concentrates produced ('000 tonnes): | 3.8 | 2.8 | 1.5 | 2.8 | 4.5 | 9.8 | 11.6 | |
Molybdenum in concentrates ('000 tonnes) |
| 1.9 | 1.5 | 0.7 | 1.4 | 2.2 | 5.0 | 5.8 |
| ||||||||
Kennecott smelter & refinery | 100.0% |
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|
Copper concentrates smelted ('000 tonnes) | 90 | 200 | 224 | 246 | 262 | 644 | 932 | |
Copper anodes produced ('000 tonnes) (b) | 12.1 | 42.4 | 44.4 | 58.1 | 62.4 | 129.0 | 207.3 | |
Production of refined metal: |
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|
Copper ('000 tonnes) |
| 22.1 | 35.3 | 40.7 | 54.2 | 64.6 | 125.8 | 194.7 |
Gold ('000 ounces) (c) |
| 55.4 | 40.8 | 48.4 | 50.3 | 58.6 | 203.7 | 198.0 |
Silver ('000 ounces) (c) |
| 516 | 867 | 461 | 730 | 807 | 2,378 | 2,865 |
(a) Includes a small amount of copper in precipitates. | ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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COPPER & GOLD (continued) |
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Turquoise Hill Resources |
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Oyu Tolgoi mine (a) | 33.5% |
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Mongolia |
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|
Ore Treated ('000 tonnes) |
| 10,838 | 9,561 | 10,164 | 9,652 | 9,361 | 41,177 | 38,738 |
Average mill head grades: |
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|
Copper (%) |
| 0.53 | 0.51 | 0.48 | 0.51 | 0.55 | 0.51 | 0.51 |
Gold (g/t) |
| 0.20 | 0.25 | 0.26 | 0.38 | 0.56 | 0.17 | 0.36 |
Silver (g/t) |
| 1.54 | 1.32 | 1.17 | 1.19 | 1.22 | 1.39 | 1.22 |
Copper concentrates produced ('000 tonnes) | 205.5 | 177.3 | 178.8 | 179.8 | 189.0 | 722.5 | 724.9 | |
Average concentrate grade (% Cu) |
| 22.0 | 21.9 | 22.0 | 21.9 | 21.9 | 21.8 | 21.9 |
Production of metals in concentrates: |
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|
Copper in concentrates ('000 tonnes) |
| 45.3 | 38.8 | 39.4 | 39.4 | 41.5 | 157.4 | 159.1 |
Gold in concentrates ('000 ounces) |
| 34.8 | 41.8 | 50.0 | 77.0 | 116.7 | 114.3 | 285.4 |
Silver in concentrates ('000 ounces) |
| 285 | 221 | 225 | 230 | 238 | 974 | 914 |
Sales of metals in concentrates: |
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|
|
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|
|
Copper in concentrates ('000 tonnes) |
| 35.7 | 34.3 | 46.1 | 36.0 | 40.2 | 149.3 | 156.7 |
Gold in concentrates ('000 ounces) |
| 27 | 31 | 51 | 55 | 111 | 111 | 248 |
Silver in concentrates ('000 ounces) |
| 205 | 206 | 250 | 201 | 216 | 860 | 873 |
(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources. | ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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DIAMONDS |
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Argyle Diamonds | 100.0% |
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|
|
Western Australia |
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|
|
AK1 ore processed ('000 tonnes) |
| 1,446 | 1,260 | 1,428 | 1,465 | 1,292 | 4,957 | 5,444 |
AK1 diamonds produced ('000 carats) |
| 6,146 | 3,551 | 3,476 | 3,830 | 3,211 | 17,135 | 14,069 |
Diavik Diamonds | 60.0% |
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|
Northwest Territories, Canada |
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|
Ore processed ('000 tonnes) |
| 525 | 556 | 652 | 670 | 651 | 2,190 | 2,530 |
Diamonds recovered ('000 carats) |
| 1,767 | 1,774 | 1,916 | 1,776 | 1,797 | 7,486 | 7,264 |
| ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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IRON ORE |
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Rio Tinto Iron Ore |
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Western Australia |
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Pilbara Operations |
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Saleable iron ore production ('000 tonnes) |
|
|
|
|
|
|
| |
Hamersley mines | (a) | 56,501 | 53,631 | 56,034 | 54,583 | 56,364 | 206,760 | 220,612 |
Hamersley - Channar | 60.0% | 2,241 | 1,893 | 2,045 | 1,007 | 2,228 | 10,798 | 7,173 |
Hope Downs | 50.0% | 11,975 | 10,685 | 11,567 | 11,426 | 11,691 | 46,941 | 45,368 |
Robe River - Pannawonica (Mesas J and A) | 53.0% | 8,642 | 8,816 | 7,637 | 7,940 | 7,555 | 31,182 | 31,947 |
Robe River - West Angelas | 53.0% | 8,507 | 8,094 | 8,252 | 7,587 | 8,738 | 34,116 | 32,672 |
Total production ('000 tonnes) |
| 87,866 | 83,120 | 85,534 | 82,542 | 86,576 | 329,797 | 337,772 |
Breakdown of total production: |
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|
|
Pilbara Blend Lump |
| 25,496 | 24,831 | 26,253 | 24,461 | 26,084 | 99,127 | 101,629 |
Pilbara Blend Fines |
| 37,641 | 35,556 | 37,368 | 35,696 | 38,085 | 141,826 | 146,705 |
Robe Valley Lump |
| 3,106 | 2,993 | 2,699 | 2,774 | 2,659 | 11,563 | 11,126 |
Robe Valley Fines |
| 5,535 | 5,823 | 4,937 | 5,166 | 4,896 | 19,619 | 20,821 |
Yandicoogina Fines (HIY) |
| 16,088 | 13,916 | 14,277 | 14,446 | 14,852 | 57,663 | 57,491 |
Breakdown of total sales: |
|
|
|
|
|
|
|
|
Pilbara Blend Lump |
| 22,377 | 21,457 | 22,954 | 21,644 | 22,161 | 86,059 | 88,215 |
Pilbara Blend Fines |
| 43,039 | 37,320 | 42,638 | 38,100 | 42,497 | 155,895 | 160,555 |
Robe Valley Lump |
| 2,619 | 2,307 | 2,386 | 2,215 | 2,301 | 9,843 | 9,209 |
Robe Valley Fines |
| 6,202 | 5,652 | 6,141 | 5,356 | 5,652 | 21,140 | 22,801 |
Yandicoogina Fines (HIY) |
| 15,731 | 13,578 | 14,388 | 14,583 | 14,831 | 57,185 | 57,380 |
Total sales ('000 tonnes) (b) |
| 89,968 | 80,314 | 88,506 | 81,898 | 87,442 | 330,122 | 338,160 |
(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass and the Eastern Range mines. Whilst Rio Tinto owns 54% of the Eastern Range mine, under the terms of the joint venture agreement, Hamersley Iron manages the operation and is obliged to purchase all mine production from the joint venture and therefore all of the production is included in Rio Tinto's share of production. | ||||||||
Iron Ore Company of Canada | 58.7% |
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|
Newfoundland & Labrador and Quebec in Canada |
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| |
Saleable iron ore production: |
|
|
|
|
|
|
|
|
Concentrates ('000 tonnes) |
| 1,980 | 1,360 | 974 | 1,926 | 2,441 | 8,549 | 6,700 |
Pellets ('000 tonnes) |
| 2,675 | 2,667 | 510 | 2,979 | 2,389 | 10,467 | 8,545 |
IOC Total production ('000 tonnes) |
| 4,655 | 4,027 | 1,484 | 4,905 | 4,830 | 19,016 | 15,245 |
Sales: |
|
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|
|
|
|
|
|
Concentrates ('000 tonnes) |
| 2,655 | 1,271 | 105 | 2,590 | 2,653 | 8,605 | 6,619 |
Pellets ('000 tonnes) |
| 2,750 | 2,681 | 343 | 2,825 | 2,581 | 10,402 | 8,430 |
IOC Total Sales ('000 tonnes) |
| 5,404 | 3,951 | 449 | 5,415 | 5,234 | 19,006 | 15,049 |
Global Iron Ore Totals |
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|
|
|
|
|
Iron Ore Production ('000 tonnes) |
| 92,521 | 87,146 | 87,018 | 87,448 | 91,406 | 348,814 | 353,017 |
Iron Ore Sales ('000 tonnes) |
| 95,373 | 84,265 | 88,954 | 87,314 | 92,676 | 349,128 | 353,209 |
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||
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| Rio Tinto | Q4 | Q1 | Q2 | Q3 | Q4 | Full Year | Full Year |
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SALT |
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Dampier Salt | 68.4% |
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Western Australia |
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Salt production ('000 tonnes) |
| 2,246 | 2,215 | 2,431 | 2,167 | 2,188 | 7,446 | 9,001 |
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TITANIUM DIOXIDE SLAG |
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Rio Tinto Iron & Titanium | 100.0% |
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Canada and South Africa |
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(Rio Tinto share) (a) |
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Titanium dioxide slag ('000 tonnes) |
| 341 | 294 | 232 | 297 | 294 | 1,315 | 1,116 |
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(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. | ||||||||
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URANIUM |
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Energy Resources of Australia Ltd |
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Ranger mine (a) | 68.4% |
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Northern Territory, Australia |
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U3O8 Production ('000 lbs) |
| 1,343 | 975 | 881 | 1,199 | 1,351 | 5,056 | 4,407 |
(a) ERA production data are drummed U3O8. |
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Rössing Uranium Ltd (a) (b) | 68.6% |
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Namibia |
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U3O8 Production ('000 lbs) |
| 1,314 | 1,236 | 1,352 | 1,449 | 1,427 | 4,652 | 5,465 |
(a) Rössing production data are drummed U3O8. | ||||||||
Rio Tinto percentage interest shown above is at 31 December 2018. The data represent full production and sales on a 100% basis unless otherwise stated. | ||||||||