Earnings release
Page 1
Rio Tinto 20 April 2021 Notice to ASX / LSE Rio Tinto releases first quarter production results Rio Tinto Chief Executive Jakob Stausholm , said : " We achieved an overall solid operating performance in the first quarter . We have maintained guidance ranges in all our products , with site teams successfully managing the effects of significant rainfall , in particular at our Australian iron ore assets . " It has been a period of deep reflection for the company , and I have personally spent a significant amount of time listening , learning and taking actions , in particular to better manage Traditional Owner partnerships and cultural heritage . I have appointed a new leadership team and the transition is progressing well . We have set out clear priorities to develop a stronger Rio Tinto . Our focus is to become the best operator , strive for impeccable ESG credentials , excel in development and secure a strong social licence . This ambition will enable us to continue to deliver superior returns to shareholders , invest in sustaining and growing our portfolio , and make a broader contribution to society . " Q1 vs Q1 vs Q4 Production * 2021 2020 2020 Pilbara iron ore shipments ( 100 % basis ) Mt 77.8 + 7 % -12 % Pilbara iron ore production ( 100 % basis ) Mt 76.4 -2 % -11 % Bauxite Mt 13.6 -2 % + 2 % Aluminium kt 803 + 3 % -1 % Mined copper kt 120.5 -9 % -9 % Titanium dioxide slag kt 279 -5 % + 3 % IOC iron ore pellets and concentrate Mt 2.3 -8 % -14 % * Rio Tinto share unless otherwise stated Q1 Operational update • Health , safety and well - being remains our top priority . Our all injury frequency rate ( AIFR ) of 0.35 improved versus the first quarter of 2020 ( 0.40 ) . However , we recognise there is no room for complacency and continue to focus on providing strong support for our employees , contractors and host communities , while maintaining critical COVID - 19 controls . Pilbara iron ore shipments of 77.8 million tonnes ( 100 % basis ) were 7 % higher than the first quarter of 2020 . Production of 76.4 million tonnes ( 100 % basis ) was 2 % lower , driven by above average wet weather in the mines through February and fixed plant reliability . Labour resource availability and weather challenges disrupted maintenance . Tropical Cyclone Seroja impacted mine and port operations in April . Full year iron ore guidance remains unchanged . Bauxite production of 13.6 million tonnes was 2 % lower than the first quarter of 2020 due to wet weather in Eastern Australia . The port at the Amrun mine closed for 14 days due to large swells and cyclones . Full year bauxite guidance remains unchanged . Aluminium production of 0.8 million tonnes was 3 % higher than the first quarter of 2020 , with the Becancour smelter , Quebec operating at full capacity and Kitimat , British Columbia nearing the end of its pot relining cycle . Mined copper production of 120.5 thousand tonnes was 9 % lower than 2020 , with lower recoveries and throughput at Escondida and Kennecott partly offset by the anticipated higher grade from the Oyu Tolgoi open pit . Kennecott saw a marginal increase in head grade as it begins the transition into higher grades from the south wall ore , with grades expected to gradually increase through 2021. Oyu Tolgoi shipments have been affected by Chinese border restrictions due to increased cases of COVID - 19 in Mongolia . We continue to work closely with authorities and our customers to manage the risk of supply chain disruptions . Titanium dioxide slag production of 279 thousand tonnes was 5 % lower than 2020 due to a planned furnace rebuild at the Rio Tinto Fer et Titane ( RTFT ) metallurgical complex in Quebec resulting in operation of 8 out of 9 furnaces . Production of pellets and concentrate at Iron Ore Company of Canada ( IOC ) was 8 % lower than 2020 due to the impacts of weather , loading unit availability on mine feed and reduced concentrator mill availability . There was a fire at one of the two reclaimers at the port on 31 March . Full year production guidance remains unchanged . Rio Tinto | First quarter operations report 1