Rio Tinto chief executive Sam Walsh said “We continue to drive efficiency in all aspects of our business, which is reflected in our solid production performance during the first quarter. By making best use of our high quality assets, low cost base and operating and commercial capability our aim is to protect our margins in the face of declining prices and maximise returns for shareholders throughout the cycle.”
|
Q1’15 |
vs Q1’14 |
vs Q4’14 |
||
| Global iron ore shipments (100% basis) |
Mt |
72.5 |
+9% |
-12% |
| Global iron ore production (100% basis) |
Mt |
74.7 |
+12% |
-6% |
| Bauxite |
kt |
10,484 |
+4% |
-3% |
| Aluminium |
kt |
809 |
– |
-2% |
| Mined copper |
kt |
144.1 |
-9% |
+12% |
| Hard coking coal |
kt |
2,002 |
+10% |
+22% |
| Semi-soft and thermal coal |
kt |
5,660 |
+4% |
+3% |
| Titanium dioxide slag |
kt |
322 |
-17% |
+2% |
Highlights
- Global iron ore shipments of 72.5 million tonnes (Rio Tinto share 57.3 million tonnes) were nine per cent higher than in the first quarter of 2014. Production of 74.7 million tonnes (Rio Tinto share 59.4 million tonnes) was a 12 per cent increase year on year.
- Record first quarter bauxite production was four per cent higher than the first quarter of 2014, primarily due to a strong performance at Weipa.
- Aluminium production in the first quarter was in line with the same period of 2014, despite the partial shutdown at Kitimat, which continues to prepare for first hot metal at the modernised smelter by mid-2015.
- Mined copper production was 12 per cent higher than the fourth quarter of 2014, driven by higher throughput at Kennecott and Escondida. Lower grades at Kennecott were the primary driver of the nine per cent decline compared with the first quarter of 2014.
- During the quarter, the Government of Mongolia and Rio Tinto formally celebrated the major milestone of Oyu Tolgoi shipping one million tonnes of concentrate.
- Higher first quarter coal production was primarily driven by improved production rates at Kestrel South following the longwall ramp-up, increased semi-soft production at Mount Thorley and Warkworth and higher thermal production at Hail Creek.
- Titanium dioxide production was 17 per cent lower than in the first quarter of 2014 as production continued to be optimised to align with market demand.
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 2014 have been excluded from Rio Tinto share of production data but assets sold in 2015 remain in comparisons.