Main diversified miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) weathered each operational challenges and a tragic loss to ship a resilient efficiency in the first quarter of 2024.
Regardless of grappling with the aftermath of a devastating aircraft crash that claimed six lives, together with 4 Diavik diamond mine staff, the corporate has emerged with secure operational outcomes.
“We delivered secure working leads to the primary quarter, together with enhancements at our bauxite and aluminum companies, as we navigated seasonal challenges throughout our world operations. Our full 12 months steerage is unchanged throughout all our merchandise,” stated firm CEO Jakob Staushold in a press release.
“We remained centered on progress in energy-transition supplies, with the ramp-up at Oyu Tolgoi underground, the primary full quarter of recycled aluminum manufacturing from Matalco and additional progress at Simandou, our excessive grade iron ore undertaking in Guinea,” he added. Rio Tinto shared its outcomes with traders on Wednesday (April 17).
Manufacturing figures reveal a blended efficiency within the first quarter of 2024. Pilbara iron ore shipments, on a 100% foundation, totaled 78 million tonnes, down 5 p.c from the identical interval in 2023. In distinction, bauxite manufacturing rose by 11 p.c to achieve 13.4 million tonnes, pushed by continued operational stability at key websites equivalent to Weipa and Gove.
Aluminum output witnessed a 5 p.c enhance, totaling 826,000 tonnes in comparison with the primary quarter of the earlier 12 months. Mined copper manufacturing skilled a 7 p.c uptick, reaching 156,000 tonnes on a consolidated foundation.
In gentle of the January plane crash, the corporate is aiming to enhance its security requirements and insurance policies.
“Now we have been deeply affected by the lack of 4 Diavik colleagues and two airline crew members in a aircraft crash in January. This tragedy has strengthened our resolve to by no means be complacent about security,” stated Staushold.
Emphasising its dedication in making certain security in its processes, Rio Tinto stated it’s specializing in a deeper rollout of its Protected Manufacturing System on the 24 websites the place it has up to now been deployed.
Key developments exterior manufacturing
Notable developments exterior of manufacturing actions additionally punctuated the primary quarter.
In January, Dampier Salt, a three way partnership through which Rio Tinto owns a 68 p.c stake, entered right into a gross sales settlement price AU$375 million for the Lake MacLeod salt and gypsum operation in Carnarvon, Western Australia.
The deal is with privately owned salt firm Leichhardt Industrials, and is anticipated to be full by the tip of the 12 months pending sure business and regulatory situations.
Rio Tinto additionally famous that it plans to handle the Ranger Rehabilitation Venture in Australia’s Northern Territory on behalf of Power Assets of Australia (ASX:ERA,OTC Pink:EGRAF). This endeavour, facilitated by means of a brand new administration companies settlement, will leverage Rio Tinto’s technical experience to reinforce Power Assets’ ongoing rehabilitation efforts, aligning with the broader trade pattern towards environmental stewardship and sustainability.
Within the Pilbara area, building progress on the Western Vary mine surpassed the midway mark, with the intention for first ore supply by 2025. Moreover, the corporate is pushing ahead with alternative research for a number of Pilbara mines: Hope Downs 1, Brockman 4, Better Nammuldi and West Angelas.
The Rhodes Ridge prefeasibility research stays on observe, concentrating on an preliminary capability of as much as 40 million tonnes per 12 months. Commissioning is slated for the tip of the last decade, following a feasibility research. Additional afield, the Oyu Tolgoi underground undertaking in Mongolia is performing effectively, with important progress in shaft sinking and air flow infrastructure. Commissioning milestones for essential elements are anticipated within the second half of 2024.
Lastly, Rio Tinto’s board accepted the corporate’s share of capital expenditure for the Simandou iron ore undertaking in Guinea, pending three way partnership associate and regulatory approvals. Rio Tinto’s estimated share of capital expenditure stands at roughly US$6.2 billion, and first manufacturing is anticipated in 2025.
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
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