Rio Tinto completed $3.5 billion of non-core asset sales and sets new production records in 2013

London, UK, 21-1-2014 — /EuropaWire/ — Rio Tinto chief executive Sam Walsh said “These are excellent fourth quarter operational results, demonstrating continued delivery on our commitments. We have set new records for iron ore production and shipments as we ramp up our 290 expansion, as well as achieving an impressive recovery in copper volumes and record annual production for both bauxite and thermal coal. We have exceeded our cost cutting targets for the year and announced or completed $3.5 billion of non-core asset sales. These actions, together with lower capital expenditure in 2013 and beyond, will ensure that Rio Tinto is well positioned to deliver greater value to shareholders.”

Highlights

Q4 2013 vs Q4 2012 vs Q3 2013 2013 vs 2012
Global iron ore shipments mt (100% basis) 72.4 +8% +6% 259.0 +5%
Global iron ore production mt (100% basis) 70.4 +6% +3% 266.0 +5%
Mined copper kt (RT share) 172.8 +5% +6% 631.5 +15%
Bauxite mt (RT share) 11.4 +7% +2% 43.2 +10%
Aluminium kt (RT share) 868 -4% -1% 3,555 +3%
Hard coking coal mt (RT share) 2.4 +25% +7% 8.2 +2%
Semi-soft and thermal coal mt (RT share) 6.5 -9% -7% 26.8 +12%
Titanium dioxide feedstock kt (RT share) 361 -20% -3% 1,622 +2%
  • Record quarterly and annual iron ore production, shipments and rail volumes. Shipments from the Pilbara exceeded production by two million tonnes in the fourth quarter, despite impacts from cyclone Christine, which closed the ports for three days at the end of the year and affected the progressive recovery of rail and ports into January. The safe and efficient ramp up to 290 Mt/a nameplate capacity across mines, rail and ports remains on track for completion by the end of the first half of 2014.
  • Mined copper benefited from the ramp up of production at Oyu Tolgoi to full capacity and continued improvement in grades and throughput at Kennecott Utah Copper. The heavy equipment access road at Kennecott was completed in October giving renewed access to the entire open pit earlier than originally scheduled.
  • Record annual production and shipments for bauxite, with production records at both Australian mines and in Guinea.
  • Production of semi-soft and thermal coal improved significantly for the full year due to productivity improvement initiatives and the completion of brownfield mine developments.
  • Over $2 billion of operating cash cost improvements achieved in 2013 compared with 2012.
  • Exploration and evaluation expenditure reduced by over $1 billion in 2013 compared with 2012, exceeding the $750 million target set for the year.
  • Non-core asset divestments totalling $3.5 billion announced in 2013, of which $2.5 billion completed in 2013.
  • On 8 January 2014, Turquoise Hill Resources announced the successful completion of its approximately $2.4 billion rights offering which was fully subscribed. The proceeds of the rights issue will be used to repay loans outstanding to Rio Tinto, and will result in a $1.2 billion reduction in Rio Tinto’s consolidated net debt.

All currency figures in this report are US dollars, and comments refer to Rio Tinto’s share of production, unless otherwise stated.

The full report can be downloaded here.

 

About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.

For further information, please contact:

Media Relations, EMEA / Americas
Illtud Harri
Office: +44 (0) 20 7781 1152
Mobile: +44 (0) 7920 503 600
David Outhwaite
Office: +44 (0) 20 7781 1623
Mobile: +44 (0) 7787 597 493

Media Relations, Australia / Asia
David Luff
Office: +61 (0) 3 9283 3620
Mobile: +61 (0) 419 850 205
Bruce Tobin
Office: +61 (0) 3 9283 3612
Mobile: +61 (0) 419 103 454

Media Relations, Canada
Bryan Tucker
Office: +1 (0) 514 848 8151
Mobile: +1 (0) 514 825 8319

Investor Relations, EMEA
Mark Shannon
Office: +44 (0) 20 7781 1178
Mobile: +44 (0) 7917 576 597
David Ovington
Office: +44 (0) 20 7781 2051
Mobile: +44 (0) 7920 010 978
Grant Donald
Office: +44 (0) 20 7781 1262
Mobile: +44 (0) 7920 587 805

Investor Relations, Australia / Asia
Christopher Maitland
Office: +61 (0) 3 9283 3063
Mobile: +61 (0) 459 800 131
Rachel Storrs
Office: +61 (0) 3 9283 3628
Mobile: +61 (0) 417 401 018
Galina Rogova
Office: +852 (2839) 9208
Mobile: +852 (6978) 3011

Website: www.riotinto.com
Email: media.enquiries@riotinto.com
Twitter: Follow @riotinto on Twitter

High resolution photographs and media pack available at: www.riotinto.com/media

Follow EuropaWire on Google News
EDITOR'S PICK:

Comments are closed.