Rio Tinto Press Release
Rio Tinto announces record production for bauxite and thermal coal in 2013
Edited by : AL CIRCLE
2 min read
Mining company Rio Tinto has had a record year for bauxite and thermal coal production.
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
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%
• Rio Tinto achieved 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.]
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
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%
• Rio Tinto achieved 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.]
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