Rio Tinto Posted Robust Demand Despite Challenging Conditions

SEATTLE (Scrap Monster): Rio Tinto announced production results for fourth quarter 2021. The company continued to experience strong demand for its products despite challenging operating conditions.

The Pilbara iron ore production totalled 84.1 million tonnes (Mt) in Q4 and 319.7 Mt in the whole year 2021. The shipments during the year, at 321.6 Mt, edged lower by 3%, compared with 2021. The bauxite production of 54.3 million tonnes was 3% lower than 2020. Aluminium production of 3.2 million tonnes was 1% lower than the prior year. Also, mined copper production of 494,000 tonnes was 7% lower than 2020.

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The company announced production guidance for 2022. The Pilbara iron ore shipments are projected to range between 320 Mt and 335 Mt, while bauxite and alumina production are likely to be in the range of 54-57 Mt and 8-8.4 Mt respectively. Meantime, the mined copper and refined copper outputs during the current year are projected at 500-575 kt and 230-290 kt respectively.  

Jakob Stausholm, Chief Executive, Rio Tinto noted that the company progressed on a number of projects, including the Pilbara replacement mines. The implementation of the Rio Tinto Safe Production System has started delivering some initial positive results and that it will be significantly ramped up in 2022. The recent partnerships and acquisitions will deliver attractive returns in future, he added.