According to Mining News Pro - “We delivered a solid operational performance in the final quarter of 2018, in particular across our copper assets,” said Rio CEO Jean-Sebastian Jacques.
Mined copper was up 20% on the corresponding period, and 11% on the previous quarter, to 177 000 t, while iron-ore production in the Pilbara was up 5% on the previous quarter, to 86.6-million tonnes.
In the full year, mined copper was up by 33% on the 2017 results, to 633 500 t, while Pilbara iron-ore production was up 2%, to 338.2-million tonnes.
Rio’s global copper assets performed well during the year, with the Kennecott operation, in the US, increasing production by 37% in the full year, while Escondida production, in Chile, was up by 29%, and Oyu Tolgoi output, in Mongolia, was up by 1%.
Meanwhile, aluminum production during the quarter was down 1% on the previous quarter, to 874 000 t, while bauxite production was down 7%, to 11.79-million tonnes.
For the full year, aluminum production decreased by 3%, to 3.4-million tonnes, while bauxite production was down 1%, to 50.4-million tonnes.
Rio told shareholders that aluminum production was affected by an ongoing lock-out at the non-managed Canada-based Benacour smelter, which started in January last year, as well as a power interruption at the Dunkerque project, in France, in the first quarter of the year.
Meanwhile, strong bauxite production at the Gove and Andoom mining area, in Weipa, was offset by lower production at the two non-managed operations during the full year, Rio said. The CBG mine, in Guinea, was impacted by planned tie-in works as part of the recommissioning of the expansion project, while the Brazilian operation was affected by a refinery outage.
Jacques noted on Friday that during the year, Rio further strengthened its asset portfolio, continuing to invest in high-quality growth.
“2018 saw the early completion of Amrun, the deployment of AutoHaul, the Koodaideri and Robe River investments and the signing of the power agreement at Oyu Tolgoi.
“Meanwhile, we completed the disposals of $8.6-billion, including the Grasberg mine, in Indonesia, and our remaining coal assets.”
Jacques noted that with a firm ‘value over volume’ focus and disciplined allocation of capital, Rio would continue to progress its strategic objectives and to deliver returns to shareholders in the short, medium and long term.