Mining giant Rio Tinto increases iron ore and copper production in 2022

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(Kitco News) - Global mining giant Rio Tinto reported on Monday that its Pilbara operations produced 324.1 million tonnes of iron ore (100% basis) in 2022, 1% higher than 2021.

The company said that iron ore shipments were 321.6 million tonnes (100% basis), in line with 2021, adding it expects Gudai-Darri to reach its nameplate capacity on a sustained basis during 2023.

The company’s mined copper production of 521 thousand tonnes was 6% higher than 2021 due to higher grades at Kennecott and Escondida, partly offset by lower grades and recoveries at Oyu Tolgoi as a result of planned mine sequencing.

Bauxite production of 54.6 million tonnes was 1% higher than 2021, despite equipment reliability issues at Weipa and Gove in Australia.

Aluminium production of 3.0 million tonnes was 4% lower than 2021 due to reduced output at the company's Kitimat smelter in British Columbia, Canada and Boyne smelter in Queensland, Australia.

Titanium dioxide slag production of 1,200 thousand tonnes was 18% higher than 2021, due to community disruptions at Richards Bay Minerals (RBM) in South Africa in 2021, and continued improved performance of operations at Rio Tinto Fer et Titane (RTFT), Canada.

CEO Jakob Stausholm commented, “We were fatality free for the fourth consecutive year, as we continue to put safety at the forefront of everything we do. A number of operational records were achieved in the second half across the Pilbara iron ore mine and rail system. Deployment of our Safe Production System resulted in improved performance at those sites and overall production was higher versus 2021 across all commodities, with the exception of aluminium and alumina.

“The acquisition of Turquoise Hill Resources strengthens our copper portfolio and demonstrates our ability to allocate capital with discipline to grow in materials the world needs for the energy transition and delivering long-term value for our shareholders. Copper guidance has been increased accordingly. We continue to invest in future growth, progressing the Rincon lithium project in Argentina and are working with our partners to progress the Simandou project in Guinea.”