18th Jan 2019 06:28
LONDON (Alliance News) - Rio Tinto PLC said on Friday it delivered a pleasing operational performance in the last quarter of 2018, with copper production a particular highlight.
Pilbara iron ore shipments of 87.4 million tonnes in the fourth quarter were down 3% on a year ago, but 7% higher than the third quarter of 2018. For 2018 as a whole, shipments totalled 338.2 million tonnes, up 2% on 2017.
Bauxite production in 2018 of 50.4 million tonnes was down 1% on last year, while aluminium production of 3.5 million tonnes was down 3%. Mined copper was up 33% year-on-year at 633,500 tonnes and titanium dioxide slag was down 15% at 1.1 million tonnes.
Aluminium output fell due to ongoing labour disruptions at the non-managed Becancour smelter in Canada, Rio Tinto said, while copper came in above guidance due to a strong performance Escondida in Chile and higher grades at Rio Tinto Kennecott in Utah.
"We delivered a solid operational performance in the final quarter of 2018, in particular across our copper assets. During the year, we further strengthened our asset portfolio, continuing to invest in high quality growth," said Rio Tinto Chief Executive Jean-Sebastian Jacques.
He added: "With a firm 'value over volume' focus and disciplined allocation of capital, we will continue to progress our strategic objectives and to deliver superior returns to shareholders in the short, medium and long term."
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