Miner Rio Tinto on Wednesday reported a fall in first-quarter Pilbara iron-ore shipments, but said copper, alumina and bauxite output saw an on-year increase. Its aluminum output was flat. Here are some remarks from the miner's first-quarter production result.
On Pilbara iron-ore shipments:
"Pilbara iron ore shipments are expected to be at the lower end of guidance due to the losses sustained from the four cyclones in Q1 (as previously announced around 13 million [metric] tons)."
"Mitigation plans are in place to offset around half of this and will require an additional investment of around A$150 million for rectification works and contracting mining activities. Lower volumes and recovery costs will be offset by a weaker than expected Australian dollar."
On Simandou iron-ore project in Guinea:
"Development of the Simandou high-grade iron ore project, on schedule, proceeding at an impressive pace."
At the SimFer mine project, "bulk earthworks are progressing and permanent process facilities installation will commence in Q2."
Rail development "is progressing well with all bridge piers complete, tunnel excavation close to completion and rail installation on plan."
Port development "continues to advance with the commencement of the car dumper structure construction with preparations underway to mobilize at the shipyard in China to start fabrication of the transhipment vessels in Q2."
On Kennecott copper mine:
In 1Q, Rio Tinto continued "to successfully navigate through challenging geotechnical conditions in the south wall of the mine with minor resequencing."
Refined metal production fell by 11% year over year "due to lower concentrate stockpiles driven by geotech issues which accelerated in Q2 2024."
On Escondida copper mine:
"Seasonal tidal swells impacted shipments which had a knock-on effect through the value chain given stockpile capacity at the port. This resulted in lower throughput and lower concentrate production, alongside a nationwide blackout in February."
On Oyu Tolgoi copper mine:
"March was a record production month. Underground mine continued to set material handling records."
First-quarter "production fell marginally due to lower mill feed given planned maintenance activity at the underground mine and concentrator in January and February, respectively."
In 2025, "on track for more than 50% increase in production, with growth weighted to the second half of the year when concentrator conversion is fully commissioned and primary crusher 2 is complete."
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
April 15, 2025 22:55 ET (02:55 GMT)
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