News: RIO Rio Tinto Ltd Releases Fourth Quarter Production Results

Jan 18 (Reuters) - Rio Tinto Ltd (RIO) :

• RIO TINTO RELEASES FOURTH QUARTER PRODUCTION RESULTS
• QTRLY PILBARA IRON ORE SHIPMENTS (100% BASIS) 84.1 MT VERSUS 88.9 MT AS REPORTED LAST YEAR
• SEES 2022 PILBARA IRON ORE SHIPMENTS (100% BASIS) OF 320 TO 335 MT
• QTRLY ALUMINIUM PRODUCTION 757 KT VERSUS 815 KT AS REPORTED LAST YEAR
• QTRLY MINED COPPER 132 KT VERSUS 132.5 KT AS REPORTED LAST YEAR
• SEES 2022 MINED COPPER PRODUCTION OF 500 TO 575 KT
• AT OYU TOLGOI, IMPACT ON PROJECT COSTS OF ADDITIONAL RESTRICTIONS RELATED TO COVID-19 TO END OF DECEMBER 2021 IS ESTIMATED TO BE $175 MILLION
• SEES 2022 ALUMINIUM PRODUCTION OF 3.1 TO 3.2 MT
• PILBARA 2022 SHIPMENTS GUIDANCE REMAINS SUBJECT TO COMMISSIONING AND RAMP-UP OF NEW MINES AND MANAGEMENT OF CULTURAL HERITAGE
• SEEING SOME INITIAL POSITIVE RESULTS FROM IMPLEMENTATION OF RIO TINTO SAFE PRODUCTION SYSTEM
• AT OYU TOLGOI, DELAY TO COMMISSIONING OF SHAFTS 3 AND 4 IS STILL EXPECTED TO BE APPROXIMATELY NINE MONTHS PER PRIOR GUIDANCE
• ENCOURAGED BY GROWTH PROSPECTS IN COMING YEAR BUT REMAIN VIGILANT ON POTENTIAL DISRUPTION FROM NEW COVID-19 VARIANTS & GEOPOLITICAL TENSIONS
• AT OYU TOLGOI, PANEL 1 AND 2 STUDIES WILL BE ONGOING THROUGHOUT 2022
• COMMISSIONING AND RAMP-UP OF PILBARA GROWTH AND BROWNFIELD MINE REPLACEMENT PROJECTS IMPACTED BY ONGOING COVID-19 RESTRICTIONS
• WILL SIGNIFICANTLY RAMP UP IMPLEMENTATION OF RIO TINTO SAFE PRODUCTION SYSTEM IN 2022
• MINING AND OPERATIONAL READINESS ACTIVITIES ARE PROGRESSING AT THE GUDAI-DARRI MINE AND THE RAILWAY IS OPERATIONAL
• FIRST PRODUCTION FROM GUDAI-DARRI MINE MAIN PLANT NOW EXPECTED IN Q2 2022
• FOR OYU TOLGOI, NEGOTIATIONS WITH GOVERNMENT OF MONGOLIA ARE CONSTRUCTIVE AND MAKING POSITIVE PROGRESS
• REVISING DEVELOPMENT TIMELINES AT THE JADAR LITHIUM-BORATE PROJECT IN SERBIA
• FIRST SALEABLE PRODUCTION IS EXPECTED TO BE NO EARLIER THAN 2027 AT THE JADAR LITHIUM-BORATE PROJECT IN SERBIA
• RIO TINTO-AT PILBARA OPERATIONS, ONGOING COVID-19 RESTRICTIONS & TIGHT LABOUR MARKET HAVE FURTHER IMPACTED ABILITY TO ACCESS EXPERIENCED CONTRACTORS
• AUSTRALIAN ADVISORY GROUP ON TRACK TO COMMENCE IN Q1 2022
• AUSTRALIAN ADVISORY GROUP WILL BE COMPRISED OF MINIMUM OF 60% ABORIGINAL OR TORRES STRAIT ISLANDER MEMBERSHIP
• FOR COPPER OPERATIONS IN OYU TOLGOI, CROSS-BORDER CONCENTRATE SHIPMENTS INTO CHINA HAVE RESUMED WITH SOME MEASURES IN PLACE