News: RIO Rio Tinto Posts Qtrly Pilbara Iron Ore Production (100% Basis) Of 83.5 MT

Oct 17 (Reuters) - Rio Tinto Ltd (RIO) :

• QTRLY PILBARA IRON ORE PRODUCTION (100% BASIS) 83.5 MT VERSUS 84.3 MT REPORTED LAST YEAR
• QTRLY PILBARA IRON ORE SHIPMENTS (100% BASIS) 83.9 MT VERSUS 82.9 MT REPORTED LAST YEAR
• QTRLY ALUMINIUM PRODUCTION 828 KT VERSUS 759 KT REPORTED LAST YEAR
• QTRLY BAUXITE PRODUCTION 13.9 MT VERSUS 13.7 MT REPORTED LAST YEAR
• CHINA'S ECONOMY IS SHOWING SIGNS OF STABILITY
• QTRLY MINED COPPER PRODUCTION (CONSOLIDATED BASIS) 169 KT VERSUS 138 KT REPORTED LAST YEAR
• CONSUMER CONFIDENCE IN US HAS STARTED TO WANE
• INFLATION IS STILL SET TO MODERATE GRADUALLY OVER NEXT FEW YEARS DUE TO WEAKER HOUSING INFLATION AND A STEADY MODERATION IN WAGE GROWTH
• CONTINUE TO BELIEVE THAT JADAR LITHIUM-BORATE PROJECT IN SERBIA HAS POTENTIAL TO BE A WORLD-CLASS ASSET
• OPERATION AT OYU TOLGOI EXPECTED TO RAMP UP TO DELIVER AVERAGE MINED COPPER PRODUCTION OF 500KTPA (100% BASIS) BETWEEN 2028 AND 2036
• AT RINCON LITHIUM PROJECT IN ARGENTINA, DEVELOPMENT OF THREE THOUSAND TONNE PER ANNUM LITHIUM CARBONATE STARTER PLANT IS ONGOING
• CONTINUE TO SEE STRONG DEMAND FOR RIO TINTO’S PORTSIDE PRODUCT IN CHINA
• IRON ORE PORTSIDE SALES WERE 17.5 MILLION TONNES IN THE FIRST NINE MONTHS OF 2023
• PRODUCTION FROM NRS AT KENNECOTT EXPECTED TO COMMENCE IN 2024 AND RAMP UP OVER TWO YEARS
• LONGER TERM, MARKET FUNDAMENTALS FOR LITHIUM REMAIN STRONG
• AT OYU TOLGOI, EXPECT SHAFTS 3 AND 4 TO BE COMMISSIONED IN SECOND HALF OF 2024
• AT OYU TOLGOI, CONSTRUCTION OF CONVEYOR TO SURFACE WORKS NOW APPROACHING 75% COMPLETION AS AT SEPT-END