Speakers from Touchstone Exploration, Shanta Gold, Savannah Resources and Kavango Resources feature in our Natural Resources webinar on May 25th. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRio Tinto Share News (RIO)

Share Price Information for Rio Tinto (RIO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 6,741.00
Bid: 6,740.00
Ask: 6,743.00
Change: 206.00 (3.15%)
Spread: 3.00 (0.04%)
Open: 6,710.00
High: 6,788.00
Low: 6,694.00
Yest. Close: 6,535.00
RIO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

TOP NEWS: Rio Tinto Performance Worsens In Third Quarter Amid Covid-19

Fri, 16th Oct 2020 08:26

(Alliance News) - Rio Tinto PLC on Friday reported a reduction in production and shipment of iron ore amid maintenance at a port, but promised to "generate superior returns to shareholders" going forward.

The Anglo-Australian miner said Pilbara iron ore shipments of 82.1 million tonnes in the three months to the end of September were 5% lower than in the third quarter of 2019. A recovery in planned maintenance activity in the port led to lower shipments, the company explained.

Pilbara is in Western Australia, and Rio uses the Dampier and Cape Lambert ports in the state for shipments.

Pilbara iron ore production of 86.4 million tonnes was 1% lower year-on-year but 4% higher quarter-on-quarter.

Third-quarter bauxite production of 14.5 million tonnes was 5% higher than a year ago, with increased year-on-year production across all sites, Rio Tinto said, including record quarterly production at the non-managed CBG joint venture in Guinea.

Aluminium production of 800,000 tonnes was 1% higher than the prior year, with stable operations across the company's smelter portfolio, Rio Tinto noted.

Elsewhere, mined copper production of 129,600 tonnes was 18% lower than the prior year, and 2% lower than in the second quarter of 2020, due to lower grade at Kennecott mine, located in the US state of Utah, as a result of pit sequencing to accommodate the extended smelter shutdown.

Refined copper was 57% lower, primarily due to delays in restarting the Kennecott smelter.

Titanium dioxide slag production of 293,000 tonnes was 9% lower year-on-year, due to Covid-19 restrictions in Quebec and South Africa and lower market demand, but the output was 12% higher when compared to the previous quarter.

Looking ahead, Rio Tinto kept its guidance for all of 2020 unchanged since its second quarter operations review, with the exception of titanium dioxide slag, which is now expected to be around 1.2 million tonnes from previously estimated 1.2 million to 1.4 million tonnes.

In mid-August, the company updated its refined copper guidance following delays to the restart of the smelter at Kennecott due to unexpected issues following planned maintenance. The start-up of the smelter has commenced, and the company said it expects that it will be fully operational during October. 2020 guidance for refined copper remains at 135,000 tonnes to 175,000 tonnes.

Turning to operations, at the Oyu Tolgoi underground project in Mongolia, a definitive estimate is expected later in 2020. Preliminary indications from the definitive estimate process are that first sustainable production is trending towards the earlier months of the October 2022 to June 2023 range.

The estimated development capital cost remains within the range of USD6.6 billion to USD7.1 billion, Rio Tinto said, and has now been updated to include known impacts of the Covid-19 pandemic.

Rio Tinto Chief Executive Jean-Sebastien Jacques said: "We have delivered a good operational performance across most of our assets catching up on planned maintenance activity, particularly in iron ore, and continuing to adapt to new operating conditions as we learn to live with Covid-19."

"The quality of our assets, coupled with our strong focus on capital discipline and value over volume approach, mean we can continue to invest in our business, support our communities, pay taxes and royalties to host governments and continue to generate superior returns to shareholders in the short, medium and long term," added Jacques.

Rio Tinto shares were trading 1.0% higher in London on Friday at 4,703.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

LIVE MARKETS-Fresh record highs

May 10 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.comFRESH RECORD HIGHS (0743 GMT)Europe's pan-European index has just hit fres...

Today 08:49

UPDATE 2-UK mid-caps hit record high on recovery hopes; M&A chatter boosts Meggitt

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* St. Modwen Properties surges on $1.68 bln buyout offer* Melrose rises on Morgan Stanley PT hike* FTSE 100 up 0.7%, FTSE 250 adds 1.2% (Upd...

7 May 21 09:43

UPDATE: Pay comes under spotlight at BAE, Indivior and Rio Tinto AGMs

UPDATE: Pay comes under spotlight at BAE, Indivior and Rio Tinto AGMs

6 May 21 17:50

Rio Tinto shareholders vote against pay plan in heritage blast protest

Rio Tinto shareholders vote against pay plan in heritage blast protest

6 May 21 14:28

UPDATE 1-Rio Tinto shareholders reject executive pay report in caves blast protest

(Recasts with pay strike)By Sonali PaulMELBOURNE, May 6 (Reuters) - A majority of Rio Tinto's shareholders rejected the global miner's executive pay packages on Thursday, in a backlash over its destruction last year of ancient rock shelters in Wes...

6 May 21 11:15

UPDATE 2-Rio Tinto shareholders reject executives' pay in caves blast backlash

* Investors oppose payout to former CEO* Juukan Gorge backlash hits vote for director Megan Clark* Vote is advisory only* New policy with clawback for reputational damage wins support (Adds Rio chairman, proxy adviser comments)By Sonali PaulMELBOUR...

6 May 21 11:15

Rio Tinto shareholders reject pay report over Aboriginal disaster

(Sharecast News) - Rio Tinto's shareholders have voted down the miner's pay report over bonuses awarded to former executives who were responsible for blowing up ancient Aboriginal caves.

6 May 21 11:15

LONDON MARKET CLOSE: FTSE 100 bounces back, led by miners and CRH

LONDON MARKET CLOSE: FTSE 100 bounces back, led by miners and CRH

5 May 21 17:02

LONDON MARKET MIDDAY: Miners help lift FTSE 100 above 7,000 mark

LONDON MARKET MIDDAY: Miners help lift FTSE 100 above 7,000 mark

5 May 21 12:27

EXECUTIVE CHANGES: Rio Tinto lawyer moves to UBS; new Chamberlin CEO

EXECUTIVE CHANGES: Rio Tinto lawyer moves to UBS; new Chamberlin CEO

27 Apr 21 14:42

Rio Tinto chief legal officer leaving for UBS role

(Sharecast News) - Rio Tinto announced on Tuesday that its chief officer of legal and external affairs Barbara Levi has accepted the position of group general counsel at UBS.

27 Apr 21 08:27

IN BRIEF: Bluejay, Rio Tinto eye Enonkoski drilling

IN BRIEF: Bluejay, Rio Tinto eye Enonkoski drilling

26 Apr 21 11:07

LONDON MARKET CLOSE: FTSE 100 stages afternoon recovery to finish flat

LONDON MARKET CLOSE: FTSE 100 stages afternoon recovery to finish flat

23 Apr 21 16:58

BAE Systems faces mounting criticism over CEO's pay to stay

LONDON, April 22 (Reuters) - Britain's biggest defence contractor BAE Systems is facing mounting criticism for handing its chief executive an extra 2 million pounds ($2.8 million) to convince him to stay after another bluechip company tried to po...

22 Apr 21 15:07

BROKER RATINGS: JPMorgan cuts Synthomer to neutral from overweight

BROKER RATINGS: JPMorgan cuts Synthomer to neutral from overweight

22 Apr 21 09:41

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.