(Alliance News) - Rio Tinto PLC on Tuesday reported a slip up in production across the board in 2021, with copper and diamond production being the only commodities set to grow nicely in the new year.
Rio Tinto, which has operations in about 35 countries, reported a 3.2% decline in bauxite production to 54.3 million tonnes from 56.1 million in 2020; while aluminium fell 0.9% to 3.2 million tonnes.
Chief Executive Jakob Stausholm said: "In 2021 we continued to experience strong demand for our products while operating conditions remained challenging, including due to prolonged Covid-19 disruptions."
Looking at Pilbara iron ore operations in Australia, the Anglo-Australian metals and mining firm said it saw 2021 production fall 4% year-on-year to 319.7 million tonnes.
Meanwhile, Pilbara iron ore shipments slipped 3% to 321.6 million tonnes.
"We progressed a number of our projects, including the Pilbara replacement mines, underlining the resilience of the business and the commitment and flexibility of our people, communities and host governments," Stausholm said.
Copper, titanium dioxide slag and Iron Ore Co of Canada iron ore pellets & concentrate all saw larger decreases.
Mined copper was down 6.5% to 493,500 tonnes; titanium dioxide slag sunk 9.5% to 1.0 million tonnes; and IOC pellets slipped 6% to 9.7 million tonnes.
Looking at 2022, Rio Tinto expects Pilbara iron ore shipments to come in between 320 and 335 million tonnes, dependent on risks around commissioning and ramp-up of new mines and management of cultural heritage.
Bauxite, which has a high aluminium content, production is seen between 54 and 57 million tonnes; while aluminium production is expected to range between 3.1 to 3.2 million tonnes.
Increases on 2021's production figures are expected in both mined and refined copper. In 2022, mined copper is seen between 500,000 and 575,000 tonnes, compared to 2021's 493,500 tonnes. Refined copper is expected to increase to between 230,000 to 290,000 tonnes, from 2021's 202,000 tonnes.
A hefty rise in diamond production is expected in 2022, to between 5.0 and 6.0 million carats, compared to 3.8 million in 2021.
"Our guidance assumes development of the pandemic does not lead to government-imposed restrictions and widespread protracted cases related to new highly contagious variants with high severity, which could result in a significant number of our production critical workforce and contractor base being unable to work due to illness and/or isolation requirements," the miner warned.
Rio's full-year earnings results will be released on February 23.
Shares in Rio Tinto were down 0.6% at 5,363.41 pence on Tuesday in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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