Mining company Rio Tinto has released what it says are ‘solid’ Q4 results. Global iron ore shipments were in line with 2015 full year guidance of around 340 million tonnes (100% basis). Global iron ore production in 2016 is expected to be around 350 million tonnes (100% basis).
The company’s continued strong performance in bauxite exceeded the full year guidance of 43 million tonnes, with record third party shipments of 26.6 million tonnes.
Aluminum production was in line with 2014, with record annual production at nine smelters offsetting lower production from the Kitimat facility as the modernised and expanded smelter was commissioned.
The company’s diamonds & minerals segment continues to optimise production to align with market demand, reflected in a 25% reduction in titanium dioxide slag production compared to 2014, in line with guidance.
‘Against a challenging market backdrop for the industry, Rio Tinto remains focused on operating and commercial excellence to leverage the low-cost position of our Tier 1 asset base,’ said Rio Tinto chief executive Sam Walsh. ‘In 2015, we delivered efficient production, meeting our targets across all of our major products, while rigorously controlling our cost base. We will continue to focus on disciplined management of costs and capital to maximise cash flow generation throughout 2016.’
This story uses material from Rio Tinto, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
