Rio Tinto releases first quarter production results

April 20, 2022

In its announcement of first quarter results, Rio Tinto chief executive Jakob Stausholm, said: “We made notable progress during the quarter with the commencement of underground mining at Oyu Tolgoi following a comprehensive agreement reached with the government of Mongolia.”

Rio Tinto reached agreement with Turquoise Hill Resources and the government of Mongolia to move the Oyu Tolgoi project forward, resetting the relationship between the partners and increasing the value the project delivers for Mongolia. This step unlocks the most valuable part of the mine, with first sustainable production expected in the first half of 2023, the company said.

Rio Tinto’s CEO also spoke of other acquisitions made during the first quarter. “We completed the acquisition of the Rincon lithium project in Argentina, and signed a framework agreement at the Simandou iron ore project in Guinea. These projects are all aligned with our strategy of growing in materials essential to a decarbonizing world,” Stausholm, said. “Production in the first quarter was challenging as expected, re-emphasising a need to lift our operational performance. We launched seven more deployments of the Rio Tinto Safe Production System, building on the achievements from the previous rollouts. As we ramp up Gudai-Darri, our iron ore business will have greater production capacity and be better placed to produce additional tonnes of Pilbara Blend in the second half.”

Speaking of work done to improve workplace culture and relationships with other stakeholders Stausholm said, “We released an independent report on our workplace culture and are implementing all 26 recommendations to make positive and lasting changes. We also announced an agreement with the Yinhawangka Aboriginal Corporation on a new co-designed management plan to ensure the protection of significant social and cultural heritage values.

“These actions will ensure we continue to deliver attractive returns to shareholders, as we invest in sustaining and growing our portfolio, be a partner and employer of choice and progress our ambition to achieve net-zero carbon emissions.”

Rio Tinto’s full statement on first-quarter results can be found here


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