A busy Tuesday for Rio Tinto (ASX:RIO) included the June quarter production and sales report, news on its Simandou iron ore project in Guinea, and a decision to shut down a mine in Canada threatened by bushfires.
Rio reported a 3% sequential rise in its Pilbara second-quarter iron ore shipments on Tuesday, as better weather led to higher production after a maintenance-heavy March quarter.
The world's largest producer of iron ore shipped 80.3 million tonnes from its Pilbara operations in the three months ending June 30, compared with 78 million tonnes in the first quarter. The second quarter was also 2% above the June 2023 figure.
This left exports for the six months to June down 2% at 158.3 million tonnes. Production for the same period was also down 2% at 157.4 million tonnes.
Rio maintained its full-year guidance unchanged at 323 million to 338 million tonnes.
Mined copper production jumped 18% to 171,000 tonnes, which was 10% higher than the first quarter. Mined copper production for the six months was up 13% at 327,000 tonnes.
Copper guidance remained steady at 660,000 to 720,000 tonnes, but the company indicated it would likely be towards the lower end of the range, representing a slight downgrade.
Bauxite production rose 9% from a year ago in the June quarter to 14.7 million tonnes, up 105 from the first three months of the year. Total production for the June half was 28.1 million tonnes, up 105 from the same period in 2023.
Aluminium production increased by 15% to 824,000 tonnes (unchanged from the first quarter), with total production for the June half at 1.650 million tonnes, up 3% from a year earlier.
CEO Jakob Stausholm said in the release, "Our operational performance continues to progress. While there are still significant improvements ahead, we are beginning to see a step-change in production, including from our Queensland bauxite business following the rollout of the Safe Production System.
"We are growing with discipline in the materials the world needs for the energy transition. Construction of the Simandou high-grade iron ore project in Guinea is advancing at pace, the ramp-up of the Oyu Tolgoi underground is on track, and we are set to achieve first production from the Rincon starter plant by the end of the year."
Meanwhile, Rio Tinto also announced on Tuesday that it has received the approvals needed to start developing the massive Simandou iron ore project in Guinea.
The world's second-biggest miner by market value stated that all conditions have been satisfied for it to develop the Simandou iron ore deposit in Guinea, including necessary Guinean and Chinese regulatory approvals.
Rio Tinto also mentioned that it has initiated a "coordinated shutdown" at the Iron Ore Company of Canada in Newfoundland and Labrador in response to an evacuation order issued by the local government due to wildfires.
The iron ore mine is jointly owned by Rio Tinto, Mitsubishi Corp., and Labrador Iron Ore Royalty Income Corporation. Earlier in the day, Champion Iron Ore Limited also announced the temporary shutdown of operations at its Bloom Lake mine.
"We have had no injuries or damage to company infrastructure to date. We will initiate a restart of operations as soon as government authorities indicate that it is safe to do so," Rio said in a statement.
On Saturday, a fast-moving fire in Newfoundland and Labrador forced the local government to order the evacuation of residents in Labrador City.
