3Q2023: Rio Tinto’s aluminium output grows 9% Y-o-Y owing to Kitimat smelter’s full capacity operations

Rio Tinto announced another quarter of progress from July to September 2023. In the Q3 production report, the company revealed that its aluminium output stood at 828,000 tonnes, registering a 2 per cent rise Q-o-Q and a 9 per cent hike Y-o-Y, backed by the full capacity operations at Kitimat smelter and completed cell recovery efforts at Boyne smelter. Other smelters also demonstrated steady operations, resulting in higher aluminium production.

Rio Tinto's cumulative aluminium production in nine months of the year amounted to 2.43 million tonnes, up by 9 per cent Y-o-Y.

On the minerals front, the company's bauxite production clocked a rise of 3 per cent Q-o-Q and 2 per cent Y-o-Y to come in at 13.9 million tonnes, owing to a 6 per cent growth in shipments to third parties.

Steady operations at Yarwun and Queensland Alumina Limited (QAL) refineries also led to a 3 per cent rise in Q3 alumina output.

Rio Tinto also mentioned in its quarterly report that its all-injury frequency rate improved from the previous year (0.39) to 0.36 in Q3 2023, in line with the prior quarter.

In July 2023, Rio Tinto agreed with Giampaolo Group to form a joint venture for manufacturing and marketing recycled aluminium. Under the agreement, Rio Tinto will also own 50 per cent of Giampaolo Group's wholly-owned business Matalco for $700 million. Matalco produces 900,000 tonnes of recycled aluminium per annum at six facilities in the United States and one in Canada.

Rio Tinto Chief Executive Jakob Stausholm said, "We continued to make good headway ramping up our Oyu Tolgoi high-grade underground copper mine, our Kitimat aluminium smelter returned to full production, and we safely restarted the smelter and refinery at Kennecott after completing the largest rebuild in its history. We have more to do as we work towards sustainable performance improvements across our business.

He also said, "We are making strong progress towards building the Rio Tinto of the future, striking a balance between disciplined performance in evolving market conditions, investing to generate valuable long-term growth and delivering attractive shareholder returns."