Australia-based miner Rio Tinto has posted a net profit of AUD 8.9 billion for the given half, compared to AUD 12.3 billion in the same period of the previous year. Rio Tinto Chief Executive Mr Jakob Stausholm said “We remain focused on delivering on our long-term strategy, with a steady improvement in operating performance and some notable advances in our growth agenda. We continue to strengthen our partnership with the Mongolian government following commencement of underground mining at Oyu Tolgoi, delivered first iron ore from the Gudai-Darri mine and approved early works funding at the Rincon lithium project.” AUD 8.9 billion of net earnings, 28% lower than 2021 first half, reflected the movement in commodity prices, the impact of higher energy prices on our operations and higher rates of inflation on our operating costs and closure liabilities. AUD 15.6 billion underlying EBITDA was 26% below 2021 first half, with an underlying EBITDA margin1 of 50%. Pilbara iron ore shipments were 2% lower than 2021 first half due to skilled labour supply constraints, COVID-19 disruptions, ongoing mine depletion due to delays to mine replacement projects and significantly higher than average rainfall in May. Improved second quarter shipments were supported by a continued focus on mine pit health and commissioning of the new Gudai-Darri mine. Rio Tinto is currently experiencing elevated levels of unplanned absences at our Pilbara operations due to COVID-19 case spikes in Western Australia. GuidancePilbara iron ore (shipments. 100% basis) - 320 to 335 million tonneBauxite - 54 to 57 million tonneAlumina - 7.6 to 7.8 million tonneAluminium - 3.0 to 3.1 million tonneMined copper - 500 to 575 kilo tonne
Australia-based miner Rio Tinto has posted a net profit of AUD 8.9 billion for the given half, compared to AUD 12.3 billion in the same period of the previous year. Rio Tinto Chief Executive Mr Jakob Stausholm said “We remain focused on delivering on our long-term strategy, with a steady improvement in operating performance and some notable advances in our growth agenda. We continue to strengthen our partnership with the Mongolian government following commencement of underground mining at Oyu Tolgoi, delivered first iron ore from the Gudai-Darri mine and approved early works funding at the Rincon lithium project.” AUD 8.9 billion of net earnings, 28% lower than 2021 first half, reflected the movement in commodity prices, the impact of higher energy prices on our operations and higher rates of inflation on our operating costs and closure liabilities. AUD 15.6 billion underlying EBITDA was 26% below 2021 first half, with an underlying EBITDA margin1 of 50%. Pilbara iron ore shipments were 2% lower than 2021 first half due to skilled labour supply constraints, COVID-19 disruptions, ongoing mine depletion due to delays to mine replacement projects and significantly higher than average rainfall in May. Improved second quarter shipments were supported by a continued focus on mine pit health and commissioning of the new Gudai-Darri mine. Rio Tinto is currently experiencing elevated levels of unplanned absences at our Pilbara operations due to COVID-19 case spikes in Western Australia. GuidancePilbara iron ore (shipments. 100% basis) - 320 to 335 million tonneBauxite - 54 to 57 million tonneAlumina - 7.6 to 7.8 million tonneAluminium - 3.0 to 3.1 million tonneMined copper - 500 to 575 kilo tonne
