Rio Tinto PLC on Thursday said production was mostly higher in the first quarter, with strong production from its Pilbara project.

The Anglo-Australian mining and metals company reported that shipments of iron ore from its Pilbara project in Western Australia were 82.5 million tonnes in the first quarter of 2023, up 15.4% from 71.5 million tonnes a year ago.

The firm said it saw strong mine production and a drawdown of stocks.

Rio Tinto said Bauxite production was 12.1 million tonnes, down 11% from 13.6 million tonnes, while Aluminium production was 785,000 tonnes, up 6.7% from 736,000 tonnes.

The firm noted that bauxite production was affected by higher-than-average rainfall during the wet season, while aluminium production was boosted by the ramp-up of its Kitimat smelter.

Mined copper was up 4.1% at 130,700 tonnes, from 125,500 tonnes, and titanium dioxide slag was 285,000 tonnes, up 4.4% from 273,000 tonnes.

Chief Executive Jakob Stausholm: ‘We continue to make steady progress with our highest ever first quarter shipments achieved in the Pilbara iron ore business.

‘We remain focused on disciplined growth in materials the world needs for the energy transition, delivering first sustainable production from the underground mine at Oyu Tolgoi in Mongolia and progressing early works on the Rincon lithium project in Argentina. We advanced the Simandou high grade iron ore project in Guinea with our partners, and entered into an agreement for a joint venture to unlock La Granja in Peru, one of the largest undeveloped copper projects in the world.’

Rio Tinto shares fell 1.2% to 5,464.00 pence each in London on Thursday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.