Rio Tinto records robust fourth quarter

Rio Tinto’s fourth quarter financial results were described by its chief executive Sam Walsh as ‘robust’. He said “We have had a successful year of production, capped off with a robust fourth quarter. Output is in line with our targets across all of our major products. In a challenging market Rio Tinto remains focused on operating and commercial excellence to leverage our low-cost position and maximise value for shareholders.”

In terms of diamonds, at Argyle, carats recovered during the quarter were 43% lower on y-o-y basis, and for the year lower by 19 per cent than in 2013. The company says this reflects the move from open pit to underground mining and the processing of lower grades as underground production ramped up. In addition, a maintenance shutdown took place during the fourth quarter to implement some improved design modifications to both underground crushers.

Diavik’s production for 2014 was in line with 2013, with improved mining rates and processing plant improvements offset by the impact of lower grades. Carats recovered in the fourth quarter were significantly lower by 25 percent than in the previous year as improved processing rates have now fully exhausted the stockpiled ore which was processed in prior quarters. Carats recovered at Murowa in 2014 were 7 percent higher than in 2013 due to increased ore processed, but were lower by 4 percent comparing thr fourth quarters of 2014 and 2013.