Investing.com - Rio Tinto (ASX:RIO) reported a steady demand for its portside product in China, registering sales of 17.5 million tonnes within the first nine months of 2023, slightly down from 19.5 million tonnes in the same period of the preceding year. As of September 30, the inventory levels were at 6.3 million tonnes, of which 87% of the portside sales were screened or blended in Chinese ports.
Aluminium production saw a 9% uptick compared to the third quarter of 2022, underpinned by the full-capacity operations at the Kitimat smelter and completed cell recovery efforts at the Boyne smelter.
On the minerals front, bauxite production rose by 2% compared to the third quarter of 2022, owing to a 6% increase in shipments to third parties. The operational stability at Rio Tinto's Yarwun and Queensland Alumina Limited (QAL) refineries resulted in a 3% rise in alumina production.
The company's mined copper production experienced significant growth. The Oyu Tolgoi mine, on a 66% equity share basis, saw a 128% surge from the third quarter of 2022 as the ramp-up in underground production continued as planned. However, the Kennecott mine witnessed a 4% decline in mined copper production, while the Escondida mine recorded a 5% increase.
Iron ore production from the Iron Ore Company of Canada (IOC) was 14% lower due to extended plant downtime, conveyor belt failures, and the impact of wildfires in Northern Quebec. Despite these challenges, borates production dipped only slightly by 2%. Titanium dioxide slag production was 20% lower than the third quarter of 2022, due to process safety incidents and market weakness.
Diamond production at Diavik was 36% lower than the third quarter of 2022, due to the completion of an underground pipe and an area of the open pit during the previous period.
In the first nine months of 2023, excluding Simandou, Rio Tinto spent $613 million on exploration and evaluation, compared to $506 million in the same period of 2022. The company's exploration expenditure was primarily focused on copper, with a growing interest in battery minerals. Rio Tinto currently has exploration activities in 18 countries across eight commodities.