Rio Tinto Cuts 800 Staff
Feb 28 15
Rio Tinto announced that it is preparing to shed as many as 800 staff and contractors from its WA iron ore division, extending the wave of cost-cutting and job losses in the WA iron ore industry. It is understood the cuts will primarily target technical and administrative roles, with some job losses likely in maintenance and other support positions on mine sites. The company is also likely to cut contracts for non-essential mine site work, which it started this year with the cancellation of jobs at its Pilbara operations. The company has cut jobs in some areas over the past year but its permanent workforce has remained relatively steady through its massive export expansion. It ended 2012 with a workforce of about 12,600 and exported 233 million
tonnes of Pilbara iron ore. Last year, it shipped 24% more ore, or 288.3 million tonnes, with a workforce of about 12,500. It plans to ship about 330 million tonnes this year with a reduced workforce and 350 million tonnes a year by 2017.
Rio Tinto plc Presents at BMO Capital Markets 24th Global Metals & Mining Conference 2015, Feb-22-2015
Feb 13 15
Rio Tinto plc Presents at BMO Capital Markets 24th Global Metals & Mining Conference 2015, Feb-22-2015 . Venue: Westin Diplomat Resort, 3555 South Ocean Drive, Hollywood, Florida, United States.
Rio Tinto plc Announces Unaudited Group Earnings and Production Results for the Year Ended December 31, 2014; Provides Capital Expenditure for the Years 2015, 2016 and 2017 and Production Guidance for the Year 2015
Feb 12 15
Rio Tinto plc announced unaudited group earnings and production results for the year ended December 31, 2014. For the year, the company reported consolidated sales revenue of $47,664 million, operating profit of $11,346 million, profit before taxation of $9,552 million, profit for the year from continuing operations of $6,499 million compared to consolidated sales revenue of $51,171 million, operating profit of $7,430 million, profit before taxation of $3,505 million, profit for the year from continuing operations of $1,079 million for the same period prior year. Net cash generated from operating activities was $14,286 million as compared to $15,078 million for the same period prior year, 5% lower than 2013, mainly reflecting the impact of lower prices, partially offset by higher volumes, cash cost improvements. Purchase of property, plant and equipment and intangible assets was $8,162 million compared to $13,001 million a year ago. Purchases of financial assets were $24 million compared to $75 million a year ago. Net earnings were $6,527 million compared to $3,665 million a year ago. Capital expenditure was $8,162 million compared to $13,001 million a year ago. Underlying earnings per share were 503.4 cents against 553.1 cents a year ago. Diluted earnings per share were 351.2 cents against 197.3 cents a year ago. Net debt as at December 31, 2014 was $12,495 million as compared to $18,055 million as at December 31, 2013. Underlying earnings were $9,305 million compared to $10,217 million for the same period prior year. Underlying EBITDA was $19,665 million compared to $21,509 million for the same period prior year. By increasing volumes and reducing costs, the company achieved underlying earnings of $9.3 billion and the company is able to maintain EBITDA margin at 39 per cent. Free cash flow was assisted by a further reduction in capital expenditure and a successful programme to release working capital. As a consequence, the company has reduced net debt by $5.6 billion to $12.5 billion.
For the year, the company produced mined copper of 603,100 tonnes against 579,400 tonnes a year ago. Refined copper was 294,600 tonnes against 285,200 tonnes a year ago. Mined molybdenum was 11,500 tonnes against 5,700 tonnes a year ago. Mined gold was 487,000 oz against 288,000 oz a year ago. Refined gold was 252,000 oz against 192,000 oz a year ago. This strong performance reflected increased gold and molybdenum volumes at Kennecott Utah Copper (KUC) following the recovery from the pit wall slide in April 2013, the ramp up of Oyu Tolgoi, delivery of further cash cost savings and lower exploration and evaluation spend.
The company provided capital expenditure for the years 2015, 2016 and 2017 and production guidance for the year 2015. Capital expenditure is expected to decline to less than $7.0 billion in 2015 and remain at around $7.0 billion in 2016 and 2017.
The company expects its share of mined copper production to be between 500,000 and 535,000 tonnes and refined copper production to be between 190,000 and 220,000 tonnes. In 2015, the company expects its share of thermal, semi-soft and hard coking coal production to be 18.5 million tonnes, 3.2 million tonnes and 7.6 million tonnes, respectively.