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| Statement |
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| And I hope those of you who joined us at our Investor Day got a taste of our exploration pipeline, one of the best we ever have had |
| We are making progress, good progress with the First Nation’s people |
| We are making really, really good progress there, including with the San Carlos tribe |
| We have declared a 60% payout for the full year, which equates to $7.1 billion, an attractive dividend yield of more than 6% |
| We had the second highest shipments on record and a 5 million tonnes production uplift from the safe production system |
| And I must say, I was pretty impressed to see the progress being made on the ground |
| Productivity at our Pilbara iron ore operation is really improving |
| So I actually feel we are in a very good position with the iron ore market |
| We have much more work to do, but we are already well-positioned to continue delivering value to our shareholders |
| This discipline allows us to pursue a stable and profitable growth pathway |
| We’re improving the asset health, learning from still too many operational challenges and improving access to orebodies in close partnerships with traditional owners |
| So I'm very happy with that |
| Rio Tinto is opportunity-rich and well-positioned |
| So it's not that there's a lot of other options, but I do think that we have really good growth opportunities Matalco |
| Our net debt is unchanged year-on-year, and this financial strength means we can accelerate our decarbonization of investment, reinvest for growth and continue to pay attractive dividends through the cycle |
| We have really stabilized and improved our iron ore business, both in terms of short-term delivery and strengthening the long-term pipeline |
| So it wasn't that long ago, everybody's quite excited about it |
| So I'm very optimistic |
| These attractive results shows fundamental strengths and stability |
| One of the things that we have done, in my view, very well over the last couple of years is, we have really reinstated a good understanding of our ore bodies |
| We’re also delivering for today with disciplined growth and attractive financials that allow us to reward our shareholders and invest in the health of our business |
| I'm really pleased to have the opportunity to present this set of results, because we've had good operational momentum with a steady improvement in our performance in the Pilbara, where we delivered iron ore shipments at the upper end of our guidance |
| Spending the money in the right way, having more internal resources to get the job done in the right way, that is just improving us, and that will get us to our medium-term target |
| So we are building a stronger and stronger aluminium business |
| It’s actually the product where we have the highest global market share |
| As Jakob mentioned, it is really positive to see the Oyu Tolgoi mine investment starting to pay off, with the ramp of production from the underground |
| We're building a much stronger aluminium business |
| We're targeting another 5 million tonnes this year, with the combined 10 million tonne benefit, delivering significant incremental value to the business |
| We are engaging with all the First Nation’s people and we are making really good progress there |
| The balance sheet is strong |
| Statement |
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| Lastly, it was a challenging year for minerals, from both an operational and market perspective |
| There seems to be some concerns on growth on the ground |
| So, somewhat counter-intuitively, we're showing a negative volume variance for aluminium, which reflects lower value-added product sales of around $100 million |
| I mean obviously, there is a concern out there that the market will move into surplus |
| We have a major challenge to repower our aluminium operations in Australia |
| We have said from the start, this is both a huge challenge and a huge opportunity, and there's still uncertainty in the delivery |
| We lost four colleagues from our Diavik mine and two airline crew members |
| Whilst at our iron and titanium Quebec operations, three furnaces remain offline in response to weak market conditions |
| IOC lost one month of production in June due to wildfires and we had some operational impacts in the third quarter |
| We saw reductions in some areas, such as raw materials, but the extended Kennecott smelter shut and softness in the TiO2 market meant that the aggregate balance of inventory did not come down as expected |
| Firstly, we have some assets where we need to stabilize production in 2023 IOC and Kennecott in particular face some challenges |
| On a net-net basis, our underlying EBITDA declined 9% to $23.9 billion |
| Thirdly, we continue to see some cost pressures from tight labor markets, particularly the Pilbara, Quebec and Utah |
| It was a tough year as the price dropped and margins compressed |
| Peter Cunningham So Alex, I mean it was a tough year for IOC, but I mean, they did lose almost a month's full production due to those wildfires |
| I would have loved to have seen it happening faster, but in a way, every time you have a setback with an issue, it’s has a negative short term impact |
| Jakob Stausholm Look, it is by any standard a disappointing production year last year from IOC |
| And sometimes it’s not a bad thing to do that while the profitability in the industry is low |
| We saw our realized price come down by 18%, with lower LME price as well as market and product premia |
| Overall, the price impact was negative, although it is important to call out the stability of iron ore markets during the period |
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