Alcoa, Financial reports, News, Quarterly and half yearly results, Rio Tinto, Yancoal

Miners see strong quarterly results

Three of Australia’s leading mining companies have released their March quarterly (Q1) reports for the 2023 financial year (FY23).

Major miner Rio Tinto reported that it manufactured iron ore shipments of 82.5Mt and iron ore production of 79.3Mt, both on a 100 per cent basis for Pilbara.

Rio Tinto chief executive Jakob Stausholm said these results were the highest ever first quarter shipments achieved in the Pilbara iron ore business.

The company also produced 12.1Mt of bauxite, 785 kilotons (kt) of aluminium, 145kt of mined copper on a consolidated basis and 285kt of titanium dioxide slag in Q1 FY23.

Alcoa reported a generated revenue of $2.7 billion, finishing the first quarter with a cash balance of $1.1 billion. It also paid a cash dividend of $0.10 per share of common stock adding to a total of $18 million.

The company also negotiated an updated agreement for the phased restart of the San Ciprián smelter in Spain, beginning in 2024 and expanded the EcoSourceTM brand of low carbon alumina to include non-metallurgical grades, in addition to smelter grade.

Alcoa chief executive officer Roy Harvey said Q1 FY23 saw improvement in key financial metrics and made important progress in stabilising Alcoa’s operations.

“We plan to build on that momentum as we tackle a host of complex issues, including developing breakthrough technologies and addressing increased expectations from stakeholders,” Harvey said.

Yancoal recorded an average realised coal price of $347 per tonne, a run of mine coal production of 11.2 mega tonnes (Mt) on a 10 per cent basis and a saleable coal production of 7.7Mt on a 100 per cent basis.

Yancoal CEO David Moult said it will continue to generate strong cash flows that have allowed the repayment of its remaining external interest-bearing loan and enabled it to finish the period with $2.8 billion in cash.

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