Boosted by Minera Escondida, Rio Tinto copper production increased 5%
17-Jul-2012 La Tercera – News
However the company has reduced the throughput estimate in about 3%, 580,000 tons for 2012
The giant Rio Tinto has reported last Tuesday that their copper production increased 5%, about 133,500 tons, during second quarter because of the improvement of Chilean Escondida mine throughput – jointly controlled by Río Tinto and BHP Billiton – which was somehow offset by the lower ore content in the U.S. Kennecott mine.
However, the company has reduced the throughput estimate in about 3%, 580,000 tons for 2012.
Río Tinto has also reported that their iron production for the quarter ended in June was steady with respect to same period last year while sales were slightly lower than production thus increasing the concern about Chinese demand diminution.
Rio Tinto iron production was 48.6 million tons compared against 48.9 million tons for same period in 2011 and 45.6 million tons during first quarter this year.
“Global economy conditions and confidence have noticeably drop during second quarter”, “We keep an eye on the U.S. recovery signs, the persistent crisis of Euro Zone and the impact of efforts made to bring up Chinese economy in the markets we serve”, the executive added, who also commented that the company is going along with its expansion plans.
Over a 100% basis, second quarter deliveries from their Western Australia iron operations reached 57.4 million tons compared against the 58.4 million production.
“Iron ore did not recover as much (with respect to first quarter) as expected”, JP Morgan Analyst, Lyndon Fagan said.
Sources from Río, the second largest iron producer in the world after Vale reported that they are in their way to produce 250 million tons in 2012.
Finally, Río informed that aluminum production decreased 12% to 841,000 tons.
Río Tinto shares closed with a slight drop in Australian stock market while in London the drop reached 1.59%.
