Rio Tinto sees output increase across the board
Diversified mining group Rio Tinto has hailed a strong set of production results in the third quarter, with iron ore, copper, bauxite, alumina, and titanium dioxide output up year-on-year.
Diversified mining group Rio Tinto has hailed a strong set of production results in the third quarter, with iron ore, copper, bauxite, alumina, and titanium dioxide output up year-on-year.
"As we said at our Investor Seminar last week, markets remain volatile, but our business is resilient and our operations are performing strongly, reflecting our consistent strategy of running large, long-life, cost-competitive operations," said Chief Executive Tom Albanese.
The firm achieved record quarterly iron ore production at its Pilbara project of 63m tonnes (Rio's share equates to 50m tonnes), up 5% from the third quarter of 2011. Iron ore output from all operations totalled 67m tonnes, also up 5%. Rio said that production continued to exceed sales in preparation for the expansion to 283m tonnes per annum.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Copper production increased by 21% due to the expected higher copper grades at Escondida and Kennecott Utah Copper and increased ore delivered at Escondida.
Bauxite and alumina production rose 13% and 20%, respectively, and titanium dioxide feedstock production increased 5%.
Thermal coal production increased by 21% but hard coking coal production fell 13% due to the impact of dragline mechanical issues at Hail Creek and a major plant shutdown at Kestrel as part of the mine extension project.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published