Rio Tinto has a strong second quarter
July 17, 2012
“Global economic conditions and sentiment dropped markedly in the second quarter,” says chief executive Tom Albanese. We are keeping a close eye on the pace of the US recovery, the continuing Euro-zone crisis and the impact of efforts to stimulate the Chinese economy on the markets that we serve. “Our investment programme remains resilient to market volatility, however, as our tier one projects are robust under any probable macroeconomic scenario.”
He underlined the following highlights:
- First half iron ore production of 120Mt (94Mt attributable) and shipments of 115Mt were both four per cent higher than the first half of 2011. Global iron ore production for the quarter totalled 62Mt (49Mt attributable), in line with the second quarter of 2011.
- During the quarter, Rio Tinto announced further investments to advance the expansion of its industry-leading Pilbara iron ore business to 353Mtpa, and to progress further the Simandou iron ore project in Guinea.
- Mined copper production was five per cent higher than the second quarter of 2011, primarily driven by processing efficiencies and higher copper grades at Escondida.
- Bauxite and alumina production were eight per cent and five per cent higher than the second quarter of 2011. Aluminium was 12% lower than the second quarter of 2011.
- Hard coking coal production was 13% higher than the second quarter of 2011, and thermal coal production was consistent. In June 2012, Rio Tinto announced the first shipment of premium hard coking coal from its Benga Mine in Mozambique.
- Titanium dioxide feedstock production increased five per cent from the corresponding period in 2011.
Source: Rio Tinto. For more information, click here.