Global miner Rio Tinto has posted a 12 per cent rise in second-quarter iron ore production versus a year ago and said its Australian coal operations were recovering from flood-related disruptions but also warned of cost pressures.
"Operations largely recovered from the severe weather impacts earlier this year, although some port and rail constraints remained," Rio Tinto chief executive Tom Albanese said in a statement.
Rio Tinto, the world's second-biggest producer of iron ore after Vale of Brazil, forecast 2011 iron ore production of more than 240 million tonnes and said a multi-year expansion plan was on track.
Several cyclones, widespread flooding and a subsequent train derailment in Western Australia hampered iron ore shipments in the first quarter.
Rio Tinto said first half iron ore shipments of 110Mt from Australian and Canadian operations were 6Mt lower than the 2010 first half, on a 100 per cent basis (including joint venture interests).
‘‘Operations largely recovered from the severe weather impacts earlier this year, although some port and rail constraints remained,’’ chief executive Tom Albanese said in a statement today.
Mr Albanese said prices for most of its metals and minerals continued to be strong during the June quarter, but the company had experienced worsening adverse exchange rates and some input cost pressures.
Copper mined in the June quarter was down 24 per cent on the same period in calendar 2010, largely reflecting lower grades at the Escondida mine in Chile and Kennecott Utah Copper in the US, Rio Tinto said.
Compared to the rain-hit March quarter, bauxite and alumina production for the three months to June 30 was up by eight per cent and six per cent, respectively, as Queensland operations recovered.
Against the same period in 2010, June quarter bauxite production was up 11 per cent while alumina and aluminium output was flat.
Rio Tinto said its Queensland coal mines steadily recovered following severe rains in the March quarter, which prompted several declarations of force majeure.
The Hail Creek mine was the last to have its declaration lifted on May 12.Australian hard coking coal production was 9 per cent higher than the first quarter, but was down 26 per cent on the June quarter last year due to the rains.
Thermal coal output at its Australian operations was up 18 per cent on the March quarter and 5 per cent higher than the second quarter of 2010.
On its outlook, Rio Tinto said it expected to produce more than 240Mt of iron ore, on a 100 per cent basis, this calendar year.
The company’s share of mined and refined copper production for the full year is flagged to be 539,000 tonnes and 350,000 tonnes, respectively.
Shares in Rio Tinto were down 25 cents at $80.70 in late trade.
AAP
Source: The Age
"Operations largely recovered from the severe weather impacts earlier this year, although some port and rail constraints remained," Rio Tinto chief executive Tom Albanese said in a statement.
Rio Tinto, the world's second-biggest producer of iron ore after Vale of Brazil, forecast 2011 iron ore production of more than 240 million tonnes and said a multi-year expansion plan was on track.
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Global iron ore production for the three months to June 30 of 49 million tonnes (Mt), wholly attributable to Rio Tinto, was up 12 per cent on the same period in 2010 and up 17 per cent on the first quarter of calendar 2011.Several cyclones, widespread flooding and a subsequent train derailment in Western Australia hampered iron ore shipments in the first quarter.
Rio Tinto said first half iron ore shipments of 110Mt from Australian and Canadian operations were 6Mt lower than the 2010 first half, on a 100 per cent basis (including joint venture interests).
‘‘Operations largely recovered from the severe weather impacts earlier this year, although some port and rail constraints remained,’’ chief executive Tom Albanese said in a statement today.
Mr Albanese said prices for most of its metals and minerals continued to be strong during the June quarter, but the company had experienced worsening adverse exchange rates and some input cost pressures.
Copper mined in the June quarter was down 24 per cent on the same period in calendar 2010, largely reflecting lower grades at the Escondida mine in Chile and Kennecott Utah Copper in the US, Rio Tinto said.
Compared to the rain-hit March quarter, bauxite and alumina production for the three months to June 30 was up by eight per cent and six per cent, respectively, as Queensland operations recovered.
Against the same period in 2010, June quarter bauxite production was up 11 per cent while alumina and aluminium output was flat.
Rio Tinto said its Queensland coal mines steadily recovered following severe rains in the March quarter, which prompted several declarations of force majeure.
The Hail Creek mine was the last to have its declaration lifted on May 12.Australian hard coking coal production was 9 per cent higher than the first quarter, but was down 26 per cent on the June quarter last year due to the rains.
Thermal coal output at its Australian operations was up 18 per cent on the March quarter and 5 per cent higher than the second quarter of 2010.
On its outlook, Rio Tinto said it expected to produce more than 240Mt of iron ore, on a 100 per cent basis, this calendar year.
The company’s share of mined and refined copper production for the full year is flagged to be 539,000 tonnes and 350,000 tonnes, respectively.
Shares in Rio Tinto were down 25 cents at $80.70 in late trade.
AAP
Source: The Age
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