TELETRADER News
10/16/2018, 12:14 AM (Source: TeleTrader)
more TeleTrader news

Rio Tinto overall Q3 production down, copper up 32% YoY

Rio Tinto Group announced its operations review for the third quarter of 2018, with most of its production down compared to the same period last year. Pilbara iron ore production was at 82.5 million tonnes, down 3%, bauxite production was reported at 12.7 million tonnes or 1% lower on a yearly basis, titanium dioxide slag dropped 9% to 297 million tonnes, while iron ore pellets and concentrate also fell 9% and amounted to 2.9 million tonnes. Copper production soared 32%, mostly due to increased production at Rio Tinto Kennecott in Utah.

"We have delivered consistent operational performance in the third quarter, highlighted by strong production from the Group’s copper assets. We made strong strategic progress with the full exit from coal, the announcement of the additional $3.2 billion of share buy-backs, and the signing of a binding conditional agreement to exit Grasberg for $3.5 billion. We continue to pursue all opportunities to improve productivity and drive enhanced cash flow generation. This, combined with the disciplined allocation of capital, will ensure we continue to deliver superior returns to our shareholders in the short, medium and long-term," commented the group's CEO Jean-Sebastien Jacques.

Breaking the News / DJ