1/17/2019, 11:01 PM (Source: TeleTrader)
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Rio Tinto boosts copper mining by third in 2018

Rio Tinto Group said on Thursday that costs in production of aluminum continued to rise in the second half of 2018. In an annual report on output, it revealed a decline of 3% in the segment to 3.46 million tons and projected 3.2 to 3.4 million for this year. The company, which trades as Rio Tinto Ltd. in Sydney and Rio Tinto Plc at the London Stock Exchange, supplied 633,500 tons of mined copper and 274,800 of refined red metal, translating to a rise of 33% and 39%, respectively. It projected 550,000 to 600,000 would be mined and 220,000 to 250,000 refined in 2019.

Jean-Sebastien Jacques, chief executive, expressed satisfaction with results in the copper business and noted Rio Tinto sold assets worth $8.6 billion including the Grasberg mine in Indonesia and the rest of coal capacity. The Anglo-Australian mining powerhouse revealed it had $1.7 billion left at the beginning of the year in the share buyback fund.

Output of iron ore at the Pilbara complex in Australia came in 2% higher year over year, at 338.2 million tons, in line with guidance and with the ambition to increase the result to as much as 350 million tons this year.

Breaking the News / IT