TELETRADER News
10/16, 12:00 AM (Source: TeleTrader)
more TeleTrader news

Rio Tinto's iron ore output picks up in Q3

"A good recovery from the operational and weather challenges" was reported on Tuesday by Rio Tinto Group in the production report for the three months through September. The giant Anglo-Australian miner said its iron ore production in Pilbara jumped 6% year over year to 87.3 million tons while the total since the start of the year landed 3% lower at 243.1 million. It compares to shipments in the same category of 86.1 and 240.6 million tons, translating to a 5% gain and a 4% drop, respectively.

"Our strong value over volume approach, coupled with our focus on operational performance and disciplined allocation of capital, will continue to deliver superior returns to shareholders over the short, medium and long term," chief executive Jean-Sebastien Jacques said.

The company, which goes as Rio Tinto Ltd. and Rio Tinto Plc, saw the bauxite sector outperform with a 9% surge in the third quarter to 13.8 million tons against the same period of last year. The nine-month change was 3% on the positive side to 40 million tons. There was no change to guidance except for revisions in bauxite to 54 million tons from between 56 and 59 million and in alumina to 7.7 million, against the previous 8.1 to 8.4 million tons.

Breaking the News / IT