Rio Tinto Limited – Solid Second Quarter Production Update

  • Jul 17, 2018 AEST
  • Team Kalkine
Rio Tinto Limited – Solid Second Quarter Production Update

Rio Tinto Limited (ASX: RIO) announced its solid second-quarter production performance across most of the commodities as compared to the prior corresponding period (pcp). Pilbara iron ore shipment recorded 88.5 Mn tonnes on 100% basis in Q2FY18, and marked a decent growth of 14% on pcp basis at the back of better climate conditions compared to last year, the increase of Silvergrass and the continuous execution of productivity improvements over the incorporated framework. Further, Bauxite production inclined by 4% to 13.3 MTPA due to continued operational improvements while Aluminium production of 0.9 MTPA was 3% lower than the second quarter of FY17 due to labour disruptions at the non-managed Becancour smelter in Canada and a power interruption at the Dunkerque smelter in France. Other segments such as Mined copper production has also grown well while Hard coking coal production and Titanium dioxide slag production were down due to the impact of Cyclone Debbie last year and ongoing labour disputes between contractors and their employees. However, the major growth projects are on track, with the first bauxite shipment from the Amrun site expected in 1HFY19 and construction of the first drawbell at Oyu Tolgoi Underground expected in the mid of FY20. As of now, the group focuses on cash generation and disciplined capital allocation to provide superior returns to its shareholders in the short to long-term period. Despite the positive announcement, RIO stock plunged 0.371 per cent. It traded at $ 79.115 with the market-cap of circa $32.75 Bn as of July 17, 2018, 3:30 PM AEST.

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