Rio Tinto Q2 iron ore production up 12%
Post Date: 15 Jul 2011 Viewed: 512
Global miner Rio Tinto on Thursday reported a 12 percent rise in second quarter iron ore production, despite heavy rain hampering its March quarter performance.
Rio Tinto said global iron ore production for the three months to June 30 of 49 million tons, wholly attributable to Rio Tinto, was up 12 percent on the second quarter of 2010 and up 17 percent on the first quarter of 2011.
First half iron ore shipments of 110 tons from Australian and Canadian operations were six million tons lower than the 2010 first half following several cyclones, widespread flooding and a subsequent train derailment in the first quarter of 2011 in Western Australia.
"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 on Thursday.
Albanese said prices for most of its metals and minerals continued to be strong during the second quarter, but the company had experienced worsening adverse exchange rates and some input cost pressures.
Mined copper for the second quarter was down 24 percent on the same period of 2010, primarily reflecting lower grades at the Escondida mine in Chile and Kennecott Utah Copper in the U.S., Rio Tinto said.
Bauxite and alumina production for the second quarter was up by 8 percent and 6 percent respectively on the rain-impacted first quarter as Queensland operations recovered.
Bauxite production was up 11 percent compared with the same quarter of 2010 whilst alumina and aluminum production were flat.
Rio Tinto said its Queensland coal mines steadily recovered following severe rains in the first quarter, which prompted several declarations of force majeure.
Rio Tinto forecast 2011 iron ore production of more than 240 million tons from its global operations in Australia and Canada.