Anglo-Australian mining giant Rio Tinto Plc (RTNTF.PK,RIO,RIO.L,RTPPF.PK) Tuesday reported higher iron ore production and shipments in the first quarter, recovering rapidly from the seasonal weather disruptions. The company's share of copper and aluminum also increased from last year.
Looking ahead for fiscal 2013, the company still expects global iron ore production at about 265 million tonnes, higher than last year's 253 million tonnes, from operations in Australia and Canada, subject to weather constraints.
Chief Executive Sam Walsh said, "At Bingham Canyon, last week's pit wall slide will have a significant impact on our copper production this year. A recovery plan is being implemented to minimise the economic impact."
Rio Tinto share of mined and refined copper production in 2013 is currently expected to be approximately 540 thousand tonnes and 205 thousand tonnes, respectively, reflecting less than previously anticipated production at Kennecott Utah Copper, following the slide at Bingham Canyon. The company's previous forecast for Rio Tinto share of mined and refined copper production was about 665 thousand tonnes and 305 thousand tonnes, respectively.
In the first quarter, global iron ore shipments, on a 100 percent basis, were 57.3 million tonnes, 7 percent higher than last year, but 14 percent lower sequentially. Global iron ore production also grew 4 percent from last year to 61.2 million tonnes. Of this, Rio Tinto share was 48.3 million tonnes, a growth of 5.7 percent from last year, reflecting the recent re-rating of Pilbara capacity through debottlenecking and productivity improvements.
At Pilbara, first-quarter sales grew 7 percent to 55 million tonnes, which were lower than production due to interruptions in shipping caused by tropical cyclones in the Pilbara. The operations have swiftly recovered from the cyclone season, and are now running at full capacity of 237 million tonnes per year, the company noted.
At the Iron Ore Company of Canada or IOC, saleable production grew 20 percent following the completion of the Concentrate Expansion Project. There were reports in March that Rio Tinto was planning to sell all or part of its 58.7 percent stake in IOC, which could fetch more than $1.7 billion.
Mined copper production, attributable to Rio Tinto, climbed 26 percent, benefited from a sustained recovery in grades at Kennecott Utah Copper and Escondida.
Rio Tinto's share of aluminum production rose 6 percent with strong growth in Rio Tinto Alcan. Bauxite production at Alcan grew 10 percent, while alumina production was flat.
In the quarter, hard coking coal production in Australia fell 10 percent as coal production at Hail Creek was impacted by lower than expected overburden removal during 2012, as well as wet weather. Semi-soft production climbed 72 percent and Australian thermal coal production increased 19 percent.
In London, Rio Tinto shares are currently trading at 2,968 pence, down 5 pence or 0.17 percent. In Australia, Rio Tinto shares closed today's at A$54.98, down A$0.11 or 0.20 percent.
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