Rio Tinto Q2 Global Iron Ore Shipments Up 8%; Cuts FY View

(RTTNews) - Mining giant Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) reported second quarter global iron ore shipments of 81.4 million tonnes were eight per cent higher than last year. Production of 79.7 million tonnes, a 9 per cent increase year on year.

Quarterly bauxite production was five per cent higher to 10.7 million tons, but said quarterly copper output fell 19 per cent to 134,000 tons.

Rio Tinto now expects 2015 global shipments of 340 million tonnes(100 per cent basis) from its operations in Australia and Canada.

For 2015, Rio Tinto's expected share of production remains unchanged at 43 million tonnes of bauxite, eight million tonnes of alumina and 3.3 million tonnes of aluminium.

Rio Tinto expects its share of mined copper production to be between 500 and 535 thousand tonnes, and refined copper production to be between 190 and 220 thousand tonnes.

For coal, Rio Tinto's share of production is expected to be 18 to 19 million tonnes of thermal coal, 3.0 to 3.4 million tonnes of semi-soft coking coal and 7.1 to 8.1 million tonnes of hard coking coal.

In 2015, Rio Tinto's share of production is expected to be 1.2 million tonnes of titanium dioxide slag (previously 1.3 million tonnes), 0.5 million tonnes of boric oxide equivalent and 20 million carats of diamonds.

Rio Tinto's share of uranium production is expected to be approximately five million pounds (at the lower end of the previous guidance range of five to six million tonnes).