Rio Tinto Q2 Iron Ore Production Rises

(RTTNews) - Anglo-Australian mining giant Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF) said that Pilbara iron ore production for the second-quarter increased 8 percent, while shipments rose 6 percent.

Rio Tinto, the world's second-largest iron-ore producer, said its Pilbara iron ore production for the second quarter increased 8 percent to 80.9 million tons. Pilbara iron ore shipments rose 6 percent to 82.2 million tons.

Rio Tinto chief executive J-S Jacques said "Rio Tinto has delivered another robust quarter of operational performance. We continue to focus on value and maximising cash flow from our assets, through both commercial and operational excellence while maintaining capital discipline. This will ensure that Rio Tinto is well-positioned to generate compelling and consistent returns for our shareholders."

Bauxite production was nine per cent higher than the first half of 2015. This enabled a five per cent increase in third party sales over the first half of 2015. First half aluminium production was ten per cent higher than the same period in 2015, with the modernised and expanded Kitimat smelter delivering its first full quarter at nameplate capacity.

Mined copper was in line with the first half of 2015 as strong performances at both Rio Tinto Kennecott and Oyu Tolgoi, as well as a contribution from Grasberg, offset a weaker performance from Escondida.

Rio Tinto's expected Pilbara iron ore shipments in 2016 are around 330 million tonnes (100 per cent basis), subject to weather conditions.

As announced in the first quarter, the delay in AutoHaul means production from the Pilbara is expected to be between 330 and 340 million tonnes in 2017, subject to final productivity and capital expenditure plans.

Rio Tinto's expected share of production remains unchanged at 45 million tonnes of bauxite, 7.8 million tonnes of alumina and 3.6million tonnes of aluminium.