Industrial Metals

Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) released its Q4 2015 operations review, with Chief Executive Sam Walsh commenting that the company met its production targets across all of its major products.

Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) released its Q4 2015 operations review, with Chief Executive Sam Walsh commenting that the company met its production targets across all of its major products.
Highlights include:

  • Global iron ore shipments were in line with 2015 full year guidance of around 340 million tonnes (100 per cent basis). The strong second half performance was achieved following completion of the brownfield developments and expanded infrastructure in the Pilbara, enabling a drawdown of inventories, as well as improvements at Iron Ore Company of Canada.
  • Global iron ore production in 2016 is expected to be around 350 million tonnes (100 per cent basis).
  • Continued strong performance in bauxite exceeded full year guidance of 43 million tonnes, with record third party shipments of 26.6 million tonnes.  Aluminium production was in line with 2014, with record annual production at nine smelters offsetting lower production from Kitimat as the modernised and expanded smelter was commissioned.
  • Mined copper production was in line with full year guidance of 510 thousand tonnes as de-weighting and de-watering activities at Kennecott resulted in lower production in 2015, which was partly offset by a 36 per cent increase in production at Oyu Tolgoi from higher grades and throughput. Production is expected to increase in 2016, with higher production at Kennecott and an expected share of joint venture production at Grasberg.
  • Rio Tinto’s share of hard coking and thermal coal production was in line with 2015 guidance, while semi-soft coking coal production was seven per cent above the top end of the guidance range due to mine sequencing.
  • Diamonds & Minerals continues to optimise production to align with market demand, reflected in a 25 per cent reduction in titanium dioxide slag production compared to 2014, in line with guidance.

Click here to read the full Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) press release.

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