Rio Tinto 3Q Copper Production Falls 57% After Kennecott Setbacks -- Update

   By Stuart Condie 
 

SYDNEY--Rio Tinto PLC maintained its downgraded guidance for refined copper production after a 57% fall in third-quarter output following setbacks at its Kennecott mine in Utah.

The miner on Friday said it produced 129,600 metric tons of mined copper in the three months through September, down 18% from a year earlier. Refined copper production dropped to 24,800 metric tons from 57,100 metric tons in 3Q of fiscal 2019 after delays restarting the Kennecott smelter, the company said in a filing to the Australian Securities Exchange.

Rio Tinto said it still expected to produce between 135,000 and 175,000 metric tons of refined copper in the 12 months through December, in line with August's downgrade from earlier guidance of 165,000-205,000 tons.

The miner maintained its annual iron ore production guidance despite a 1% fall in third-quarter output of the steelmaking ingredient to 86.4 million metric tons.

Rio Tinto also said initial production from its planned Winu Copper-Gold Project in Western Australia could be delayed due to talks with traditional land owners. The company said discussions had restarted after coronavirus restrictions eased, but that engagement is likely to last longer than originally forecast, which may push first production past the current target of 2023.

Chief Executive Jean-Sébastien Jacques is set to leave the miner within months, forced out amid outcry after Rio Tinto destroyed two ancient rock shelters on traditional land at Juukan Gorge in Australia in May.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

October 15, 2020 18:32 ET (22:32 GMT)

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