Share Name Share Symbol Market Type Share ISIN Share Description
Rio Tinto Plc LSE:RIO London Ordinary Share GB0007188757 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  29.00 0.73% 4,028.00 4,036.50 4,037.50 4,040.50 3,970.00 3,991.00 1,879,609 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 31,775.7 14,245.8 622.0 6.5 52,545

Commodity Comment: Rio Tinto Forecasts Lower Copper Production and Iron-Ore Shipments

16/07/2019 1:18pm

Dow Jones News

Rio Tinto (LSE:RIO)
Historical Stock Chart

6 Months : From Apr 2019 to Oct 2019

Click Here for more Rio Tinto Charts.

By Joe Wallace


Rio Tinto PLC (RIO) Chief Executive Jean-Sebastien Jacques said the mining company had experienced a challenging quarter as it released second-quarter production figures on Tuesday. Here are some of highlights from the report.



Rio Tinto's output of mined copper fell 13% from a year earlier to 137,000 tons, reflecting worsening ore quality at Escondida in Chile and Kennecott in Utah. For 2019 as a whole, Rio Tinto expects to produce between 550,000 and 600,000 tons, down from 633,500 tons in 2018.

Work on an underground mine at the Oyu Tolgoi operation in Mongolia could take to 30 months longer than previously planned, Rio said in a separate statement. The first sustainable production could take place between May 2022 and June 2023, likely exacerbating a global shortage of copper.


Iron Ore

Iron-ore production continued to be affected by cyclone damage to operations in Australia. Production at Rio's Pilbara operations fell 7% from a year earlier to 79.7 million tons in the second quarter, and shipments fell 3% to 85.4 million tons. Rio has cut its forecast for shipments this year to between 320 million-330 million tons, which would represent a small decline from the 338.2 million tons shipped in 2018. This guidance could change again depending on the weather, it said.



Bauxite production was 1% higher than in the second quarter of 2018 at 13.4 million tons as the Amrun mine in Queensland ramped up production. Aluminum production was almost unchanged at 800,000 tons, weighed down by a dispute between management and unions at the Becancour smelter that has now been resolved. Rio expects production to restart at the end of July and for the smelter to be running at full capacity by mid-2020.


Write to Joe Wallace at


(END) Dow Jones Newswires

July 16, 2019 08:03 ET (12:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

1 Year Rio Tinto Chart

1 Year Rio Tinto Chart

1 Month Rio Tinto Chart

1 Month Rio Tinto Chart
Your Recent History
Rio Tinto
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20191023 03:21:26