Rio Tinto share price: Group updates on fourth-quarter production

on Jan 17, 2017
Updated: Oct 21, 2019
Listen

Rio Tinto (LON:RIO) has updated investors on its fourth-quarter production this morning.

**Highlights from the company statement:**
· Pilbara iron ore shipments of 327.6 million tonnes (100 per cent basis) were in line with guidance and three per cent higher than 2015.
· Record bauxite production of 47.7 million tonnes exceeded full year guidance of 47 million tonnes, whilst third party shipments increased to 29.3 million tonnes.
· Aluminium production was ten per cent higher than 2015, with record annual production at ten smelters, notably at the modernised and expanded Kitimat smelter, which has produced at nameplate capacity since April 2016.

· Mined copper production was four per cent higher than 2015 at 523 thousand tonnes. This was below full year guidance, with no metal share delivered from Grasberg and lower than expected production at Kennecott.
· Rio Tinto’s share of hard coking coal production was slightly above the top end of the guidance range due to strong operational performance, while semi-soft coking and thermal coal production of 21.4 million tonnes was in line.

· Titanium dioxide slag production continued to be aligned with market demand with a four per cent reduction on 2015.
· Production and shipments guidance for 2017 remains unchanged from the update given at our London investor seminar on 6 December 2016.
· On 23 November 2016, Rio Tinto announced it had reached an agreement to sell its aluminium assets at Lochaber, Scotland for a consideration totalling $410 million. The sale was finalised on 16 December 2016.
As of 07:04 GMT, Tuesday, 17 January, Rio Tinto plc share price is 3,488.70p.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

0/10
Learn more
Aluminium Mining Stock Market