Rio Tinto production hit by Cyclone Stan, but up over the year

Tuesday, 19 Apr 2016 08:51:01 | Stephen Letts

Rio Tinto has invested heavily in technology, such as driverless trucks. (ABC News: Kathryn Diss)

Rio Tinto's March quarter iron ore production dropped 12 per cent from its strong December quarter result, as the effects of January's Cyclone Stan in the Pilbara and seasonal restocking took their toll.

However, shipments were still up 11 per cent over the year, representing increased productivity from big infrastructure investments in Rio's existing mines and ports.

Global iron ore shipments came in at 80.8 million tonnes for the March quarter, which was in line with markets forecasts.

Rio confirmed it was still on track to meet its full-year iron ore guidance of 350 million tonnes, subject to weather conditions.

Rio Tinto chief executive Sam Walsh said the company continued to experience volatility across all its markets during the quarter.

"In the face of a testing external environment, our focus remains on delivering further cost and productivity improvements," Mr Walsh said.

Copper production was up 27 per cent over the quarter due to higher grades coming from its giant Kennecott mine in the US which suffered a massive landslide three years ago.

Aluminium production beat analysts' expectations up 3 per cent over the quarter and 11 per cent for the year on the back of improvements at its Canadian smelting operations.

Production in coking coal - a key ingredient in steelmaking - was up 4 per cent for the quarter, but down 1 per cent year-on-year.

Thermal coal shipments for power generation continued to slide, down 8 per cent in the quarter and 3 per cent over the year, driven by falling demand, poor weather in the Hunter Valley and the ongoing restructuring of Rio's Coal and Allied business.

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Rio Tinto production hit by Cyclone Stan, but up over the year

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