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Rio Tinto production in line or above guidance

Staff writer ▼ | January 19, 2016
Rio Tinto released fourth quarter production results. Global iron ore shipments were in line with 2015 full year guidance of around 340 million tonnes (100 percent basis).
Rio Tinto
Mining   The strong second half performance
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 percent 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 percent 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 percent above the top end of the guidance range due to mine sequencing.