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Rio Tinto 1Q Copper Production Up 9% YoY; Iron Ore Sales Rise 2% but Miss Forecasts
Rio Tinto, the worlds second-largest mining group, reported its operating performance for the first quarter. On a consolidated basis, copper production increased 9% YoY to 229,000...
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Rio Tinto 1Q Copper Production Up 9% YoY; Iron Ore Sales Rise 2% but Miss Forecasts
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Rio Tinto, the worlds second-largest mining group, reported its operating performance for the first quarter. On a consolidated basis, copper production increased 9% YoY to 229,000 tonnes, benefiting from the ramp-up of the Oyu Tolgoi copper mine in Mongolia. Despite seasonal weather disruptions, iron ore output in Australia also rose.

Driven by global decarbonization efforts and demand from data centers, copper demand has been rising steadily. Production at Escondida in Chile, the worlds largest copper mine, continued to decline due to lower ore grades, but this was offset by operations at Oyu Tolgoi. Over the next few years, Rio Tinto targets annual copper production of 500,000 tonnes from Oyu Tolgoi.

Chief Executive Simon Trott said the expansion of Oyu Tolgoi is progressing as scheduled, while its integrated aluminium business continues to deliver strong performance.

Rio Tintos Australian iron ore production increased in the first quarter, with sales rising 2%, but falling short of market expectations. Two cyclones hit ports during the quarter, affecting shipments. Iron ore output for the first quarter rose 13% YoY to 78.8 million tonnes. The company maintained its full-year Australian sales guidance at between 323 million and 338 million tonnes.

The company said the conflict in Iran since late February has had limited impact on its operations. Rio Tinto consumes approximately 1.6 billion litres of diesel annually, and higher fuel prices have made its cost curve steeper. (da/j)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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