Rio Tinto 3Q Copper Production Falls 57% After Kennecott Setbacks -- Update
October 15 2020 - 6:47PM
Dow Jones News
By Stuart Condie
SYDNEY--Rio Tinto PLC maintained its downgraded guidance for
refined copper production after a 57% fall in third-quarter output
following setbacks at its Kennecott mine in Utah.
The miner on Friday said it produced 129,600 metric tons of
mined copper in the three months through September, down 18% from a
year earlier. Refined copper production dropped to 24,800 metric
tons from 57,100 metric tons in 3Q of fiscal 2019 after delays
restarting the Kennecott smelter, the company said in a filing to
the Australian Securities Exchange.
Rio Tinto said it still expected to produce between 135,000 and
175,000 metric tons of refined copper in the 12 months through
December, in line with August's downgrade from earlier guidance of
165,000-205,000 tons.
The miner maintained its annual iron ore production guidance
despite a 1% fall in third-quarter output of the steelmaking
ingredient to 86.4 million metric tons.
Rio Tinto also said initial production from its planned Winu
Copper-Gold Project in Western Australia could be delayed due to
talks with traditional land owners. The company said discussions
had restarted after coronavirus restrictions eased, but that
engagement is likely to last longer than originally forecast, which
may push first production past the current target of 2023.
Chief Executive Jean-Sébastien Jacques is set to leave the miner
within months, forced out amid outcry after Rio Tinto destroyed two
ancient rock shelters on traditional land at Juukan Gorge in
Australia in May.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
October 15, 2020 18:32 ET (22:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Sep 2023 to Sep 2024