Rio Tinto 3Q Copper Production Falls 57% After Kennecott Setbacks
October 15 2020 - 6:40PM
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.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
October 15, 2020 18:25 ET (22:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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