Rio sets iron ore sales record
Rio Tinto Limited (RIO) has rebounded from the uncertainty a year ago, selling 61 million tonnes of iron ore for the fourth quarter of 2009. The result was 49% higher than the fourth quarter of 2008, and propelled the Aussie miner to an annual production record of 217 million tonnes, 13% higher than 2008.
Rio Tinto reported that 56 million tonnes of iron ore, or 92% of global production, came from the Pilbara region of Western Australia.
Iron ore wasn’t the only metal to record large jumps in the amount mined, with Rio Tinto mining 36% more copper than Q4 2008, while refined copper leapt 15% due predominantly to improved efficiencies Kennecott Utah Copper.
Gold production soared 141% from 2008 levels on the back of higher grades at Kennecott Utah Copper and Grasberg.
Some mines in Rio Tinto’s produced less however. As Egoli reported yesterday Rio Tinto owned Energy Resources Australia produced 30% less uranium oxide.
Meanwhile, thermal coal production was slightly higher, while hard coking coal was down 2% in the December quarter from a year ago.
Diamond production was also down over 33% as the miner slashed production in the face of a slump in demand flowing on from the GFC.
The miner also updated the market on its divestment program, initiated in 2008 in response to burgeoning debt following the purchase of aluminium producer Alcan.
Rio Tinto off-loaded US$7.2 billion in assets during 2009, bringing its total asset sales to US$10.3 billion since February 2008.
At 1536 AEDT, Rio Tinto shares were up $2.10 to $79.22.
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