real-time news and commentary for investors
Tuesday, Oct 15
Rio's Q3 iron ore output hits record
- Rio Tinto's (RIO) iron ore production rose to a record 53.4M metric tons in Q3 from 52.6M tons a year earlier and slightly edged consensus of 53.3M tons.
- Iron ore prices are on a bull run - climbing 12% in Q3 to $132.55 a ton - as Chinese users replenish shrunken stockpiles.
- Copper output increased 23% to 162,300 tons vs expectations of 139,000 tons. Rio upped its 2013 forecast by 4.4% from a previous projection of 590,000 tons.
- Refined copper -2% to 68,300 tons, although Rio raised its 2013 forecast forecast for the product by 17% to 270,000 tons. (PR)
- Rio might have to amass large amounts of copper concentrate at its new $6B Oyu Tolgoi mine in Mongolia, as Chinese buyers are in a long-running customs dispute with their government.
- Rio shares +2.5% in Sydney.