Rio Tinto, the world's second-largest miner, released the latest operating report. In the first quarter, iron ore production increased by 8% year-on-year to 66.4 million tons, down by 6% from the previous quarter, and output by equity amounted to 52.3 million tons, an increase of 8% year-on-year. Iron ore shipments rose 16% year-on-year to 66.7 million tons, but fell 8% sequentially.
The decline in iron ore production in the first quarter from the fourth quarter of last year was mainly due to the disruption of production due to seasonal weather conditions. Due to colder weather than ever, Rio Tinto's Canadian iron ore division was forced to halt its mining operations in the Labrador area, causing production to decline.
The decrease in iron ore shipments from Rio Tinto was mainly due to bad weather. Affected by tropical cyclones at the end of last year, Australia's iron ore ports were closed, resulting in a decline in iron ore shipments. The company said it will use its iron ore inventories to ensure increased shipments and this year it is expected that about 5 million tons of inventory ore will be shipped.
Driven by the increase in productivity and the continuous increase in mine output, Rio Tinto produced 61.40 million tons of iron ore in the first quarter, up 10% year-on-year, and iron ore sales reached 64.2 million tons, up 17% year-on-year. At present, Rio Tinto is in the process of expanding its annual processing capacity for ports, railways, and power infrastructure to 360 million tons, which is expected to be completed by the end of the first half of 2015.
Rio Tinto also said that it is working hard to achieve its annual production target of 290 million tons of iron ore by the end of the first half of this year, and to maintain the target of 295 million tons of 2014 (according to 100% of shares).
Benefiting from the higher grade of the KennecottUtah copper mine and the increased output of Mongolia's Oyu Tologoi copper mine, Rio Tinto’s copper production increased by 17% year-on-year in the first quarter, which was enough to offset the impact of the company’s copper stripping last year.
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