| What Led to a Copper Production Beat for Rio Tinto in 1Q15? | |
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Rio Tinto's 1Q15 Production: Some Beats, Some Misses (Part 3 of 5) (Continued from Part 2) Copper production – a beat
Rio Tinto’s (RIO) copper production was 12% higher than 4Q14, driven by higher throughput at Kennecott and Escondida. Lower grades at Kennecott were the primary driver of the 9% decline compared to 1Q14. Now we’ll take a look at Rio’s copper production profile in detail.
- Kennecott Utah Copper: Copper production for 1Q15 was significantly lower at 26.6 thousand tons compared to 1Q14. This was mainly due to lower grades and the current focus on deweighting and dewatering the east wall of Bingham Canyon. Quarter-over-quarter, however, copper production increased by 30% as production in 4Q14 was impacted by a scheduled smelter maintenance shutdown.
- Escondida: Copper production at Escondida rebounded 35% compared to 1Q14 mainly due to higher grades. Copper production came in at 106.2 thousand tons. This, combined with higher throughput, contributed to a 20% increase in tonnage compared to the previous quarter.
- Oyu Tolgoi/Turquoise Hill Resources: 1Q15 production was 33% lower than the previous quarter due to lower grades and a scheduled major maintenance shutdown.
- Grasberg: Rio Tinto doesn’t expect 2015 production to exceed the metal attributable to Freeport-McMoRan Inc. (FCX). Thus, it expects its share of joint venture production to be zero during the year. Freeport is due to announce its first quarter results on April 23, 2015.
Teck Resources (TCK) reported its first quarter results on April 21. Southern Copper (SCCO) is expected to report in late April. FCX forms 3.8% of the SPDR Metals and Mining ETF (XME), which invests in the diversified metals and mining companies.
Rio maintains previous guidance
As Rio previously announced, the company expects its share of mined copper production to be between 500 and 535 thousand tons and refined copper production to be between 190 and 220 thousand tons.
Continue to Part 4 Browse this series on Market Realist:
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 69.9 billions as of today (€ 65.2 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 24, 2024 at US$ 48.24. Freeport McMoran has 1 448 000 000 shares outstanding. |