| 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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VanEck Vectors Global Alternative Energy ETF
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PRODUCTEUR |
CODE : FCX |
ISIN : US35671D8570 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Freeport McMoran est une société de production minière de cuivre et d'or basée aux Etats-Unis D'Amerique. Freeport McMoran est productrice de cuivre, d'or, d'argent, de cobalt et de molybdène au Chili, au Perou, en Indonesie et en Republique Democratique Du Congo, en développement de projets de cuivre au Perou, et détient divers projets d'exploration au Chili. Ses principaux projets en production sont CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI et MORENCI - ROM LEACH au Chili, GRASBERG, SIERRITA et BAGDAD en Indonesie, TENKE FUNGURUME et TYRONE en Republique Democratique Du Congo et CERRO VERDE au Perou, son principal projet en développement est SAFFORD au Perou et ses principaux projets en exploration sont BAGDAD - ROM LEACH et CHINO - ROM LEACH au Perou et CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH et CLIMAX au Chili. Freeport McMoran est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 2,1 milliards (1,9 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 , et son plus haut niveau récent le 18 septembre 2024 à 43,92 . Freeport McMoran possède 47 442 200 actions en circulation. |