Rio Tinto Sets Production Records in Second Quarter (posted 8/4/08)
Commenting on Rio Tinto’s second quarter 2008 production results, chief executive Tom Albanese said, “Strong results show that we are continuing to expand to meet rapid demand growth in the developing world. We have set quarterly production records for iron ore, mined copper and alumina, thanks to increasing investment in growth projects and a management commitment to deliver more tonnes faster, while maintaining our focus on safety and costs.
“The integration of Alcan is proceeding to plan and the business continues to perform well. I am particularly pleased to see how swiftly our Australian coal operations recovered from the first quarter floods. Chinese GDP is continuing to grow at around 10% per annum, demand is strong while supply remains constrained. Fundamentals, not financial speculation, are driving the record prices we are realizing across aluminum, copper, iron ore and coal, and we see the same trends continuing into the future.”
In the second quarter of 2008, Rio Tinto Alcan’s production levels increased for bauxite (100%), alumina (231%) and aluminum (374%) compared with the second quarter of 2007, reflecting the acquisition of Alcan in the fourth quarter of 2007. On a proforma basis, the respective increases for bauxite, alumina and aluminum were 11%, 9% and 1%.
The second quarter also saw strong performance from the minerals businesses, with borates production up 18% and titanium dioxide feedstocks 10% higher than the second quarter of 2007. Visit www.riotinto.com for additional information.