Rio Tinto going flat out

14th Oct 2010 07:02

The third quarter was more of the same for mining giant Rio Tinto with operations running at or close to capacity."This quarter we achieved record production in iron ore, alumina and coking coal," said chief executive Tom Albanese.Mined copper and gold were down 19% and 33% respectively on third quarter 2009 levels, however, primarily due to lower grades at the Grasberg mine. Refined copper and gold were up 6% and 46% respectively on the third quarter of 2009 reflecting greater efficiencies at the Kennecott Utah Copper smelter.Rio Tinto approved capital projects totalling $4.2bn during the third quarter, including $1.3bn for the Pilbara iron ore expansions, $0.8bn for the completion of the Argyle Diamonds underground mine and $1.6bn for the development of the Hope Downs 4 iron ore mine in the Pilbara.Capital expenditure for the second half of 2010 through to the end of 2011 is anticipated to be roughly $13bn, subject to stable investment conditions.Rio Tinto's global iron ore operations are expected to remain producing at close to nameplate capacity for the remainder of the year. 2010 production is expected to be about 234m million tonnes, of which about 179m tonnes is attributable to the company.