Rio Tinto reports latest coal product results
Published by Harleigh Hobbs,
Rio Tinto has released its 2Q17 production results.
Hard coking coal production in the quarter was 14% below the same quarter in 2016. Rio reported this was due to the impact of Cyclone Debbie on Hail Creek, where pit access was restricted by water.
Second quarter semi-soft coking coal production was 31% lower than the same quarter of 2016, reflecting mine production sequencing changes at Hunter Valley operations and Mount Thorley Warkworth following lower market demand for semi-soft coking coal.
Thermal coal production was 15% higher than the same quarter of 2016, due to mine sequencing at Hunter Valley operations as well as an increased focus on thermal coal production at Hail Creek as a result of Cyclone Debbie.
On 26 June 2017, Rio Tinto confirmed Yancoal Australia as its preferred buyer of Coal & Allied, given its level of completion certainty and a further improved offer of AUS$2.69 billion. The transaction was approved by Rio Tinto shareholders at general meetings of Rio Tinto plc and Rio Tinto Ltd on 27 and 29 June 2017, respectively. The assets are being treated as held for sale from 1 February 2017, from which time no depreciation or amortisation is being recorded. The transaction is expected to complete in the third quarter of 2017.
Rio Tinto CEO J-S Jacques said: “This was a solid quarter for production, including record output at our bauxite operations. Iron ore production was in line with last year, although iron ore shipments were impacted by an acceleration in our rail maintenance programme following poor weather in the first quarter. We believe our focus on capital discipline, maximising cash flow from operations, driving productivity and portfolio shaping will continue to support the delivery of strong cash generation and shareholder returns.”
Read the article online at: https://www.worldcoal.com/coal/18072017/rio-tinto-reports-latest-coal-product-results/
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