Rio Tinto 4Q15 coal results finish up

Rio Tinto has released solid 4Q15 coal production results.

The company’s share of hard coking and thermal coal production was in line with 2015 guidance, while semi-soft coking coal production was 7% above the top end of the guidance range.

Hard coking coal production finished 11% higher than 2014 following improved production rates at Kestrel. Fourth quarter tonnage saw a 16% increase compared to the same quarter of 2014 due to the longwall changeover at Kestrel in 2014.

Semi-soft coking coal production was 14% higher than 2014, and 9% higher in the fourth quarter than in the same quarter of 2014. This is reported to be a reflection of mine production sequencing at Hunter Valley operations.

Rio indicated thermal coal production was broadly in line with 2014. Fourth quarter production came in at 9% higher than in the same quarter of 2014, due to increased production at Hail Creek.

Rio Tinto CEO Sam Walsh stated: “Against a challenging market backdrop for the industry, Rio Tinto remains focused on operating and commercial excellence to leverage the low-cost position of our Tier 1 asset base. In 2015, we delivered efficient production, meeting our targets across all of our major products, while rigorously controlling our cost base. We will continue to focus on disciplined management of costs and capital to maximise cash flow generation throughout 2016.”

Edited from press release by Harleigh Hobbs

Read the article online at: https://www.worldcoal.com/coal/19012016/rio-tinto-4q15-coal-results-finish-up-66/