Rio Tinto’s coal businesses reported new earnings of US$25 million on revenues of just under US$1.5 billion for the first half of 2015, the company has reported in its latest set of results. This compares with net earnings of US$64 million and revenues of just over US$2 billion in 2014.
Hard coking coal production was 13% higher than 1H14 as a result of improved production rates at Kestral, which continues to ramp up towards nameplate longwall capacity of around 6 million tpa.
Semi-soft coking coal production was 5% higher, while thermal coal production was in line with last year as increased tonnage at Hail Creek offset the impact of bad weather in the Hunter Valley.
Overall, the company announced earnings of US$2.9 billion for the first six months of the year – a 43% drop on last year’s earnings of US$5.1 billion despite achieving cost savings of US$641 million.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/06082015/rio-tinto-coal-businesses-make-us25-million-in-1h15-2690/