Rio Tinto Group’s copper production remained steady in the third quarter as a strong performance at its Oyu Tolgoi mine in Mongolia offset declines elsewhere, while shipments of iron ore rose marginally. Copper, which accounted for over a third of the miner’s earnings in the first half of the year, is a vital part of the group’s plans to capitalize on soaring electrification demand from the energy transition and data centers. Production for the three months ending in September was 205,000 tons of the red metal.
Sales of key steelmaking ingredient iron ore remained Rio’s biggest source of earnings and rose 3% from a year earlier to 90.8 million tons, as the company ramps up output at its joint venture Simandou project in Guinea.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing