Thursday, July 15, 2010

Rio Tinto (NYSE:RTP) Production Drops in Second Quarter

Production for Rio Tinto (NYSE:RTP) for the second quarter was down for several key raw materials, including iron ore, copper, gold and molybdenum.

Rio CEO Tom Albanese attempted to shrug off the lower production, saying this, “2010 continues to shape up well for Rio Tinto and we are driving our operations at close to capacity. Markets for most of our products are strong and the overall long-term demand outlook is positive.”

Albanese did admit though that it probably will be very volatile going forward, and that pattern should continue.

Iron ore production dropped from 44.6 million tons in the second quarter of 2009 to 43.6 million metric tons this year. Last in iron ore accounted for about 28 percent of Rio's overall revenue.

Copper production was down 19 percent from last year, while gold production plunged 34 percent.

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