Rio Tinto plc
) delivered strong production volumes for the first quarter of
2014, recording a year-over-year increase in most of the
commodities, with the exception of titanium dioxide feedstock,
uranium and semi-soft coking coal.
The company's Pilbara operation is set to reach a level of 290
million tons per annum by the first half of 2014. The operations
reported record production and shipments of iron ore in the
quarter. Rio Tinto overcame the disruptions caused by cyclone
Christine at 2013-end and the recovery of the railway tracks and
ports. The company expects to produce roughly 295 million tons of
iron ore from its operations in Australia and Canada.
Copper production increased 17% year over year to 156,500 tons
in the reported quarter. The company is expected to produce
roughly 570,000 tons of mined copper and 260,000 tons of refined
copper in 2014.
Bauxite production set a record high of roughly 10 million
tons, increasing 5% year over year. Alumina production increased
9% year over year to roughly 2.4 million tons in the reported
quarter. Rio Tinto expects to produce 41 million tons, 8 million
tons and 3.4 million tons of bauxite, alumina and aluminium,
respectively, in 2014.
In April this year, the company announced to gift, its stake
in the Northern Dynasty Minerals Ltd. to two Alaskan charitable
Other Stocks to Consider
With a market capitalization of $105.1 billion, Rio Tinto has
a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry
General Moly, Inc.
Golden Minerals Company
Platinum Group Metals Ltd.
). While General Moly sports a Zacks Rank #1 (Strong Buy), Golden
Minerals and Platinum Group Metals carry a Zacks Rank #2
GOLDEN MINERALS (AUMN): Free Stock Analysis
GENERAL MOLY IN (GMO): Free Stock Analysis
PLATINUM GROUP (PLG): Free Stock Analysis
RIO TINTO-ADR (RIO): Free Stock Analysis
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