BASE METALS

Rio cuts copper guidance

RIO Tinto has cut its full-year copper guidance due to issues at its Kennecott mine in Utah.

Staff reporter
Rio cuts copper guidance

Group 2020 copper production has been cut to 135,000-175,000 tonnes from 165,000-205,000t.

Rio expects C1 copper unit costs of $1.20-1.35 per pound.

The company experienced delays to the restart of the Kennecott smelter due to unexpected issues that appeared following planned maintenance.

Repairs to the flash converting furnace were aligned to the planned 45-day smelter shutdown.

In March, Kennecott was impacted by a 5.7 magnitude earthquake, which led to a $100 million charge in Rio's half-year results and a $12 million net loss for the asset.

Rio said it was working closely with its customers to limit any disruptions and expects to have the smelter fully operational in two months.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.