Commodity Online
NEW DELHI: Even as China is gobbling up copper like never before, the global production of the metal seems to be on an upswing with major companies revving up output.

In a latest announcement, mining major Rion Tinto has said that mined copper production climbed up nine per cent in the first quarter of this year as compared to the first quarter of 2008. This was made possible following significant recovery in copper grades at Kennecott Utah Copper and Grasberg, partly offset by a further decline in copper grades and continued operational difficulties at Escondida.

Again, refined copper production was up 33 per cent on the first quarter of 2008 resulting from improved performance and higher concentrate grades at Kennecott Utah Copper and higher throughput at Escondida.



Uranium production was steady at 3.4 million pounds. Minerals production contracted in line with market demand with borates and titanium dioxide feedstock down 27 per cent and nine per cent, respectively.

During the first quarter, Rio Tinto announced divestments totalling $2.5 billion, including $850 million for the undeveloped potash assets in Argentina and Canada, $750 million for the Corumbá iron ore operation in Brazil, $761 million for the Jacobs Ranch coal mine in the United States and $125 million for the Ningxia aluminium smelter in China. The Corumbá and Jacobs Ranch divestments remain subject to regulatory approval.

The group’s financial position is consistent with the fourth quarter with no significant movement in net debt.

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