09 AUGUST 2011steelguru
Rio Tinto updates aluminum production on H1 2011
Edited by : AL CIRCLE
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Rio Tinto updates aluminum production on H1 2011.
The Aluminum group’s underlying earnings of USD 379 million were 4% higher than H1 2010. This was principally as a result of higher exchange traded aluminum prices which increased earnings by USD 661 million compared with H1 2010. This was partly offset by adverse currency movements of USD 305 million mainly from the strengthening of the Canadian and Australian dollars against the US dollar. Higher costs from increased input prices and adverse weather impacts also reduced earnings. Abnormally heavy rains in Australia between December 2010 and April 2011 lowered underlying earnings by approximately USD 130 million due to lost alumina tonnage and higher costs in mining, refining and power generation, with a smaller impact expected to continue into the second half of 2011.
The Aluminum group’s underlying earnings of USD 379 million were 4% higher than H1 2010. This was principally as a result of higher exchange traded aluminum prices which increased earnings by USD 661 million compared with H1 2010. This was partly offset by adverse currency movements of USD 305 million mainly from the strengthening of the Canadian and Australian dollars against the US dollar. Higher costs from increased input prices and adverse weather impacts also reduced earnings. Abnormally heavy rains in Australia between December 2010 and April 2011 lowered underlying earnings by approximately USD 130 million due to lost alumina tonnage and higher costs in mining, refining and power generation, with a smaller impact expected to continue into the second half of 2011.
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