The latest results from Rio Tinto for half year ending June 2012 showed a significant decline in the refined Copper production. The Copper group's underlying earnings of $556 million were 55% lower than 2011 first half. This was due to lower prices and lower volumes from a temporary reduction in copper at Kennecott Utah Copper and no metal share from Grasberg, lower prices and an increase in evaluation expenditure.
The refined Copper production was 123400 tonnes in Jan-June 2012 that was down 33% from 185100 tonnes in Jan-June 2011. Production of mined Copper was lower by 8% to 252900 tonnes in first half of this year compared to 273400 tonnes in first half of 2011.
At Escondida, mine production of copper increased 29% compared with 2011 first half, due to higher copper grades and an increase in ore delivered to the concentrator attributable to improved material handling.
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