Rio Tinto Ltd Improving production performance
Improving production performance:Rio Tinto Ltd (ASX: RIO) had witnessed challenging weather conditions at its West Australian and Queensland operations, but was able to post a solid production in the first quarter of 2017. Pilbara iron ore shipments were of the order of 76.7 million tonnes in the first quarter (100 per cent basis). Even, mined copper production was 29% higher than the first quarter of 2016. The group had earlier reported a revenue de-growth at 12.9% CAGR over FY11-15 due to significant impact of reduced commodity prices globally and deterioration in key metal-intensive sectors in China. However, the company delivered strong operating performance; and over the past three years, RIO has significantly reduced costs while reducing capital expenditure, working capital and strengthening its product portfolio. Further, these cost-effective initiatives led to return of over USD13bn of cash to shareholders during the same period..
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