报告名称：Rio Tinto Alert(RIO.AX)1Q16 production preview
报告类型：海外市场
报告日期：2016-04-18
研究机构：德意志银行
页数：1
简介：Expecting a seasonal drop in Cu Eq production
RIO will release its 1Q16 production report on Tuesday 19th January (at 0830AEST, 2330 GMT). We forecast a slight 1% QoQ fall in Cu Eq production,driven by a seasonally weaker weather impacted quarter from Weipa (bauxite -1% QoQ) and the Pilbara (flat production, -6% QoQ sales as suggested byweekly port data), and lower coal volumes (-14% QoQ) due to i) the sale ofBengalla and ii) rain in the Hunter Valley. Both copper and TiO2 production isexpected to rebound strongly from weak Dec Q output and should help offsetthe bulks. We expect Rio to note the seasonality of its March Q output(particularly iron ore and bauxite exports) and reiterate full year guidance (ironore 350Mt, copper 575-625kt) across the board. Further commentary onproject approvals is unlikely with this result however we note that the OyuTolgoi underground project is expected to be approved in 2Q16.
Key production forecasts (see Figure 1 below)
Iron ore: global production -1% QoQ to 86.6Mt (100%), volume ramp-upslowed by Pilbara wet season. Copper: +19% to 133kt based on improvementsat Escondida and Bingham Canyon and attributable metal from Grasberg. Coal:-14% to 6.8Mt. TiO2: +19% on increased slag volumes from RBM. Aluminium:+2% via continued ramp-up of the new Kitimat smelter. Alumina: -2% QoQfollowing a strong Dec Q from Yarwun. Bauxite: -1% with lower Weipa outputto be countered by an increase in production from Gove.

下载地址：Rio Tinto Alert(RIO.AX)1Q16 production preview