SMM: global miner Rio Tinto (Rio Tinto) said on Friday that it had cut its target for mineral copper production to 47.5-520000 tons in 2020, up from a previous estimate of 53-570000 tons.
The company said it expected refined copper production to be between 16.5 and 205000 tons in 2020.
Rio Tinto said it expected capital expenditure to be between $50 and $6 billion in 2020, with capital spending originally scheduled for this year likely to continue into 2021 and 2022.
Rio Tinto said demand in China continued to recover, but there was more uncertainty about the outlook for the rest of the world affected by the new crown virus.
Rio Tinto said all large projects made good progress in the first quarter, but are now affected by the new crown virus, including government restrictions, and could affect the original schedule of the underground project at the (OYU TOLGOI) copper and gold mine in Oyu Tolgoi.
Rio Tinto said it produced 783000 tonnes of aluminium in the first quarter, compared with 796000 tonnes a year earlier.
Rio Tinto still forecasts alumina production of 7.8 million to 8.2 million tons for the year and 2.01 million tons in the first quarter.
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