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Markets News

UPDATE 1-Rio Tinto cuts 2020 refined copper outlook on smelter restart delay in Utah mine

(Adds details on delays, background)

Aug 19 (Reuters) - Rio Tinto on Wednesday cut its refined copper outlook for fiscal 2020, citing a delay in restarting a smelter at its mine in the U.S. state of Utah.

The Anglo-Australian miner said the delays in restarting the smelter at its Kennecott mine were due to planned maintenance and expected it to be running in two months.

Full-year refined copper production is now expected to be between 135,000 tonnes and 175,000 tonnes, lower than its previous range of 165,000 tonnes to 205,000 tonnes.

Rio Tinto reported a better-than-expected first-half profit last month, boosted by firm prices for iron ore and higher output as Chinese demand for the steel-making ingredient recovered from a coronavirus hit. (Reporting By Rushil Dutta in Bengaluru; Editing by Devika Syamnath and Shounak Dasgupta)

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