Eyes on Rio Tinto ahead of quarterly numbers

GLOBAL miner Rio Tinto Ltd is expected to report lower annual copper, gold and uranium output when it releases its fourth quarter production numbers today.

In a recent note to clients, Graphite Crusher Bell Potter Securities said Rio Tinto had guided that copper production would fall to about 660,000 tonnes in 2010, down 18 per cent on the prior year.

Gold production would likely fall 34 per cent year-on-year, while the amount of uranium mined would likely fall 21 per cent, Bell Potter estimated.

Iron ore production is expected to rise to 234 million tonnes, up 4.3 per cent, and aluminium production has been forecast to be flat, at 3.8 million tonnes.

Rio Tinto subsidiaries Energy Resources Australia Ltd (ERA) and Coal & Allied Ltd had already reported their output, with ERA falling short of production guidance.

Rio's annual hard coking coal production will likely come in at 9.24 million tonnes, up 24 per cent on 2009, according to the research note, and alumina production is forecast to rise 5 per cent.

Despite Gravel Crusher the production drops in some commodities, a surge in copper prices during the second half of 2010 should help boost Rio's underlying earnings to an estimated $US14.435 billion Bell Potter said, up from $US6.298 billion in 2009.

The new earnings figure was higher than earlier estimates.

Rio Tinto is due to reveal its full year results for 2010 on February 10.

At 0809 AWST, Rio shares were down 16c to $85.72.