RIO » Topics » Copper

This excerpt taken from the RIO 20-F filed Apr 28, 2009.
Copper – Vale Inco Ltd., Vale’s wholly-owned subsidiary, makes use of hedging to protect the price mismatch between the date of copper scrap purchase and the date of selling the finished good.
 
This excerpt taken from the RIO 20-F filed May 16, 2007.
Copper
 
We had outstanding put option contracts, giving us the right, but not the obligation, to sell copper, and sold call option contracts, giving the buyer the right, but not the obligation, to purchase copper, during the period extending to 2008.
 
This excerpt taken from the RIO 6-K filed Nov 13, 2006.

Copper

Gross revenues from sales of copper concentrate increased by 129.2% to US$ 596 million in the first nine months of 2006 compared with US$ 260 million in the first nine months of 2005. The average selling price increased 122.2% primarily reflecting higher copper prices, which continue to post record levels. The output from our Sossego copper mine in the first nine months of 2006 was 3.1% higher than in the same period in 2005. Although operational problems occurred in the ball mill at the benefication plant in the first quarter of 2006, they were resolved by the end of February 2006. In the second quarter of 2006 Sossego´s production returned to normal levels.

This excerpt taken from the RIO 6-K filed Dec 30, 2005.

Copper

Copper production at CVRD started in June 2004. Gross revenues from sales of copper increased by 176.6% to US$ 260 million in the first nine months of 2005 compared with US$ 94 million in the first nine months of 2004. The revenue increase primarily reflects the fact that our nine month numbers from 2004 only reflect four months of copper production as opposed to a full nine months of production in 2005. The output from our Sossego copper mine in the first nine months of 2005 was lower than initially expected due to delays in receiving replacement drilling equipment needed to address harder than expected rock conditions. We expect the drilling equipment to be operating by the first quarter of 2006. Gross revenues in the first nine months of 2005 were also positively impacted by copper prices, which continue to post record levels,

 

 

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reflecting strong Chinese demand, a slowdown in the increase in smelter production and lower levels of reported inventories.

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