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The Rio Tinto Limited (ASX: RIO) share price has dropped 4% after releasing its FY22 second quarter production results.

The S&P/ASX 200 (ASX: XJO) is one of the world’s biggest miners. It produces a number of different commodities including iron ore, bauxite, aluminium, copper and titanium dioxide slag.

This chart compares the iShares S&P/ASX 200 (ASX: STW) share price against the Rio Tinto share price over the last six months.

Compared to the second quarter in 2021, iron ore shipments rose 5% to 79.9mt, while production rose 4% to 78.6mt.

Bauxite production for the quarter was 14.1mt, an increase of 3% year on year.

Aluminium production dropped 10% year on year to 731kt. Rio Tinto explained that there was reduced capacity at its Kitimat smelter in British Columbia after a strike, but there was a controlled restart that began at the end of the second quarter of 2022. There will be a ramp-up over the next 12 months. Guidance was lowered to 3mt to 3.1mt, a reduction from 3.1mt to 3.2mt.

Mined copper production improved by 9% year on year to 126kt.

Titanium dioxide slag production dropped 2% to 293kt.

Iron Ore Company of Canada’s iron ore pellets and concentrate saw production drop 4% to 2.6mt.

Rio Tinto reported that there would be a profit hit because of inflation.

Inflation has increased its closure liabilities, with an impact to underlying earnings. In the first half of 2022, this resulted in increased charges of approximately $400 million pre-tax within its underlying earnings compared to the first half of 2021, including a $300 million increase in amortisation.

However, iron ore production guidance was unchanged.

Rio Tinto noted that Gudai Darri delivered its first iron ore from the main plant in June. Full capacity is expected to be reached in 2023. It has an expected life of more than 40 years and an annual capacity of 43 million tonnes. It will underpin future production.

In May, it announced that it had agreed to amend the funding plan with Turquoise Hill Resources in order to provide liquidity of up to $400 million in short-term early advances, will the special committee evaluates its C$34 per share offer to buy the 49% that Rio Tinto doesn’t already own.

Costs are mounting and revenue potential is dropping with lower commodity prices.

However, when it comes to resource businesses, I think times of uncertainty with lower resource prices are the best times to buy. So, I think the current period could be a time to look at the Rio Tinto share price for the long-term.

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