Rio Tinto cuts iron ore shipment guidance
Rio Tinto
5,044.00p
16:39 08/10/24
Rio Tinto cut full-year iron ore shipment guidance after volumes in the second quarter were lower than expected due to rail maintenance and poor weather.
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The miner said iron ore shipments would be around 330m tonnes against previous estimates of 330m-340m.
Second quarter Pilbara iron ore shipments fell 6% to 77.7m tonnes. Average prices rose in the first half to $62.4 per wet metric tonne, up from the 2016 full-year price of $49.30.
Rio said further rail maintenance will continue throughout the rest of 2017, “albeit at a lower level than in the second quarter”.
Bauxite production was 7% higher to a record 12.9m tonnes for the term, driven by strong production at Weipa and Gove. Third party shipments of 8m tonnes were achieved in the second quarter.
Mined copper production fell 6% to 124.7 kilotonnes year on year, although Rio said the Escondida mine in Chile continued to ramp up output following a labour strike.
Titanium dioxide slag production increased 34%, reflecting higher market demand, Rio said.