Rio Tinto maintains full-year production guidance
Australian iron ore miner Rio Tinto will meet its full-year production targets despite lower than expected iron-ore shipments as a result of poor weather and transport delays.
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The London-based miner increased output of the metal by 12% in the first three months of the year to reach 74.7m tonnes.
That was approximately 10% less than forecast by analysts.
On the other hand, iron-ore shipments grew by 9% to 72.5m tonnes.
Management reiterated a previous forecast for global iron-ore shipments to reach 350m metric tonnes.
The company reiterated its intention to tactically draw-down inventory with a view to maximising its cash flow.
Shipments and production would be subject to weather conditions, Rio Tinto said in a statement.