Rio Tinto 1Q FY17 production impacted by Cyclone Debbie

Company News

by David Chau

Rio Tinto (ASX:RIO) has released its first quarter production results.

The company’s Australian iron ore production fell 3%, compared to the same period last year, due to the impact of Cyclone Debbie and heavy flooding across its sites.

Rio's Pilbara iron ore production reached 77.2 million tonnes (which is a 3% drop compared to the first quarter of the last financial year).  Its Pilbara iron ore shipments were flat at 76.7 million tonnes.

The company's mined copper production fell 37% due to a 43-day labour strike at its Escondida mine in Chile, and curtailment of production at its Grasberg mine in Indonesia.

Despite these disruptions, Rio Tinto has maintained its 2017 full year shipments guidance between 330 and 340 million tonnes.

This morning, Rio Tinto shares are trading 0.59% higher at $59.25. 

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.