Rio Tinto stronger quarter and boosted returns

Company News

by Jessica Amir

Rio Tinto (ASX:RIO) has reported strong September quarterly production and announced $2.5 billion of additional returns to shareholders from the sale of its Coal and Allied business.

The September quarter saw Pilbara iron ore shipments and production rise both on the back of strong performance from Gove and Weipa.

Meantime, its bauxite production guidance was revised higher to 50 to 51 million tonnes (previously 48 to 50 million tonnes).

Its hard coking coal gained the most in comparison to the second quarter of 2017 out of its business lines, rising 44 per cent.

On the flip side its mined copper fell both compared to the prior corresponding period and compared to the second quarter, falling 3 per cent.

Shares in Rio Tinto (ASX:RIO) closed about 3.4 per cent higher yesterday at $70.55.

 

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