Rio Tinto reports positive Q4 results

Company News

by Kathy Skantzos

Mining giant Rio Tinto’s (ASX:RIO) Chief Executive said the business performed well with the fourth quarter, finishing the year in line with guidance across all major products.

The miner shipped 90 million tonnes of iron ore from the Pilbara region, a 3 per cent increase compared to the fourth quarter of 2016 and 5 per cent more than Q3 2017, taking the total shipments to 330 million tonnes for 2017, in line with guidance.

Production of iron ore from Pilbara also increased, up 3 per cent from the previous quarter and also up 3 per cent from the same time the previous year.

The company’s Pilbara shipments in 2018 are expected to be between 330 and 340 million tonnes, subject to market conditions and weather constraints.

The sale of the Aluminium Dunkerque smelter in France which was offered at $500 million early this year is expected in the second quarter of 2018.

Shares in Rio Tinto (ASX:RIO) are trading 0.46 per cent lower at $81.42.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.