Rio Tinto iron ore shipments fall in their fourth quarter

Company News

by Rachael Jones

Rio Tinto (ASX:RIO) released their fourth quarter production results showing iron ore shipments dropped by 3 per cent to 87.4m tonnes.

Iron ore shipments were impacted by the fire at its Cape Lambert port.

Mined copper production did well - 33 per cent higher than 2017, and above the guidance range, primarily reflecting strong performance at Escondida and increased production from Rio Tinto Kennecott due largely to higher grades.

Bauxite production of 50.4 million tonnes in 2018 was one per cent lower than 2017.

Aluminium production of 3.5 million tonnes was three per cent lower than 2017 due primarily to ongoing labour disruptions at the non-managed Becancour smelter in Canada.

Shares in Rio Tinto (ASX:RIO) trading 0.9 per cent higher at $81.10.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.