Rio Tinto announces 14% drop in quarterly iron ore shipments

Company News

by Anna Napoli

Rio Tinto (ASX:RIO) has today announced a 14 percent drop in quarterly Pilbarra iron ore shipments to 69.1 million tonnes when compared to the first quarter of 2018.

Production was significantly impacted by the weather disruptions in March and a fire at Cape Lambert A in January

Meantime, aluminium production of 0.8 million tonnes was in line with the first quarter of 2018.

Mined copper production of 144 thousand tonnes was three per cent higher than the first quarter of 2018.

Rio has cut its 2019 shipments estimate due to disruption caused by a tropical cyclone which hit its export terminal in Western Australia last month.

Rio says its iron ore business faced several challenges at the start of this year, particularly from tropical cyclones. As a result, and following the continuing assessment of damage at the port resulting from the cyclones and other minor disruptions.

2019 guidance for Pilbara shipments is reduced to between 333 and 343 million tones.

Shares in Rio Tinto (ASX:RIO) closed 0.25 per cent higher to $100.75 yesterday.

 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.