Stocks of the Hour: Rio Tinto, Whitehaven Coal & Nearmap

Company News

by Lauren Evans

It's a big day for company news with several companies reporting quarterly updates.

Rio Tinto (ASX:RIO) has noted a “challenging” first quarter as it works on operational performance and workplace culture. The iron ore miner produced 71.7 million tonnes of iron ore over the quarter, down 6 per cent from the prior year period. It said full year production guidance between 320 million and 335 million tonnes remains unchanged. Shares are trading 2.1 per cent lower at $119.06.

Whitehaven Coal (ASX:WHC) is on track to deliver its FY22 guidance despite wet weather events and Covid-19 disruptions. During the March quarter, the coal miner’s managed run-of-mine production of 5.2Mt fell 5 per cent from the prior year period, while it achieved an average coal price of $315/t, up 212 per cent following the global response to Russia’s invasion of Ukraine. Shares are trading 1.7 per cent higher at $4.74.

Meanwhile, Nearmap (ASX:NEA) says it achieved a record quarter from its government portfolio in North America, having exceeded more than US$2 million in incremental annual contract value. CEO Rob Newman said, “Nearmap is attracting new business in North America at a record pace”. It also reaffirmed guidance for its annualised contract sales value to close FY22 at the upper end of the $150 million to $160 million guidance range. Shares are trading 1.8 per cent higher at $1.42.

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