Rio Tinto: cuts guidance after cyclones hit production
(CercleFinance.com) - Global miner Rio Tinto lowered its full-year iron ore shipment guidance on Tuesday, with tropical cyclones having hampered production at the start of the year.
2019 guidance for its flagship Pilbara mine shipments has been revised to between 333 million and 343 million tonnes, the group said. It was previously aiming at between 338 million and 350 million tonnes this year.
In the first quarter, Pilbara iron ore shipments fell by 14% to 69.1 million tonnes, impacted by the weather disruptions in March and a fire at a port facility in January.
These events will also have an impact on second quarter performance, Rio warned.
The quarterly operational performance in other products was solid however, generally higher than last year, it added.
The Rio Tinto share is currently up 0.2% in London.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
2019 guidance for its flagship Pilbara mine shipments has been revised to between 333 million and 343 million tonnes, the group said. It was previously aiming at between 338 million and 350 million tonnes this year.
In the first quarter, Pilbara iron ore shipments fell by 14% to 69.1 million tonnes, impacted by the weather disruptions in March and a fire at a port facility in January.
These events will also have an impact on second quarter performance, Rio warned.
The quarterly operational performance in other products was solid however, generally higher than last year, it added.
The Rio Tinto share is currently up 0.2% in London.
Copyright (c) 2019 CercleFinance.com. All rights reserved.