Rio Tinto Third-Quarter Iron-Ore Shipments Rise

Date : 10/15/2019 @ 10:14PM
Source : Dow Jones News
Stock : Rio Tinto Limited (RIO)
Quote : 93.17  -1.14 (-1.21%) @ 5:31AM
Rio Tinto share price Chart

Rio Tinto Third-Quarter Iron-Ore Shipments Rise

Rio Tinto (LSE:RIO)
Historical Stock Chart

2 Months : From Sep 2019 to Nov 2019

Click Here for more Rio Tinto Charts.
   By Rhiannon Hoyle 

SYDNEY--Rio Tinto PLC (RIO.LN) said Wednesday it shipped more iron ore last quarter versus the same period a year ago as its Australian mining hub recovered from earlier operational and weather-related setbacks.

The miner, one of the world's top exporters of the steel ingredient, reported iron-ore shipments from its Pilbara operations of 86.1 million metric tons for the three months through September. That was up 1% on the quarter immediately prior and 5% on the same period a year earlier.

The rise in exports reflected "a good recovery from the operational and weather challenges experienced earlier in the year," said Rio Tinto.

The miner reiterated a projection for annual Pilbara iron-ore shipments of 320 million-330 million tons. The company in June downgraded that from an earlier forecast of 333 million-343 million tons, as setbacks in the Greater Brockman hub especially prompted a review of mine plans. Earlier in 2019, Rio Tinto grappled with disruptions from a cyclone and a fire at a key port.

Still, the miner has benefited from an iron-ore price that has steadied around US$90 a ton, up roughly one-quarter on what it fetched at the start of 2019. Iron ore contributed 70% of Rio's underlying earnings before interest, tax, depreciation and amortization in the first half of 2019.

Rio Tinto meantime reported quarterly mined copper production of 157,800 tons, down 1% on-year but up 15% on-quarter. That reflected higher grades at its Kennecott mine and improved throughput at Escondida, it said.

The miner downgraded full-year guidance for bauxite output to roughly 54 million tons, from 56 million-59 million tons previously. It also lowered a forecast for alumina production to about 7.7 million tons from 8.1 million-8.4 million tons. It cited weather-related disruptions and maintenance among the reasons for the cuts.


Write to Rhiannon Hoyle at


(END) Dow Jones Newswires

October 15, 2019 17:59 ET (21:59 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20191121 10:58:21