By Rhiannon Hoyle 
 

SYDNEY--Rio Tinto PLC (RIO.LN) on Thursday trimmed capital expenditure guidance for 2019 and said it could record $10 billion in full-year free cash flow at present commodity prices.

The miner said it expects annual capital expenditure to be $500 million lower than an earlier $5.5-billion forecast, with that sum deferred into 2020 when it now expects to spend $7 billion.

Rio Tinto said its estimate for free cash flow reflects "the ongoing cash generation resilience of our world-class assets in a volatile macro environment."

The miner, which is holding an investor seminar in London on Thursday, also said its Pilbara iron-ore operations had, at times operated at a long-targeted 360-million-metric-ton-a-year run rate. Rio Tinto reiterated 2019 annual shipment guidance of 320-330 million tons and said it expects 2020 shipments up to 5% higher than its 2019 forecast.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

October 31, 2019 03:10 ET (07:10 GMT)

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