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Rio Tinto iron ore production edges lower; affirms full-year guidance

By BFN News | 07:18 AM | Friday 16 October, 2020


Mining company Rio Tinto reported a slight fall in third-quarter iron-ore production from Australia's Pilbara region on a year-on-year basis, as its operations returned to normal following disruptions caused by the Covid-19 pandemic. Pilbara iron ore output for the three months through September fell 1% to 86.4 million tonnes on a year-on-year basis. Compared to the second quarter, however, production rose 4%. Iron ore shipments fell 5% year-on-year following planned port maintenance activity. Among other commodities, Rio Tinto reported 5% rise in bauxite production, a 1% rise in aluminium production, an 18% drop in mined copper production, a 9% drop in titanium production and a 21% drop in IOC pellet production. Rio Tinto said its production guidance remained unchanged from its second-quarter review, with the exception of refined copper, which was updated on 19 August, and titanium dioxide slag, which was now expected to be around 1.2 million tonnes. Outgoing chief executive J-S Jacques said: "We have delivered a good operational performance across most of our assets catching up on planned maintenance activity, particularly in iron ore, and continuing to adapt to new operating conditions as we learn to live with Covid-19.' 'We have maintained our capex guidance and our 2020 production guidance across our key products.' Story provided by StockMarketWire.com

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