Rio Tinto Q1 iron ore output, shipments dip
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The news: Mining giant Rio Tinto has reported a drop in first quarter iron ore production and shipments on the back of planned ore depletion and weather disruptions.
The numbers: Iron ore production from its Pilbara operations for the March quarter was 77.9 million tonnes, down 2% from a year ago. Shipments for the quarter were also down 5% to 78 million tonnes.
The global miner has kept its full-year shipments estimate at 323 million to 338 million tonnes. Iron ore typically accounts for more than 80% of Rio's underlying earnings.
Across its other major divisions, aluminium output was up 5% to 826,000 tonnes, while mined copper output rose 7% to 156,000 tonnes.
The context: While Rio attributed lower output to planned ore depletion at its Yandicoogina minesite, it said lower shipment volumes were predominantly the result of weather disruption at the ports, leading to a lower stock drawdown compared to last year.
The source: ASX announcement
