Rio Tinto shares rise as it resumes shipment from WA port
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More news: Rio Tinto shares were up in morning trade after it announced that it had resumed shipments from a facility in Western Australia which had been hit by record rain.
Its shares rose 1.25% to $114.78 by 11:26am AEDT while the wider materials sector gained 0.62%.
Rio’s railcar dumper at its East Intercourse Island facility was flooded by Tropical Cyclone Sean.
Rio Tinto resumes shipments from weather-hit WA port
The news: Mining giant Rio Tinto has resumed shipments from its East Intercourse Island (EII) port facility in Western Australia which had been affected after record rain in January.
The numbers: Rio said dumper operation at EII resumed last week and the first ship was loaded on Monday. Operations had been affected after a railcar dumper at EII was flooded when Tropical Cyclone Sean delivered record rain on 20 January. EII shipped 45 million tonnes of Rio’s iron ore shipments in 2024.
Rio Tinto shares were unchanged at $113.37 in early trading on the ASX.
The context: The global miner said in its full-year results last month that operations at the Dampier and Cape Lambert Ports were also impacted by Tropical Cyclone Tahlia, Tropical Cyclone Vince and Tropical Cyclone Zelia, with total losses from all four cyclones expected to be about 13 million tonnes in FY2025.
The company said as the system rebalances and normal operations resume, an update will be provided in the first quarter operations review on 16 April. It reaffirmed that Pilbara iron ore shipment guidance for 2025 remains unchanged at 323 to 338 million tonnes.
The source: Rio Tinto media release
