4/16/2019, 12:57 AM (Source: TeleTrader)
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Rio Tinto iron ore shipments down 14% in Q1 YoY

Rio Tinto Group announced in its first-quarter operations review that its Pilbara iron ore shipments fell 14% on a yearly basis to 69.1 million tonnes, while iron ore production decreased by 9% to 76 million tonnes. The company stated that its production of bauxite amounted to 12.8 million tonnes, or 1% higher than the same period last year. It also said it produced 0.8 million tonnes of aluminum, unchanged from last year. Mined copper production reached 144 thousand tonnes or 3% more than the first quarter of 2018. Titanium dioxide slag production figure was reported at 296 thousand tonnes, rising 1% year-on-year, while Iron Ore Company of Canada produced 2.5 million tonnes of iron ore pellets and concentrate, 5% higher than the same quarter of 2018.

"Our iron ore business faced several challenges at the start of this year, particularly from tropical cyclones. As a result, and following the continuing assessment of damage at the port resulting from the cyclones and other minor disruptions, 2019 guidance for Pilbara shipments is reduced to between 333 and 343 million tonnes," stated CEO Jean-Sebastien Jacques. "The quarterly operational performance in our other products was solid, generally higher than last year. Our focus remains on safety, delivering our ‘value over volume’ strategy and allocating capital with discipline, to continue delivering superior returns to our shareholders in the short, medium and long term."

Breaking the News / DJ