Rio Tinto 1Q Iron-Ore Exports Up 16%; Cuts Fiscal Year Copper Output Estimate
April 19 2023 - 7:10PM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC reported record first-quarter iron-ore shipments
from its Australian mining operations but downgraded its full-year
copper-production estimate, citing a conveyor outage at its
Kennecott mine in Utah.
The world's second-biggest miner by market value on Thursday
said it shipped 82.5 million metric tons of iron ore from its mines
in Australia's Pilbara region in the three months through March, up
16% on the same period a year ago.
Rio Tinto said it produced 145,000 metric tons of mined copper,
in line with the same period of 2022. It lowered its production
guidance for 2023 to between 590,000 and 640,000 tons, from 650,000
to 710,000 tons previously.
Output at its Kennecott mine was 36% lower year-on-year because
of problems with the conveyor belt that links the mine to the
concentrator in March combined with record snowfall.
The concentrator is expected to operate at reduced rates until
the third quarter of 2023, Rio Tinto said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
April 19, 2023 18:55 ET (22:55 GMT)
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