Rio Tinto (LSE:RIO)
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6 Months : From Jun 2019 to Dec 2019
By Oliver Griffin
Rio Tinto PLC (RIO.LN) said Wednesday that its iron ore business is currently experiencing operational challenges and it has cut its 2019 guidance for shipments from the Pilbara operation as a result.
The Anglo-Australian miner, the world's top exporter of iron ore alongside Vale SA (VALE), said it was experiencing challenges particularly in the Greater Brockham hub of its Pilbara operations.
The challenges are resulting in a higher proportion of certain lower grade products, Rio Tinto said, a move that will partly protect the quality of its flagship Pilbara Blend.
In light of the challenges, Rio Tinto said it has reviewed its mine plans and cut its 2019 guidance for shipments from Pilbara to between 320 million to 330 million metric tons.
Previous guidance saw Pilbara shipments for the year in a range of 333 million to 342 million tons.
Rio Tinto said that, given the change in volume guidance, unit costs will be updated in the second-quarter operations review.
Write to Oliver Griffin at email@example.com; @OliGGriffin
(END) Dow Jones Newswires
June 19, 2019 08:11 ET (12:11 GMT)
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