Rio Tinto 1Q Australian Iron-Ore Shipments Up 7% -- Update
April 19 2021 - 7:31PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC said first-quarter iron-ore shipments from
its Australian mines were 7% higher than a year ago despite weaker
quarterly output, as the company sold from stockpiles.
The world's second-largest miner by market value said it shipped
77.8 million metric tons of iron ore from Australia's Pilbara
region in the three months through March, even as output declined
by 2% to 76.4 million tons.
Operations were affected by plant disruptions and above-average
wet weather, Rio Tinto said. Labor availability also slowed
maintenance of the mine processing facilities, said the miner.
Rio Tinto--which vies with Vale SA to be the world's biggest
exporter of iron ore--also has a majority stake in an iron-ore
business in Canada that produced 8% less iron-ore pellets and
concentrate than the year-earlier period. It also faced disruptions
due to weather, the miner said.
Still, the company has been benefiting from elevated iron-ore
prices, which have surged to their highest point in almost a decade
because of strong steel production.
Rio Tinto left full-year production guidance unchanged. "We have
maintained guidance ranges in all our products, with site teams
successfully managing the effects of significant rainfall, in
particular at our Australian iron-ore assets," said Chief Executive
Jakob Stausholm.
The company also reported a 2% reduction in bauxite output
year-on-year, to 13.6 million tons. Its Amrun mine was closed for
14 days because of large swells and cyclones.
Quarterly mined copper production was lower, too, dropping 9%
year-on-year to 120,500 tons, the company said. It cited lower
recoveries and throughput at the Escondida and Kennecott mining
operations, which were partly offset by anticipated higher grades
from the Oyu Tolgoi open pit.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
April 19, 2021 19:16 ET (23:16 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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