Rio Tinto's Pilbara Iron Ore Operations Produced 81.3Mt In 2Q23, +3% YoY
Portfolio Pulse from Benzinga Newsdesk
Rio Tinto's Pilbara Iron Ore operations produced 81.3Mt in 2Q23, marking a 3% YoY increase. The company expects 2023 iron-ore shipments to reach the top half of company guidance range. However, Rio downgraded production expectations for Bauxite, Titanium dioxide and refined copper.
July 19, 2023 | 7:24 am
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Rio Tinto's iron ore production increased by 3% YoY in 2Q23, and the company expects 2023 iron-ore shipments to reach the top half of company guidance range. However, production expectations for Bauxite, Titanium dioxide and refined copper were downgraded.
The increase in iron ore production and the positive outlook for 2023 iron-ore shipments could potentially boost investor confidence in Rio Tinto. However, the downgraded production expectations for Bauxite, Titanium dioxide and refined copper could offset this positive impact, leading to a neutral short-term price direction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100