Rio Tinto Expects Q2 Iron-Ore Shipments At Top Half Of Guidance, Lowers Expectations For Bauxite & More
Portfolio Pulse from Lekha Gupta
Rio Tinto PLC (NYSE:RIO) has provided a production update for Q2, stating that Pilbara iron ore production was up 3% Y/Y at 81.3 metric tonnes (Mt). However, shipments were down 1% Y/Y due to planned maintenance and a train derailment. The company now expects full-year shipments for Pilbara to be at the upper half of the original guidance range. Bauxite production declined 5% Y/Y to 13.5 MT due to higher-than-average rainfall and equipment downtime. The company also downgraded production expectations for Titanium dioxide and refined copper. Consequently, Rio expects 2023 bauxite production to be at the lower end of the 54 to 57 MT range.
July 19, 2023 | 11:28 am
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Rio Tinto's Q2 update shows mixed results with increased iron ore production but decreased shipments and a decline in Bauxite production. The company also downgraded production expectations for Titanium dioxide and refined copper.
The mixed results in Rio Tinto's Q2 update, with increased iron ore production but decreased shipments and a decline in Bauxite production, could negatively impact investor sentiment. The downgraded production expectations for Titanium dioxide and refined copper could further contribute to this negative impact.
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