Rio Tinto's Pilbara Mine Q3 Iron Ore Production Slips 1%
Portfolio Pulse from Lekha Gupta
Rio Tinto PLC (NYSE:RIO) reported a 1% decrease in Q3 FY23 Pilbara iron ore production to 83.5 million tonnes (Mt), while shipments increased by 1% to 83.9 Mt. The company expects full-year shipments to be in the upper half of the guidance range of 320 to 335 million tonnes. Bauxite production rose 2% to 13.9 Mt and aluminium production increased 9% to 0.8 million tonnes. The company also announced agreements to take a leading position in recycled aluminium in North America and a joint venture with Codelco for copper exploration in Chile. RIO shares are trading lower by 1.28% at $63.32 premarket.
October 17, 2023 | 10:51 am
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NEGATIVE IMPACT
Rio Tinto's Q3 iron ore production decreased by 1%, but shipments increased by 1%. The company also reported increases in bauxite and aluminium production. Despite these mixed results, RIO shares are trading lower premarket.
The decrease in iron ore production could be a concern for investors, as it may indicate potential supply issues. However, the increase in shipments and other production figures suggest that the company is still performing well overall. The drop in premarket trading suggests that the market may be reacting negatively to the news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100