Rio Tinto Cuts 2019 Pilbara Iron Shipments Guidance Due to Operational Challenges
19 June 2019 - 10:26PM
Dow Jones News
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 oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 19, 2019 08:11 ET (12:11 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From Apr 2024 to May 2024
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From May 2023 to May 2024