Rio Tinto Q3 Iron Ore Shipments Drops 5%

(RTTNews) - Anglo-Australian mining giant Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF), Thursday reported that its third-quarter Pilbara iron ore shipments was 82.1 million tons on 100% basis, down 5% from last year.

Pilbara iron ore production was 86.4 million tons on 100% basis, down 1% from the prior year. Bauxite production rose 5% to 14.5 million tons.

Pilbara operations are returning to more normal operating conditions with rosters back to pre-COVID-19 settings, the company said.

Aluminum production inched up 1% to 797 thousand tons in the third quarter with stable operations across our smelter portfolio.

Third-quarter mined copper production dropped 18% 129.6 million tons due to lower grade at Kennecott as a result of pit sequencing to accommodate the extended smelter shutdown. Refined copper was 57% lower, primarily due to delays in restarting the Kennecott smelter.

Chief Executive J-S Jacques said, "We have delivered a good operational performance across most of our assets catching up on planned maintenance activity, particularly in iron ore, and continuing to adapt to new operating conditions as we learn to live with COVID-19. We have maintained our capex guidance and our 2020 production guidance across our key products."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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