Rio Tinto Q3 Iron Ore Shipments Up 6%

Rio Tinto Q3 Iron Ore Shipments Up 6%”

Production of iron ore from Rio Tinto's mines in Australia's western Pilbara region was up 2% on year at 85 million tons, and 6% higher than in the previous quarter, while shipments of the steelmaking ingredient climbed 6% on-year and 11% quarter-over-quarter to 85.8 million tons as rail capacity in the region improved.

Quarterly bauxite production was 12.9 million tonnes for a second consecutive quarter, four per cent higher than the third quarter of 2016, driven by strong performances at Gove and Weipa.

That was also more than the 84.6 million tonnes that UBS had forecast.

On 21 September 2017, Rio Tinto announced a new $2.5 billion share buy-back, comprised of a A$700 million (approximately $560 million) off-market buy-back tender in Rio Tinto Limited shares, and an additional $1.9 billion of on-market purchases of Rio Tinto plc shares.

But rail disruption and bad weather ensure the miner had a weak start to the year, and Rio was forced to downgrade that guidance to "around 330 million tonnes".

The Anglo-Australian giant blamed lower copper head grades at the Rio Tinto Kennecott mine in the United States and its Oyu Tolgoi copper-gold operation in Mongolia for the miss.

The mining giant exported more iron ore than expected during the September quarter, but had to downgrade its copper guidance for the second time this year.

Those forecasts were made before a seven week strike at the Escondida copper mine in Chile.

Rio produced 120,600 tonnes of copper in the September quarter and now expects to produce between 460,000 and 480,000 tonnes of copper for the full year, down from its previous estimate of 500,000 and 550,000 tonnes.

Meantime, its bauxite production guidance was revised higher to 50 to 51 million tonnes (previously 48 to 50 million tonnes).

The company said diamond production would be toward the bottom end of guidance, while guidance was retained in all other commodities, apart from coal where Rio's Hunter Valley assets have been sold to Yancoal.

Rio Tinto has stepped up returns to shareholders this year as earnings have rebounded with a recovery in commodities prices and after cutting back on spending in recent years to cut debt.

Like this


17 October 2017
Google beefs up Chrome's defences against unwanted add-ons
Additionally, it is easier to use thanks to a redesigned interface that better surfaces what software will be removed. If Chrome detects modifications, it will alert you with a dialog box that will allow you to roll back the changes.

17 October 2017
Mike Ashley announces intention to sell Newcastle United
Newcastle United was already up for sale, so what's new? Newcastle United have confirmed that the club is up for sale. Ashley bought Newcastle back in 2007 for £134m and has overseen a tumultuous period for the club.

17 October 2017
Former Sarpanch Ramzan Sheikh Shot Dead by Terrorists in Kashmir's Shopian
Reports said that gunmen opened fire on Muhammad Ramzan Sheikh near his residence at Homun, Nagbal around 8:05 pm. According to police, a Hizbul militant identified as Showkat Ahmad Kumar died in a scuffle with his own men.

17 October 2017
Google Wifi gets site blocker to help kids stay safe online
Google has today announced new security settings in Google WiFi aimed at helping your protect your family. The Google Wifi iOS app has already been updated this morning with these site blocking controls.

17 October 2017
Hatton wins second straight title in Italy
After Hatton's victory at the Alfred Dunhill Links, Europe's Ryder Cup captain Thomas Bjorn told the BBC last week that he expected "great things" from him.

17 October 2017
Airbus and Bombardier to partner in aircraft programme
The deal also provides Airbus warrants exercisable to acquire up to 100m Class B Shares of Bombardier, the companies said. Bombardier will own 31 per cent and the Quebec government's investment agency will hold 19 per cent.

17 October 2017
More than 300 killed in Somalia truck blasts
Mogadishu's Aamin Ambulance service tweeted that the death toll has risen to 302, citing different medical institutions. We use cookies to give you the best experience on our website and bring you more relevant advertising.

17 October 2017
Dale Earnhardt Jr., wife Amy expecting first child
Earnhardt, 43, is retiring from full-time NASCAR competition at the end of the current season, which has five races remaining. NASCAR's most popular driver will join NBC Sports Group's coverage of stock vehicle racing next year.

17 October 2017
Free Shiny Pokemon For Sun And Moon Available Soon
Shiny Silvally will come equipped with the RKS System Ability and will also be able to use the Multi-Attack when holding a memory disc.

17 October 2017
WWE announces a title match for Raw
Plus, Emma will build up her match against Asuka , who has received a monstrous push in advance of her debut at TLC . Roman Reigns will face Braun Strowman inside a steel cage as Raw comes to Portland, Oregon tonight.