Rio Tinto misses estimates for iron ore output, copper forecast upbeat
Iron ore shipments at Rio Tinto, the world's largest producer of the steel-making commodity, are recovering after a series of tropical cyclones snarled operations in the March quarter.
In the three months ended June 30, the miner shipped 79.9 million metric tonnes (Mt) of iron ore from its Pilbara operations, a 13% rise from the previous quarter but below a Visible Alpha consensus estimate of 81.98 Mt.
Rio Tinto shipped out more of its lower-quality SP10 iron ore. SP10 levels accounted for 29% of Pilbara shipments.
It forecast full-year copper production at the higher end of its guidance range and expects unit costs around the lower end, as its Oyu Tolgoi underground mine in Mongolia ramps up.
The miner reaffirmed its full-year iron ore shipment forecast at the lower end of its range of 323 million metric tonnes (Mt) to 338 Mt.
Rio Tinto on Tuesday named Simon Trott, head of its most profitable iron ore division, as CEO, succeeding Jakob Stausholm, who unexpectedly announced in May he would step down after four-and-a-half years.
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The Guardian
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- The Guardian
Ken Henry is right to be a bit worked up – he has a solid reform plan ready to go for an emboldened Labor
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Sign up for Guardian Australia's breaking news email Years later, Henry is fed up with the delay on overhauling Australia's broken environmental laws. Known for his advocacy for threatened species – especially the northern hairy-nosed wombat – he used his speech to endorse Graeme Samuel's review of the Environment Protection and Biodiversity Conservation (EPBC) Act. At stake is the foundation of all life on earth, Henry warned, pointing to threats to food systems, clean air and water, and vulnerable animal and plant species. 'We have turned nature against us,' Henry said. 'Our destruction of the natural environment now poses an existential threat to everything we value.' He said Labor should consider the inclusion of a climate trigger in its looming redesign of the nature positive package, requiring approvals for major projects to at least consider any effect on global warming. 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Reuters
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VIEW Analysts on Chevron winning arbitration over Exxon in Hess deal
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Reuters
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