Rio Tinto Maintains Annual Guidance After 1Q Iron-Ore Shipments Fall 10%
By Stuart Condie
SYDNEY--Rio Tinto maintained its 2024 guidance after the Australian mining giant reported a 10% fall in first-quarter iron-ore shipments.
The world's second-biggest miner by market value on Wednesday said it shipped 78.0 million metric tons of iron ore from its mines in Australia's Pilbara region in the three months through March. That's a 10% decline compared to the immediately preceding December quarter, and down 5% on the same period a year ago.
Rio Tinto's iron-ore mining operations there are the biggest in the world, alongside a network of mines run by rival Vale SA in Brazil. Rio's first-quarter production was 77.9 million metric tons of iron ore, down 11% on-quarter.
Rio Tinto maintained its annual shipment guidance of 323 million-338 million metric tons. Production guidance for all materials and operating costs was also unchanged.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
April 16, 2024 19:25 ET (23:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations