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Rio Tinto reports 5% rise in Q1 iron ore shipments, maintains forecast

Published 04/18/2018, 08:24 AM
© Reuters.  Rio Tinto reports 5% rise in Q1 iron ore shipments, maintains forecast
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  • Rio Tinto (NYSE:RIO) +3.1% premarket after reporting Q1 iron ore shipments rose 5% Y/Y to 80.3M metric tons and maintaining its full-year guidance of 330M-340M metric tons.
  • Rio also reiterates its 2018 copper guidance but expects to adjust its aluminum forecast of 3.5M-3.7M metric tons after completing the sale of smelters in France and Iceland and because of U.S. sanctions on Russian aluminum producer Rusal, which owns a 20% stake in Rio's Queensland Alumina.
  • For Q1, Rio's aluminum production fell 5% Y/Y to 846K metric tons, bauxite production rose 12% to 12.6M metric tons, and copper output surged 65% to 139.3K tons as production from the Escondida mine in Chile recovered following a strike in H1 of last year.
  • Now read: Rio Tinto's Interest In Grasberg Hangs In The Balance


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