- Write by:
-
Thursday, June 20, 2019 - 12:18:50 PM
-
590 Visit
-
Print
Mining News Pro - Rio Tinto has lowered its iron ore guidance for Pilbara shipments due to mine operational challenges at the company’s Greater Brockman hub.
According to Mining News Pro - The disruptions have resulted in a higher proportion of lower grade products, which Rio Tinto said was, “partly to protect the quality of our flagship Pilbara blend.”
Rio Tinto sold approximately 1.5 million tonnes of lower grade materials in the first quarter of this year and intends to make additional sales of these products throughout the year.
In light of the challenges, Rio has reviewed its mine plants, resulting in guidance of Pilbara shipments for this year being revised to between 320–330 million tonnes, down from between 333–343 million tonnes.
Given the change in volume guidance, Rio Tinto will update its unit costs in the upcoming second quarter operational review, to be released July 16 this year.
The decrease in guidance for Pilbara shipments follows similar activity occurring earlier this year, when cyclones damaged ports in the region and a fire affected production at Cape Lambert A in January.
This resulted in Pilbara iron ore shipments equalling 69.1 million tonnes in the first quarter of the year, down 14 per cent on the first quarter last year.
These disruptions resulted in a revision to between 333–343 million tonnes, from expectations at the start of the year being between 338–350 million tonnes.
Rio Tinto’s announcement comes as the price for iron ore hovers around the $US110 mark, representing the commodity’s highest price since April 2014.
The company’s share price dropped 4.9 per cent overnight following the news and is now at $100.53.
Short Link:
https://www.miningnews.ir/En/News/388580
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Nippon Steel intends to pursue its proposed acquisition of US Steel and wants its “deep roots” in the United States to ...
No comments have been posted yet ...