Rio Tinto 2Q Iron Ore Exports Up 5%; Aluminum, Diamond Guidance Cut

By Rhiannon Hoyle

Rio Tinto PLC on Friday said it produced more iron ore and copper in its fiscal second quarter versus a year earlier, but downgraded full-year goals for aluminum and diamond output.

The Anglo-Australian mining company reported shipments of 79.9 million metric tons from its iron-ore operations in Australia's Pilbara region during the three months through June, up 5% on a year ago. Alongside Brazil's Vale SA, Rio Tinto is the world's top producer of the steel ingredient.

The miner also recorded a 9% on-year rise in mined copper output, to 126,000 tons and a 3% increase in bauxite production, to 14.1 million tons.

However, second-quarter aluminum output tumbled by 10%, to 731,000 tons, as a labor strike reduced capacity at its Kitimat smelter in British Columbia.

Rio Tinto cut its fiscal-year aluminum production goal to 3.0 million-3.1 million tons, from 3.1 million-3.2 million previously. It pared its alumina guidance to 7.6 million-7.8 million tons, from 8.0 million-8.4 million.

The miner also reduced its full-year diamonds production estimate to 4.5 million-5.0 million carats, from 5.0 million-6.0 million. A build up of maintenance and impacts from the Covid-19 pandemic impacted performance during the half, it said.

Write to Rhiannon Hoyle at [e-mail]

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(END) Dow Jones Newswires

July 14, 2022 19:09 ET (23:09 GMT)

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