Rio Tinto Cuts Fiscal Year Refined Copper Target, Sees Iron-Ore Exports at Low End of Guidance

By Rhiannon Hoyle

Rio Tinto PLC on Tuesday said it expects to produce less refined copper this year than previously anticipated, and for iron-ore shipments from its mammoth Australian mining operations to be at the low end of its earlier forecast.

Rio Tinto, a major global copper producer, said it is likely to produce between 190,000 metric tons and 220,000 tons of refined copper in 2022. It had previously forecast full-year production of between 230,000 tons and 290,000 tons.

The downgrade was attributed to "further downside risk associated with Kennecott's smelter and refinery performance, until we undertake the largest rebuild in nine years, which is planned for the second quarter of 2023."

Rio Tinto said it produced 158,000 tons of refined copper in the first three quarters of the year.

The company, which is the world's top producer of iron ore alongside Brazil's Vale SA, also said it now expects its Pilbara iron-ore shipments to be at the low end of its estimated 320-million-ton to 335-million-ton range.

Rio Tinto said third-quarter shipments were disrupted by two unplanned rail outages on the Yandicoogina and Gudai-Darri lines. The investigation into the Gudai-Darri derailment is ongoing, the company said.

It shipped 234.3 million tons in the first nine months of 2022.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

October 17, 2022 18:09 ET (22:09 GMT)

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