Trending: Rio Tinto Cuts Guidance on Several Commodities But Sees Strong Iron-Ore Sales

0933 GMT - Rio Tinto is among the most mentioned companies across news items over the past 11 hours, according to Factiva data, after the miner cut its guidance on several of its commodities but said it expects strong iron-ore sales this year. The world's second-largest miner by market value said 2023 iron-ore shipments are now expected to be in the top half of its 320 million to 335 million metric ton projection. However, it cut guidance on several of its other commodities including alumina and refined copper. Rio Tinto posted in-line 2Q iron-ore shipments and lifted its full-year shipment guidance, but its Iron Ore Company of Canada operations and copper production fall below expectations, Citi analysts said in a research note. "We see the consensus 2023 earnings to be revised lower by mid single-digit percentages on copper guidance changes," they said. Shares in London are down 0.3%. Dow Jones & Co. owns Factiva. ([e-mail].)

(END) Dow Jones Newswires

July 19, 2023 05:48 ET (09:48 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.