Rio Tinto posts lowered Pilbara iron ore shipments in Q2 results

Rio Tinto posts lowered Pilbara iron ore shipments in Q2 results

Rio Tinto (ASX:RIO) has reported reduced iron ore shipments from the Pilbara region of Western Australia in its latest production report for the second quarter of 2017.

The Anglo-Australian mining giant shipped 77.7 million tonnes of iron ore from the Pilbara, a 6% decrease on the figure from the corresponding quarter of 2016.

Rio Tinto Chief Executive J-S Jacques said: “Iron ore production was in line with last year, although iron ore shipments were impacted by an acceleration in our rail maintenance programme following poor weather in the first quarter.

“We believe our focus on capital discipline, maximising cash flow from operations, driving productivity and portfolio shaping will continue to support the delivery of strong cash generation and shareholder returns.”

However, the world’s second largest miner by market value produced a record 12.9 million tonnes of bauxite, a 7% increase on Q2 of 2016, which was driven by strong output at its Weipa and Gove operations.

Quarterly aluminium production was 1% lower, while copper production made a slight recovery on its Q1 return, but remained 6% lower than Q2 2016, owing to the effects of a strike at its Escondida mine in Chile.

@RGNonline