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16 Oct 2019 | 07:13

Rio Tinto iron ore output improve; downgrades alumina, bauxite guidance

Mining house Rio Tinto said it produced 6% more iron ore its the third quarter, though it downgraded its annual production forecasts for bauxite and alumina.

Iron-ore output for the three months through September rose to 87.3m tonnes, marking an increase of 6% on-year and 10% from the second quarter.

Mined copper production fell 1% on-year to 157.8k tonnes, though was up 15% compared to the previous quarter.

Bauxite and aluminium output rose 9% and fell 3%, respectively to 13.8k tonnes and 789k tonnes.

Annual bauxite production was seen at around 54m tonnes, compared to previous guidance of 56m and 59m tonnes.

Alumina production was seen at around 7.7m tonnes, down from previous guidance of 8.1m to 8.4 million tonnes.

Iron ore production had improved following disruptions caused by bad weather and operational problems earlier in the year, while copper output rose compared to the previous quarter as the company encountered higher grades.

AKumina production was affected by a shutdown at the company's Yarwun plant.

'We have delivered improved production across the majority of our products in the third quarter, with a solid result at our Pilbara mines driving increased sales of iron ore into robust markets,' chief executive J-S Jacques said.

'Our strong value over volume approach, coupled with our focus on operational performance and disciplined allocation of capital, will continue to deliver superior returns to shareholders over the short, medium and long term.'

Story provided by StockMarketWire.com
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