Rio Tinto tempers annual iron ore shipments outlook as demand weakens - 18 octombrie 2022
Rio Tinto (RIO.AX), (RIO.L) forecast annual iron ore shipments at the lower end of its guidance on Tuesday, after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China. Rio has been battling with a surge in production costs, while iron ore prices are on track to end 2022 at their lowest in the last three or four years, as China and Europe cut steel output amid mounting pressure from additional supply.
The company raised annual cost estimates for copper to between 150 cents and 170 cents per pound from 130 cents to 150 cents a pound, but lowered its annual refined copper production guidance to 190,000 to 220,000 tonnes, from 230,000 to 290,000 tonnes.
It also lowered its capital investments for 2022 by $500 million to $7.0 billion, due to a stronger U.S. dollar and "reassessment on timing of decarbonisation investment". Separately, Rio said it would "modernise" a nearly 50-year-old agreement with Wright Prospecting to develop the Rhodes Ridge iron ore project, and aims to operationalise a plant by this decade end, with an initial annual capacity of up to 40 Mt. (read more)
(US.RIO)