Rio Tinto falls, in line with broader miners after 'disappointing' Q3
16/10/2024 01:03
** Shares of Rio Tinto RIO.AX fall as much as 2.1% to
A$119.51
** World's largest iron ore miner says it shipped
weaker-than-expected 84.5 mln tonnes of ore from its Western
Australia operations during the third quarter, of which 19%
accounted to ower-grade, lower-margin product called SP10
** Co says it is reviewing its product strategy at flagship
Pilbara iron ore operations
** Rio flags that investor should continue to expect SP10
volumes to remain high for several years
** Rio now expects Pilbara iron ore unit cash costs to be in
the upper half of its $21.75 to $23.50 atonne estimate due to
inflation being at the higher end of co's expectations
** Rio's current stock drop is also in line with broader
fall in iron ore futures with mining index .AXMM down 0.9%
** Co has been criticised by investors for offering an
unnecessarily full price to Arcadium shareholders and has
followed this up with a disappointing SepQ prodn report — Citi
** Stock has fallen 10% YTD, as of last close
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com))