Rio Tinto Expects Iron-Ore Output at Low End of Forecast After Cyclone
01 Aprile 2019 - 12:14AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC (RIO.LN) expects annual iron-ore shipments
to reach only the low end of an earlier projected range, mainly
because of disruptions to Australian mining and export operations
caused by a tropical cyclone.
Rio Tinto, one of the world's biggest shippers of iron ore,
issued force majeure notices to some buyers of its iron ore as it
assessed damage caused by tropical cyclone Veronica to its Cape
Lambert A port facility in northwest Australia. That shipping
terminal has a capacity of more than 85 million metric tons a
year.
On Monday, the miner said it expects the disruption, combined
with damage caused by a fire at Cape Lambert in January, to result
in roughly 14 million metric tons of lost production in 2019. So,
full-year shipments from Australia's Pilbara mining region are
likely to be at the low end of its forecast of 338 million-350
million tons, Rio Tinto said.
The miner said it was working with its customers to minimize any
disruption in supplies of the steelmaking commodity.
Rail and port operations at Rio Tinto's other export hubs, Port
of Dampier and Cape Lambert B, have resumed and are ramping up, the
mining company said on Friday.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 31, 2019 17:59 ET (21:59 GMT)
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