June 19, 2019 / 12:13 PM / 2 months ago

CORRECTED-Rio Tinto cuts iron ore shipments forecast from hub in Pilbara region

(Corrects share price in last paragraph)

June 19 (Reuters) - Rio Tinto Ltd said on Wednesday it was experiencing iron ore mine operational problems, particularly in the Greater Brockman hub in the Pilbara region in Australia, leading the miner to cut its shipments forecast from the area for 2019.

Rio Tinto said the challenges were from a higher proportion of certain lower grade products, partly to protect the quality of its flagship Pilbara Blend.

The FTSE 100 miner cut its forecast for 2019 Pilbara shipments on a 100% basis to between 320 million tonnes and 330 million tonnes from between 333 million tonnes and 343 million tonnes.

Rio Tinto’s stock was down 3.7% to 4,696 pence at 1153 GMT. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below