By Rhiannon Hoyle
Rio Tinto PLC said it expects full-year iron-ore shipments from its Australian mining operations to be in the upper half of company guidance, but cut production estimates for several other commodities it produces, including alumina and refined copper.
The world’s second-largest miner by market value said 2023 shipments are now expected to be in the upper half of its 320 million to 335 million metric ton projection. The company, which relies on steel ingredient iron ore for the majority of its profits, said it shipped 79.1 million tons of the commodity from its Australian iron-ore mines in the second quarter of the year, down 1% on the same time last year.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Read the full article here