Rio Tinto Iron Ore Shipments in H1 CY19 Fall 8% Y-o-Y Amid Cyclone
World's second largest iron ore miner- Rio Tinto's Pilbara depicted fall of 3% in iron ore shipment to 85.4 MnT in Q2 CY19 as against 88.5 MnT in Q2 CY18. The drop is attributed to fall in Apr’19 shipment due to recovery works following tropical cyclone Veronica in Mar’19. However, the shipment recorded significant rise of 24% as compared Q1 CY19 shipment at 69.1 MnT.
For H1 CY19, the total shipment recorded at 154.6 MnT down 8% against 168.8 MnT same period last year. The sales drop is due to reduced mine production and damage to port facilities caused by the cyclone.
Rio Tinto iron ore production fell in Q2 CY19
Rio Tinto's Pilbara iron ore production witnessed at 79.7 MnT for the quarter, down 7% as against 85.5 MnT in Q2 CY18. The output was impacted by the cyclone and continual repairs at Cape Lambert A port facilities impacting Robe Valley and Yandicoogina shipments and operations.
However, the miner depicted marginal increase in production when compared to Q1 CY19 output at 76 MnT.
IOC production up in Q2 CY19
Rio Tinto's iron ore & pellet concentrate production in Q2 CY'19 was recorded at 2.5 MnT, up significantly as against 0.87 MnT in Q2 CY18 due to labor strike in Q2 CY18. On quarterly basis, the production increased slightly compared to 2.48 MnT in Q1 CY19.
Rio Tinto reduces guidance for 2019
• Rio Tinto 2019 Pilbara iron ore shipment guidance on 19th June revised to 320-330 MnT as against previously revised guidance at 333-343 MnT. Initially the 2019 guidance was set at 338-350 MnT. The miner slashed the guidance amidst operational challenges in Greater Brockman hub and also anticipating the expected losses to occur in October due to scheduled rail maintenance.
• At IOC, the iron ore pellet and concentrate production guidance for 2019 revised to 10.7- 11.3 MnT, previously 11.3-12.3 MnT. The guidance has been reduced amid adverse weather conditions in first quarter and flooding incident in June.
Rio Tinto recent updates
• The Koodaideri iron ore mine project and Robe River Joint Venture (West Angelas and Robe Valley) project are working on schedule. The first ore from both the project is expected in 2021, in line with previous guidance.
• Rio Tinto’s Pilbara unit cost guidance in 2019 reduced to USD 14-15/MT (previously at USD 13-14 /MT).
source: SteelMint
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