Rio Tinto Shares Fall On Lower Pilbara Iron Ore Shipment Guidance
Rio Tinto plc ADR (NYSE: RIO) has warned its iron ore unit is experiencing mine operational challenges in the Greater Brockman hub in the Pilbara region of Australia, according to a Wednesday Reuters report.
The mining company now expects 2019 Pilbara shipments between 320-330 million tonnes versus previous guidance of between 333-343 million tonnes.
Rio Tinto also expects to revise its unit cost guidance in its second-quarter operations review, which is scheduled for July 16.
Rio Tinto shares were down 4.26% at $59.54 at the time of publication Wednesday.
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