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Rio Tinto's Q1 iron ore production comes in below expectations

  • Rio Tinto (RIO) reports Q1 global iron ore production of 66.4M metric tons, up 8% Y/Y but slightly below expectations, while maintaining its FY 2014 iron ore production guidance of 295M tons.
  • The Pilbara mine produced 63.4M metric tons, down 4.6% Q/Q, with the reduced volumes blamed on cyclones and heavy rains; Rio's share was 50.6M tons.
  • Rio's mined copper production totaled a better than expected 156.5K tons, up 17% Y/Y, and maintains its mined copper expectations for 2014 at 570K tons.
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