Rio Tinto cuts 2016 iron ore guidance by up to 5M metric tons

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Rio Tinto (NYSE:RIO) cuts its full-year guidance for iron ore shipments from its main Pilbara operations in Western Australia by as much as 5M metric tons, after port and rail maintenance affected shipments in the September quarter.

Rio reports Q3 shipments from Western Australia totaled 80.9M metric tons, 2% lower than Q2 and a 5% decline from the same period a year ago, causing it to revise its 2016 shipping expectations to 325M-330M metric tons, compared to a previous target of 330M; analysts had expected a slight improvement in Q3 production to ~85M metric tons.

The company maintains its forecast for 2017 shipments of 330M-340M tons.

RIO -0.4% AH.