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Mining giant Rio Tinto lowered its guidance on iron ore shipments following delays to the completion of a new greenfield mine at its Pilbara mine in Australia, amid tight labour market and supply chain issues.
Pilbara shipments were expected to be 320 to 325 million tonnes, compared with previous expected for production to come in at the low end of 325 to 340 million tonnes.
Refined copper guidance was reduced to 190,000 to 210,000 tonnes, down from previous guidance of 210,000 to 250,000.
The company also reported an update on third-quarter production showing production at Pilbara fell 4% to 83.3 million tonnes, while shipments were up 2% to 71.1 million tonnes year-on-year.
Mined copper production was 3% lower at 125,200 tonnes than the same quarter of 2020, as a result of 'higher recovery and grade, partly offset by lower mining rates following the slope failure in May,' the company said.
third-quarter production