(Reuters) -Rio Tinto on Wednesday posted a lower-than-expected rise in iron ore shipments for the second quarter, but forecast fiscal 2025 copper production at the higher end of its guidance range.
Iron ore shipments at Rio Tinto, the world’s largest producer of the steel-making commodity, are recovering after a series of tropical cyclones snarled operations in the March quarter.
In the three months ended June 30, the miner shipped 79.9 million metric tonnes (Mt) of iron ore from its Pilbara operations, a 13% rise from the previous quarter but below a Visible Alpha consensus estimate of 81.98 Mt.
Rio Tinto shipped out more of its lower-quality SP10 iron ore. SP10 levels accounted for 29% of Pilbara shipments.
It forecast full-year copper production at the higher end of its guidance range and expects unit costs around the lower end, as its Oyu Tolgoi underground mine in Mongolia ramps up.
The miner reaffirmed its full-year iron ore shipment forecast at the lower end of its range of 323 million metric tonnes (Mt) to 338 Mt.
Rio Tinto on Tuesday named Simon Trott, head of its most profitable iron ore division, as CEO, succeeding Jakob Stausholm, who unexpectedly announced in May he would step down after four-and-a-half years.
(Reporting by Roshan Thomas and Shivangi Lahiri in Bengaluru; Editing by Devika Syamnath)
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