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Rio Tinto Sees 2019 Iron Ore Shipment At Lower End Of Prior Range

Anglo-Australian mining giant Rio Tinto Plc (RTNTF,RIO,RIO.L, RTPPF) said that its iron ore operations in the Pilbara, Western Australia, are progressively resuming following the passing of Tropical Cyclone Veronica. However, initial inspections uncovered some damage to the Cape Lambert A port facility. As a result, Rio Tinto has declared force majeure on certain contracts and is working with its customers to minimise any disruption in supply.

The company stated that the impact of the disruption to production caused by the cyclone and repairing the damage sustained at the port facilities, combined with the damage caused by the fire at Cape Lambert A in January, will result in a loss of about 14 million tonnes of production in 2019. As a result Rio Tinto's Pilbara shipments in 2019 are expected to be at the lower end of the 338 and 350 million tonnes (100 per cent basis) guidance provided.

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