The Anglo-Australian miner, Rio Tinto has reported to ship 72.5 MnT Iron ore in the 1st quarter. Company’s Iron ore export shipments have fallen by 12% against Dec’14 quarter. The company mentioned that it has not cut its supply, but has suffered some weather related disruptions.
However, the March quarter is the peak of Western Australia’s cyclone season, but wet weather, the impact of Cyclone Olwyn and a train derailment have hampered output and shipments, said the company’s officials.
In the same quarter of previous year, the shipments had increased by 9% and production by 12% to 74.7 MnT.
The miner has also maintained its guidance of shipping about 350 MnT Iron ore from Australia & Canada; a bulk quantity of it from the Pilbara region. However, Rio also reported that it will draw down on its Iron ore inventories throughout the year to maximize its cash flow as part of its ongoing efficiency program.
Leave a Reply