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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Rio Tinto 1Q Australian Iron-Ore Shipments Up 7% -- Update

04/19/2021 | 05:16pm EDT

By Rhiannon Hoyle

SYDNEY--Rio Tinto PLC said first-quarter iron-ore shipments from its Australian mines were 7% higher than a year ago despite weaker quarterly output, as the company sold from stockpiles.

The world's second-largest miner by market value said it shipped 77.8 million metric tons of iron ore from Australia's Pilbara region in the three months through March, even as output declined by 2% to 76.4 million tons.

Operations were affected by plant disruptions and above-average wet weather, Rio Tinto said. Labor availability also slowed maintenance of the mine processing facilities, said the miner.

Rio Tinto--which vies with Vale SA to be the world's biggest exporter of iron ore--also has a majority stake in an iron-ore business in Canada that produced 8% less iron-ore pellets and concentrate than the year-earlier period. It also faced disruptions due to weather, the miner said.

Still, the company has been benefiting from elevated iron-ore prices, which have surged to their highest point in almost a decade because of strong steel production.

Rio Tinto left full-year production guidance unchanged. "We have maintained guidance ranges in all our products, with site teams successfully managing the effects of significant rainfall, in particular at our Australian iron-ore assets," said Chief Executive Jakob Stausholm.

The company also reported a 2% reduction in bauxite output year-on-year, to 13.6 million tons. Its Amrun mine was closed for 14 days because of large swells and cyclones.

Quarterly mined copper production was lower, too, dropping 9% year-on-year to 120,500 tons, the company said. It cited lower recoveries and throughput at the Escondida and Kennecott mining operations, which were partly offset by anticipated higher grades from the Oyu Tolgoi open pit.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

04-19-21 1916ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN MINES LIMITED 0.00% 0.021 End-of-day quote.31.25%
DJ INDUSTRIAL -0.10% 34742.82 Delayed Quote.13.63%
GOLD 0.10% 1838.157 Delayed Quote.-3.25%
RIO TINTO PLC -1.97% 6530 Delayed Quote.21.72%
SILVER 0.47% 27.441 Delayed Quote.4.98%
VALE S.A. 0.35% 115.45 End-of-day quote.32.02%
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Financials (USD)
Sales 2021 57 693 M - -
Net income 2021 20 204 M - -
Net cash 2021 1 377 M - -
P/E ratio 2021 7,68x
Yield 2021 9,94%
Capitalization 156 B 156 B -
EV / Sales 2021 2,68x
EV / Sales 2022 3,25x
Nbr of Employees 47 500
Free-Float 65,2%
Chart RIO TINTO PLC
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Technical analysis trends RIO TINTO PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 86,86 $
Last Close Price 94,06 $
Spread / Highest target 24,8%
Spread / Average Target -7,65%
Spread / Lowest Target -38,3%
EPS Revisions
Managers and Directors
NameTitle
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer
Simon Robert Thompson Chairman
Arnaud Soirat Chief Operating Officer
Megan Clark Independent Non-Executive Director
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