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Rio Tinto sees 5% rise in iron ore exports in Q2

Rio Tinto said Friday in Australian local time that it produced more iron ore and copper in its fiscal second quarter than a year ago, but lowered full-year targets for aluminum production and Diamond.

The Anglo-Australian miner reported shipments of 79.9 million metric tons from its iron ore operations in Australia’s Pilbara region during the three months to June, a 5% year-on-year increase.

Alongside Brazil’s Vale, Rio Tinto is the world’s largest producer of the steel ingredient.

The mining company also recorded a 9% increase in the production of extracted copper in the year, to 126 thousand tons and a 3% increase in the production of bauxite, to 14.1 million tons.

However, aluminum production in the second quarter dropped 10% to 731,000 tonnes swt as a labor strike reduced capacity at its Kitimat smelter in British Columbia.

Rio Tinto lowered its fiscal year aluminum production target from 3.1 million to 3.2 million previously to a range of between 3.0 million and 3.1 million tonnes.

It also cut its alumina orientation from the range of 8.0 million to 8.4 million to 7.6 million to 7.8 million tons.

The estimated annual diamond production was also reduced from 5.0 million to 6.0 million to 4.5 million to 5.0 million carats.

An accumulation of maintenance and impacts from the covid-19 pandemic impacted performance during the half.

The Anglo-Australian miner highlighted concerns over a rising risk of recession and said trade disruptions, food protectionism and the energy crisis that squeezed supply chains would need to ease significantly before inflationary pressures eased.

Source: CNN Brasil

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