RE: Go fooking copper!20 Jun 2019 08:54
2.85 for glencore? Today :-) or will rio way on miners ...Global miner Rio Tinto has been forced to cut its production guidance for the second time in barely two months, just as rival miner Vale confirmed it would restart a key form of processing at one of its largest Brazilian mines within 72 hours.
Rio cut its full-year iron ore production forecast to 320-330 million tonnes, down from 333-343 million tonnes, equal to a 4.4 per cent drop in the mid-point of the range.
"Operational challenges" have forced Rio Tinto to downgrade its iron ore production guidance.
"Operational challenges" have forced Rio Tinto to downgrade its iron ore production guidance.CREDIT:CHRISTIAN SPROGOE
The news means it will be harder for Rio Tinto to capitalise on the surging iron ore price, which has been a boon for BHP and iron ore pureplay Fortescue Metals Group.
Investors reacted to the news by selling off Rio on the Australian market on Thursday morning, with Rio shares down 4.8 per cent to $100.69 shortly before 11am. BHP shares were down 1.6 per cent to $40.33, while Fortescue shares were down 3 per cent to $8.50.