Rio Tinto keeps full-year guidance even as Q1 iron ore shipments slide 10% (NYSE:RIO)

Rio Tinto (NYSE:RIO) reported late Tuesday its Q1 iron ore shipments fell 10% from the previous quarter and slipped 5% compared to the same period a year earlier, while maintaining full-year guidance across all products.

The miner said it shipped 78M metric tons of iron ore in the quarter from its mines in Australia’s Pilbara region, while Q1 iron ore production totaled 77.9M metric tons, down 11% Q/Q and 2% Y/Y.

Also in Q1, bauxite production increased 11% Y/Y to 13.4M tons, with continued improvement in operational stability at Weipa and Gove; aluminum output gained 5% Y/Y to 800K tons, with Kitimat now back at full capacity; and copper production rose 7% Y/Y to 156K tons on a consolidated basis.

For FY 2024, Rio Tinto (RIO) kept its annual shipment guidance of 323M-338M metric tons, and maintained guidance for all materials and operating costs.