Rio Tinto Ltd reported higher-than-expected iron ore production for the first quarter on Friday, boosting its shares, but cut its forecast for annual copper output citing disruptions due to the coronavirus.
FILE PHOTO: The Rio Tinto logo is displayed on a visitor's helmet at a borates mine in Boron, California, U.S., November 15, 2019. REUTERS/Patrick T. Fallon/File Photo
The result was “better than expected” considering “the damage caused by a direct hit from Tropical Cyclone Damien in February”, analysts at Jefferies said. The brokerage has a buy rating on Rio Tinto shares. Iron ore production for the Anglo-Australian miner stood at 77.8 million tonnes for the first quarter ended March, up 2.4% from the same period last year.
“Commodity supply is being disrupted as COVID-19 restrictions impact supply chains and people movement globally.”
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