Rio Tinto Shares Fall On Lower Pilbara Iron Ore Shipment Guidance

Rio Tinto plc ADR RIO has warned its iron ore unit is experiencing mine operational challenges in the Greater Brockman hub in the Pilbara region of Australia, according to a Wednesday Reuters report

The mining company now expects 2019 Pilbara shipments between 320-330 million tonnes versus previous guidance of between 333-343 million tonnes. 

Rio Tinto also expects to revise its unit cost guidance in its second-quarter operations review, which is scheduled for July 16.

Rio Tinto shares were down 4.26% at $59.54 at the time of publication Wednesday. 

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