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BUZZ-Australia's Rio Tinto slips on Q1 fall in iron ore shipments to multi-year low, bleak forecast

Reuters
04/16
BUZZ-Australia's Rio Tinto slips on Q1 fall in iron ore shipments to multi-year low, bleak forecast

** Shares of Rio Tinto RIO.AX fall 2.3% to A$108.9, on track for weakest session since April 9

** Top miner reports its lowest Q1 iron ore shipments since 2019

** Co expects 2025 iron ore shipments from its flagship Pilbara ops to be at lower end of forecast range of 323 million to 338 million metric tons

** "Pilbara iron ore shipments are expected to be at the lower end of guidance due to the losses sustained from the four cyclones in Q1" - co

** Stock down 7.3% YTD, including moves in current session, compared to a 1.1% YTD decline in the mining sub-index .AXMM

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((JasmeenAraIslam.Shaikh@thomsonreuters.com;))

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