0103 GMT - Rio Tinto's 1Q Pilbara iron-ore shipments were impacted by cyclones more than Citi expected, says analyst Paul McTaggart. Shipments of 70.7 million metric tons are down 17% on the quarter immediately prior, while the lower-grade SP10 product represents "a high" 32% of shipments, he says. Iron ore contributes most of Rio Tinto's profits. Production of other commodities is broadly in line, "but noting Escondida refined copper production was impacted by the Chile-wide power outage," McTaggart says. He adds that "lithium was a one-liner for Rio in this report," following its recent acquisition of Arcadium Lithium. Citi has a neutral rating and A$130.00 target on Rio Tinto, which is down 1.3% at A$109.94. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
April 15, 2025 21:03 ET (01:03 GMT)
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