** Shares of Rio Tinto fall as much as 2.1% to A$119.51
** World's largest iron ore miner says it shipped weaker-than-expected 84.5 mln tonnes of ore from its Western Australia operations during the third quarter, of which 19% accounted to ower-grade, lower-margin product called SP10
** Co says it is reviewing its product strategy at flagship Pilbara iron ore operations
** Rio flags that investor should continue to expect SP10 volumes to remain high for several years
** Rio now expects Pilbara iron ore unit cash costs to be in the upper half of its $21.75 to $23.50 atonne estimate due to inflation being at the higher end of co's expectations
** Rio's current stock drop is also in line with broader fall in iron ore futures with mining index down 0.9%
** Co has been criticised by investors for offering an unnecessarily full price to Arcadium shareholders and has followed this up with a disappointing SepQ prodn report — Citi
** Stock has fallen 10% YTD, as of last close
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.