Mining giant Rio Tinto said it enjoyed a “solid” second quarter as iron ore shipments rose 14 per cent.
In a trading update, the miner said iron ore shipments for the year were on track to sit at the upper end of its 330m to 340m tonne range as it improved productivity and expected less weather-related disruption.
Previously, the company has said it does not expect steel sales to be affected by the current trade war raging partially over the material.
The firm added that major growth projects were on schedule, including the first bauxite shipment from Amrun in the first half of 2019.
Rio Tinto’s share price crept up 1.1 per cent in the morning after it made the announcement.
Chief exec J-S Jacques said:
Operational performance was solid across most commodities, rounding out a strong first half performance for the group. Our increasingly flexible Pilbara iron ore system continued to perform well. Our bauxite and copper businesses also delivered strong operating results, demonstrating the success of our ongoing mine-to-market productivity programme, which is increasingly important in an environment of rising cost inflation.
Our sustained focus on cash generation, combined with disciplined capital allocation, will ensure we continue to deliver superior returns to our shareholders across the short, medium and long term.
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