News: RIO Rio Tinto Reports Qtrly Pilbara Iron Ore Shipments (100% Basis) Of 82.9 MT

Oct 18 (Reuters) - Rio Tinto Ltd (RIO) :

• QTRLY PILBARA IRON ORE SHIPMENTS (100% BASIS) 82.9 MT VERSUS 83.4 MT REPORTED LAST YEAR
• QTRLY MINED COPPER PRODUCTION 138 KT VERSUS 125.2 KT REPORTED LAST YEAR
• QTRLY ALUMINIUM PRODUCTION 759 KT VERSUS 774 KT REPORTED LAST YEAR
• QTRLY PILBARA IRON ORE PRODUCTION (100% BASIS) 84.3 MT VERSUS 83.3 MT REPORTED LAST YEAR
• SAYS PILBARA IRON ORE 2022 UNIT COST GUIDANCE OF $19.5-$21.0 PER TONNE REMAINS UNCHANGED
• COMMODITY PRICES CONTINUED THEIR DOWNWARD TREND DURING QUARTER AND THERE ARE FURTHER DOWNSIDE RISKS TO DEMAND AS GLOBAL ECONOMY SLOWS
• LABOUR MARKETS ARE HOLDING UP RELATIVELY WELL ALTHOUGH CONSUMER CONFIDENCE HAS WANED
• COPPER C1 UNIT COST GUIDANCE IN 2022 HAS BEEN REVISED TO 150-170 US CENTS/LB (PREVIOUSLY 130-150 US CENTS/LB)
• FEARS OF RECESSION ARE EMERGING ON IMPLEMENTATION OF AGGRESSIVE INTEREST RATE HIKES IN US AND EUROPE
• WEAK PROPERTY SECTOR CONTINUES TO WEIGH ON CHINA'S ECONOMY
• IRON ORE PLATTS CFR PRICES TRENDED DOWN FROM $120/DMT TO $96/DMT DURING Q3
• US ECONOMY IS SHOWING MORE SIGNS OF A SLOWDOWN EVEN THOUGH EMPLOYMENT TRENDS ARE STILL HOLDING UP POSITIVELY
• LME ALUMINIUM PRICE EXTENDED FURTHER LOSSES, DROPPING 20% OVER QUARTER, AVERAGING $2,354/T
• UNDERCUT & DRAW BELL PROGRESSION ON TRACK TO ACHIEVE FIRST SUSTAINABLE PRODUCTION FROM PANEL 0 IN FIRST HALF OF 2023 FOR OYU TOLGOI
• SEES 2022 PILBARA IRON ORE SHIPMENTS (100% BASIS) OF 320 TO 335 MT
• OYU TOLGOI CURRENT ON-SITE WORKFORCE LEVELS ARE IN LINE WITH 2022 REFORECAST
• AT GUDAI-DARRI, THE RAMP UP IS PROGRESSING AS PLANNED AND THE FULL CAPACITY RUN RATE IS EXPECTED TO BE ACHIEVED DURING 2023
• EXPLORATION AND EVALUATION EXPENSE IN THE FIRST NINE MONTHS OF 2022 WAS $593 MILLION
• AT RINCON LITHIUM PROJECT IN ARGENTINA, PROGRESSING EARLY WORKS INCLUDING CONSTRUCTION OF A CAMP AND AIRSTRIP
• DEVELOPING THREE THOUSAND TONNE PER ANNUM LITHIUM CARBONATE STARTER PLANT TO ACCELERATE MARKET ENTRY BY H1 2024 AT RINCON

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