July 16 (Reuters) - Rio Tinto Ltd (RIO) : RIO TINTO RELEASES...

July 16 (Reuters) - Rio Tinto Ltd (RIO) :

• RIO TINTO RELEASES SECOND QUARTER PRODUCTION RESULTS
• QTRLY PILBARA IRON ORE PRODUCTION (100% BASIS) 75.9 MT VERSUS 83.2 MT REPORTED A YEAR AGO
• QTRLY PILBARA IRON ORE SHIPMENTS (100% BASIS) 76.3MT VERSUS 86.7 MT REPORTED A YEAR AGO
• LTD SEES PILBARA IRON ORE 2021 UNIT COST GUIDANCE NOW $18.0-$18.5 PER TONNE
• CAPITAL EXPENDITURE REMAINS UNCHANGED AT AROUND $7.5 BILLION EACH YEAR FROM 2021 TO 2023
• FACED SOME CHALLENGES IN FIRST HALF NOTABLY AT OUR PILBARA OPERATIONS
• EXPECT CONTINUED GLOBAL RECOVERY WITH MOST KEY INDICATORS OF ECONOMIC ACTIVITY BACK TO PRE COVID-19 LEVELS
• EXPECT FY IRON ORE SHIPMENTS TO BE AT LOW END OF GUIDANCE RANGE
• MAJOR IRON ORE PRODUCERS' SUPPLY CONTINUES TO LAG EXPECTATIONS, WHILE HIGH COST SUPPLY BALANCES OVERALL MARKET
• FY MINED COPPER AND BAUXITE PRODUCTION EXPECTED TO BE AT LOW END OF GUIDANCE RANGE
• OYU TOLGOI UNDERGROUND PROJECT PROGRESS HAS BEEN SIGNIFICANTLY AFFECTED BY HEIGHTENED COVID-19 CONSTRAINTS IN MONGOLIA
• GLOBAL SCRAP CONSUMPTION IN FIRST HALF OF 2021 SET TO RISE 18% YEAR ON YEAR AS CRUDE STEEL OUTPUT AND SCRAP AVAILABILITY IMPROVES
• 2021 IRON ORE SHIPMENTS SEEN AT LOW-END OF GUIDANCE, SUBJECT TO TIE-IN AND RAMP UP OF BROWNFIELD REPLACEMENT MINES, CULTURAL HERITAGE MANAGEMENT
• TIGHT LABOUR MARKET IN WESTERN AUSTRALIA LIMITED ACCESS TO EXPERIENCED CONTRACTORS AND SPECIFIC SKILL SETS
• PILBARA MINE PRODUCTION RISKS REMAIN IN SECOND HALF
• INCREASE IN PILBARA IRON ORE 2021 UNIT COST GUIDANCE IS UNDERLYING COST INCREASE OF A$0.3 BILLION (100% BASIS) RELATIVE TO PRIOR GUIDANCE OR 4%
• INCREASE IN PILBARA IRON ORE 2021 UNIT COST GUIDANCE REFLECTS PRICE ESCALATION OF KEY INPUT COSTS, MINE HERITAGE MANAGEMENT & COVID COSTS