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Rio Tinto maintains full-year production guidance

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LONDON (ShareCast) - Australian iron ore miner Rio Tinto (Xetra: 855018 - news) will meet its full-year production targets despite lower than expected iron-ore shipments as a result of poor weather and transport delays. The London-based miner increased output of the metal by 12% in the first three months of the year to reach 74.7m tonnes.

That was approximately 10% less than forecast by analysts.

On the other hand, iron-ore shipments grew by 9% to 72.5m tonnes.

Management reiterated a previous forecast for global iron-ore shipments to reach 350m metric tonnes.

The company reiterated its intention to tactically draw-down inventory with a view to maximising its cash flow.

Shipments and production would be subject to weather conditions, Rio Tinto said in a statement.