Rio Tinto cuts 2019 iron ore shipments outlook from Pilbara due to disruption and damage caused by cyclone Veronica
Rio Tinto PLC (LON:RIO) has cut its 2019 outlook for iron ore shipments from Australia’s Pilbara region due to production disruption and damage caused by tropical cyclone Veronica.
The FTSE 100-listed firm said annual Pilbara shipments are now expected to be at the lower end of its previous guidance of between 338mln to 350mln tonnes. Rio’s 2018 iron ore shipments from the region totalled 338.2mln tonnes.
READ: Rio Tinto reveals record shareholder payouts for 2018
In a brief statement, the miner said the damage from last week’s cyclone coupled with a fire at a port facility in January will lead to a loss of about 14mln tonnes of production in 2019.
On Friday, Rio issued force majeure notices to some iron ore customers due to damage from the cyclone.
In January, the company had declared force majeure on iron ore shipments to some customers following a fire at its Cape Lambert export terminal in Australia.
Force majeure is invoked when a company tells a counterparty it cannot perform a contractual obligation due to circumstances outside its control.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217612/rio-tinto-cuts-2019-iron-ore-shipments-outlook-from-pilbara-due-to-disruption-and-damage-caused-by-cyclone-veronica-217612.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).