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Rio Tinto Q1 Iron Ore Output Rises 13% to 78.8M Tons

Bloomberg Markets •
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Rio Tinto Group reported a 13% increase in iron ore production from its Australian Pilbara mines in the first quarter, reaching 78.8 million tons. The output rise came despite seasonal weather disruptions that shuttered ports in March, though sales grew only 2% and missed analyst expectations.

Copper production climbed 9% as operations expanded at the Oyu Tolgoi mine in Mongolia, while bauxite output fell 11% and aluminum rose 1%. The company maintained its full-year iron ore guidance of 323-338 million tons and continues ramping up production at the Simfer mine in Guinea's Simandou project, with first shipments to China delivered this month.

Rio's integrated aluminum business delivered strong performance as CEO Simon Trott noted in filings, while the company monitors evolving Middle East tensions. The mining giant will hold its annual general meeting on May 6, providing further updates on its commodity production strategy and major growth projects across its portfolio.