Rio Tinto Ltd FY17 guidance intact despite weakening iron ore prices and challenging weather conditions

FY17 guidance intact despite weakening iron ore prices and challenging weather conditions:Rio Tinto Ltd (ASX: RIO) witnessed a stock price slip of 0.39% on April 20, 2017 as the group reported 3% year on year (yoy) fall in iron production from Australia due to wet weather at its mines during Q1 FY17. However, RIO maintained its FY17 guidance (shipments of 330-340 million tonnes) despite weakening ore prices. During Q1 FY17, shipments from the Australian mines (Pilbara iron ore) were flat at 76.7 million tonnes against Q1 FY16, but declined by 13% quarter on quarter (qoq) owing to impact from a cyclone and parts of its rail lines were affected by heavy rainfall. Bauxite and Aluminum production rose by 2% yoy to 11.3 million tonnes and 889k tonnes, respectively, while Titanium dioxide slag production surged by 35% yoy due to higher market demand. However, mined copper production declined by 37% yoy due to a 43-day labour strike at Escondida and the strike led to lower copper guidance of 500-550k tonnes from earlier 665k tonnes. 

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