November 17, 2021

Rio Tinto cuts iron ore output guidance after “difficult” third quarter

Rio Tinto has cut production guidance for its flagship iron ore business and several other divisions after a “difficult” third quarter and revealed another delay at its most important growth project, a huge underground copper mine in Mongolia’s Gobi desert.

The quarterly trading update highlighted the scale of the task facing Jakob Stausholm, Rio’s former finance director who was promoted to chief executive in January. He is due to brief analysts and investors in London next week on his strategic plan for the company.

Rio has lost its crown as the mining industry’s biggest operator and is trying to rebuild trust with indigenous groups after destroying two sacred 46,000-year-old Aboriginal rock shelters last year to make way for a mine expansion in Western Australia.

“Not a great quarter for Rio with the collapse in the iron ore price and weaker than expected…

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