Rio Tinto says its full-year iron ore shipments are expected to be in the upper half of guidance despite a train derailment disrupting operations last month.
The iron ore giant said on Wednesday it produced 81.3 million tonnes in the second quarter, three per cent higher than a year ago, but the June 17 train derailment closed the rail line for four days, contributing to a one per cent drop in shipments at 79.1m tonnes.
Rio Tinto said that full-year iron ore shipments were expected to be in the upper half of its original 320m to 335m tonne range.
Iron ore prices declined by 12 per cent over the quarter as China's steel demand recovery encountered persistent headwinds and steel prices remained compressed.
Copper and aluminium prices declined as well, while lithium carbonate spot prices rebounded.
The miner will report its half-year results next week.
