financetom
Business
financetom
/
Business
/
Why Rio Tinto Shares Are Diving Today?
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Why Rio Tinto Shares Are Diving Today?
Jul 16, 2024 9:02 AM

Rio Tinto Group shares are trading lower today after the company disclosed second-quarter production results.

The company reported production of 79.5 million tonnes (67.5 million tonnes for Rio Tinto), a decrease of 2% Y/Y, attributed to a mid-May train collision that disrupted rail capacity for about six days and led to full stockpiles at some mines.

Bauxite production increased to 14.7 million tonnes, up 9% from last year, driven by improved utilization and feed rates at Weipa, aligning with the company’s full-year guidance to the upper end of 53 to 56 million tonnes.

Outlook: Rio Tinto reiterated outlook for production at Pilbara Iron ore of 323 to 338 million tonnes.

Rio Tinto Chief Executive Jakob Stausholm said: “Our operational performance continues to progress. While there are still significant improvements ahead, we are beginning to see a step-change in production, including from our Queensland bauxite business following the roll-out of the Safe Production System.”

Read: Rio Tinto Scrambles to Avoid Repeat Strike at Mongolian Mine: Report

“We continue to prioritise the decarbonisation of our business, announcing the installation of carbon free aluminium smelting cells using ELYSIS technology at our Arvida smelter in Quebec and an investment in a R&D facility to test our low-carbon ironmaking process, BioIron, in Western Australia. We also signed 20-year electricity arrangements backed by renewable electricity to secure the future of the Tiwai Point aluminium smelter in New Zealand.”

Also Read: Australia’s Ngarluma Country Shines Bright: Solar Project Aims to Slash Rio Tinto’s CO2 Footprint

Investors can gain exposure to the stock via VanEck Steel ETF ( SLX ) and NEOS ETF Trust Mast Global Battery Recycling & Production ETF .

Price Action: RIO shares are down 2.4% at $65.92 at the last check Tuesday.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
UWM Holdings Unit Prices Upsized Offering of Senior Notes due 2031
UWM Holdings Unit Prices Upsized Offering of Senior Notes due 2031
Sep 9, 2025
05:24 PM EDT, 09/09/2025 (MT Newswires) -- UWM Holdings ( UWMC ) said late Tuesday that its UWM Holdings, LLC unit priced an upsized offering of $1 billion of $6.25% senior notes due 2031. Net proceeds will be used to repay 5.5% senior notes due Nov. 15, 2025, outstanding mortgage servicing rights facilities, and for working capital, the company said....
NextDecade Reaches $6.7 Billion Train 4 Investment at LNG Project
NextDecade Reaches $6.7 Billion Train 4 Investment at LNG Project
Sep 9, 2025
05:17 PM EDT, 09/09/2025 (MT Newswires) -- NextDecade ( NEXT ) said Tuesday it has reached a positive final investment decision for its fourth liquefaction plant, known as Train 4, at its flagship Rio Grande project. The liquefied natural gas producer secured around $6.7 billion in financing for project-related costs for Train 4, it said. The liquefaction plant is projected...
Nicolet Bankshares Extends Mike Daniels' Leadership Through 2030
Nicolet Bankshares Extends Mike Daniels' Leadership Through 2030
Sep 9, 2025
05:21 PM EDT, 09/09/2025 (MT Newswires) -- Nicolet Bankshares ( NIC ) said late Tuesday that Chairman, President and Chief Executive Officer Mike Daniels has agreed to extend his leadership through the end of 2030. The board also approved an equity award of up to 90,000 Nicolet shares to Daniels, including 30,000 restricted shares that cliff vest upon 5 years...
Winklevoss twins-backed Gemini aims to raise over $433 million after lifting IPO price range
Winklevoss twins-backed Gemini aims to raise over $433 million after lifting IPO price range
Sep 9, 2025
Sept 9 (Reuters) - Cryptocurrency exchange Gemini is aiming to raise up to $433.3 million in its U.S. initial public offering, after raising its targeted price range, a company filing showed on Tuesday. ...
Copyright 2023-2025 - www.financetom.com All Rights Reserved