RIO -0.74%: the miner announced 2Q production numbers today, a mixed bag coming with small amendments to their guidance. Iron ore shipments were down marginally to 79.1Mt in the quarter, though the company pushed guidance for the year to the upper end of the previous range. Their iron ore pellets operations struggled in the period, -19% yoy, though this is a small contributor. Bauxite production was soft on planned outages and machinery downtime, -5% yoy, and guidance was unchanged. Mined copper was stable. though refined copper output was weak and guidance was cut 20% as a result while costs will be higher than previously expected as well. Overall, it was an ok half from a production standpoint, though minor downward revisions from analysts are likely.
MM is neutral RIO
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