RIO -2.32%: shares in the iron ore miner softened today, though largely traded in line with peers following a mixed 1Q production report. The iron ore front was strong, a record start to the year for Rio which usually sees a seasonally weak March Period. Production was up 11% vs 1Q22, but down -11% vs the prior quarter. Bauxite production was soft on the back of heavy rainfall, but the weakest segment was copper mostly thanks to snowfall at their Kennecott site reducing mine throughput. Escondida production was up 6%, however, they continue to face geotechnical issues at the mine leading to the company downgrading copper guidance by ~10%. Prices remain robust, and cost guidance was maintained.
MM prefers BHP to RIO
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