LONDON (ShareCast) - (Sharecast News) - Rio Tinto said it remains on track to hit production targets this year as it upgraded its bauxite guidance, though iron ore shipments in the third quarter were more or less flat.
The British-Australian diversified mining group said iron ore shipments from the Pilbara region totalled 84.3m metric tons over the third quarter, unchanged from the same period last year though up 6% from the second quarter.

Copper equivalent production increased 9% year-on-year to 204kt, with a strong ramp-up at the Oyu Tolgoi driving a more optimistic outlook for the full year.

Bauxite production was also 9% higher than last year at 16.4mt which it put down to "operational excellence".

"We continue to strengthen performance from our assets, setting back-to-back quarterly production records in our bauxite business and at Oyu Tolgoi - where the underground ramp-up remains on track to boost copper output by more than 50% this year," said chief executive Simon Trott.

"We are focused on delivering a strong finish to the year from the Pilbara. Our growth projects are also progressing at pace - at Simandou, we started loading first ore at the mine for movement down the rail and to the port in October."

As for 2025 guidance, the company expects to ship between 323mt-338mt of iron ore, though the full-year result will likely be at the "lower end" of the range.

However, bauxite guidance has been increased to 59mt-61mt, up from earlier estimate of 57mt-59mt, while copper output is expected to be at the higher end of the 780kt-850kt target.

Shares were 1.4% lower at 5,013p by 0907 BST.

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