Rio Tinto cut its 2019 guidance for shipments of iron ore to between 333 and 343m tonnes on Tuesday as a result of cyclone damage at its port in Western Australia.
The Anglo-Australian miner shipped 69.1m tonnes of the commodity used to make steel in the first quarter, down 14 per cent year on year, following weather disruptions in March and a fire at its Cape Lambert A port facility, the company said.
“Our iron ore business faced several challenges at the start of this year, particularly from tropical cyclones,” said Rio chief executive J-S Jacques, adding that the guidance for Pilbara shipments had been reduced.
The miner said earlier this month that it expected iron ore shipments for 2019 would come in at the lower end of its previous guidance of 338 to 350m tonnes.
Iron ore prices have climbed this year after Vale cut operations in Brazil following a dam accident in January that killed almost 300 people.