The global mining giant's shares rose after it exported more iron ore than expected for the September quarter. Shipments from the company's Pilbara iron ore mines increased to 85.8 million tonnes due to improved rail capacity and enhanced performance. Rio also reaffirmed its yearly iron ore output was on track to approximately 330 million tonnes.
The news was less positive regarding the miner's copper production with production slipping 3% compared to Q3 2016 following lower copper head grades at Kennecott and Oyu Tolgoi. Furthermore, Rio downgraded its annual guidance for copper production from between 500,000 and 550,000 tonnes to between 460,000 and 480,000 tonnes following the delayed ramp-up of the Escondida expansion and planned fourth quarter mine sequencing changes at Kennecott.
