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Real Economy News in Real Time
R/€ = 20.04 Change: -0.39
R/$ = 18.01 Change: -0.39
Au 1626.15 $/oz Change: 4.67
Pt 741.50 $/oz Change: -6.05
 
 
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Rio downgrades iron-ore expectations after cyclone

18th February 2020 BY: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Diversified giant Rio Tinto has downgraded its iron-ore export expectations for the full 2020, in the wake of Tropical Cyclone Damien.


The miner on Tuesday noted that the cyclone had caused infrastructure damage across its entire Pilbara network, including access roads, electrical and communications infrastructure and accommodations.

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While the iron-ore operations have progressively resumed, Rio told shareholders that all of the mine sites have experienced some disruption, and would take time to return to normal operations.


As a result, the miner has downgraded its shipment guidance from the previous 330-million to 343-million tonnes, to between 324-million and 334-million tonnes, with the miner saying it was working with customers to minimise any disruptions in supply. 

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EDITED BY: Creamer Media Reporter
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