Rio Tinto’s (ASX: RIO) share price slips after mixed update

2 min read | October 18, 2022 12:59 AM EDT | By Team Kalkine Media

Rio Tinto’s (ASX: RIO) share price slips after mixed update — Image source: © Aureli | Megapixl.com

Highlights

Rio Tinto's shares were trading in the red after its Q3 production report.

The company’s iron ore production jumped 7% compared to the previous quarter.

Rio Tinto kept the most of its FY2022 guidance unchanged.

The Australian mining giant Rio Tinto Limited (ASX:RIO) on Tuesday released its Q3 production results. Following this update, Rio Tinto’s share price has traded on a muted note. At 1:26 PM AEDT, Rio’s shares were trading 1.14% lower at AU$93.07.

Q3 2022 production update

With the continuous commissioning and ramp-up of Gudai-Darri and Robe Valley, the company's Pilbara operations produced 84.3 million tonnes of iron ore in Q3, which was 1% more than the third quarter of 2021 and 7% more than the previous quarter.
The company’s Bauxite production was 13.7 million tonnes, which was 2% lower than in the third quarter of 2021.
Similarly, amounting to 0.8 million tonnes, aluminium production was 4% higher than the previous quarter and 2% lower than the third quarter of 2021.
Mined copper production was 10% higher than in the third quarter of 2021.
And lastly, the production of pellets and concentrate by the Iron Ore Company of Canada (IOC) was 28% higher in the third quarter of 2022 than in the third quarter of 2021.

Meanwhile, Rio Tinto has maintained most of its FY2022 output guidance despite this mixed Q3 production report.

Source: ASX announcement by Rio Tinto, dated 18 October 2022

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