Business
Why the Rio Tinto (ASX:RIO) share price will be on watch today
The Rio Tinto Limited (ASX: RIO) share price will be one to watch this morning following the release of its fourth quarter update.
How did Rio Tinto perform in the fourth quarter?
Rio Tinto was on form in the fourth quarter and delivered production growth across most commodities.
According to the release, the company’s Pilbara iron ore production came in 3% higher for the quarter to 86Mt. This brought its full year production to 333.4Mt, which was up 2% on the prior corresponding period. This was despite negative impacts from Cyclone Damien in the first quarter and COVID-19 disruptions.
In respect to shipments, the company’s Pilbara iron ore shipments grew 2% in the fourth quarter to 88.9Mt and 1% for the full year to 330.6Mt….
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