1 minute ago by Reuters1 minute ago by Reuters1 minute ago by Reuters1 Read A train filled with iron ore can be seen near the Fortescue Solomon iron ore mine in the Pilbara region of Western Australia’s Valley of the Kings, south of Port Hedland. 2nd of December, 2013. David Gray/REUTERS/File Photo (Source: Reuters) Rio Tinto, the world’s largest iron ore miner, revised its full-year iron ore production cost guidance on Friday, citing higher labor and input costs, as well as heavier-than-expected rainfall in the West Pilbara region, which impacted second-quarter exports. In 2021, the world’s largest iron ore producer intends to export the steel-making material near the lower half of its range of 325 to 340 million tonnes (mt). The miner now forecasts a unit cost of $18.0-$18.5 per tonne for the year, up from $16.7-17.7 per tonne previously. For the three months ended June 30, the world’s largest iron ore producer delivered 76.3 million tonnes (mt) of the steel-making product, down from 86.7 mt a year earlier. It slightly outperformed a UBS forecast of 76 mt. Rainfall in the West Pilbara region hindered production for the quarter, resulting in a 9% decline in output to 75.9 Mt, according to Rio. Sameer Manekar and Anushka Trivedi in Bengaluru contributed reporting, and Krishna Chandra Eluri edited the piece./n
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