Rio Tinto's earnings in H2 might be affected by COVID-19 & inflation
Time:Tue, 19 Jul 2022 12:24:35 +0800
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Rio Tinto said last Friday that COVID-19 causing related labor shortages in Western Australia and rising inflation might impact the company's earnings in the second half of this year.
The mining giant reported it missed its second-quarter forecasts on output, but it kept the guidance on full-year iron ore shipments around 320 to 335 million tons, and it saw its newly opened Gudai-Darri mine could lift up production and reach full capacity by 2023.
However, rising COVID-19 cases at its Pilbara operations have been resulting in increasing levels of unplanned absences and decreasing of 2% in shipments of steelmaking commodities in the first half of this year.
Bad weather conditions also came with impact. Shipments in the second quarter rose by 4.7% to 79.9 million tons, slightly dropping compared to the earlier estimation of 80 to 80.2 million tons.
