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(Bloomberg) — Rio Tinto Group’s second-quarter iron ore shipments largely recovered from cyclone impacts in the previous three months, as the major miner prepares for a new chief executive officer to take charge.
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Exports of key steel-making material iron ore reached 79.9 million tons for the three months ended June 30, 1% lower than for the same period last year, Rio said in a statement Wednesday. It was a jump from the 70.7 million tons shipped in the first quarter, when four cyclones impacted ports servicing Western Australian mining hub the Pilbara.
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The company, which on Tuesday named iron ore boss Simon Trott as its new CEO, still relies on the steelmaking material for about 80% of its underlying earnings. It’s aiming to boost production in the Pilbara while bringing its massive Simfer mine at the Simandou project in Guinea online this year.
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Trott, who will replace Jakob Stausholm as CEO, was seen as a good fit as head of Rio’s biggest and most profitable division, despite only assuming leadership of iron ore four years ago. Prior to that, he was chief commercial officer and had spent nearly two decades in a range of operational and business development roles at the company.
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Rio maintained full-year iron ore export guidance to between 323 million tons to 338 million tons. The miner is also pursuing growth in commodities key for the energy transition, namely its new lithium business as well as expansions in copper and aluminum production.
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Rio’s large copper business continued a strong performance, with output up 15% on the same time a year ago. Bauxite and aluminum production gained 6% and 2% respectively.
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