Home Sports Rio Tinto’s share price has fallen despite the Gudai-Darri update

Rio Tinto’s share price has fallen despite the Gudai-Darri update

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The Rio Tinto Limited 04.30 ASX: RIO The stock price is falling on Wednesday morning.

At the time of writing, the mining giant’s shares have fallen 0.3% to $ 110.72.

Why is Rio Tinto’s stock price falling?

Investors are selling Rio Tinto stock prices today after a bad night of trading the company’s stock on the NYSE and lower commodity prices.

This compensated for some positive news from the mining giant this morning due to iron ore.

According to the release, Rio Tinto delivered its first ore from the Gudai-Dari iron ore mine to Pilbara, Western Australia. This is the first new mine of the company in the region, which has been in the network for more than ten years.

The first autonomous AutoHaul trains, loaded with ore from the Gudai-Dari process plant, passed a new 166-kilometer railway line connecting to Rio Tinto’s existing rail and port infrastructure.

Management has said that production at the mine will continue to grow until the end of this year and is expected to reach full capacity during 2023. At this point, the expected service life of the mine will be more than 40 years and an annual capacity of 43 million tons.

The release notes that Gudai-Darri will promote future production of Pilbara Blend’s flagship product. Rio Tinto Pilbara Blend products are the most famous iron ore brand in the world and are known for their high quality and consistency. Currently, these products make up about 70% of the company’s iron ore portfolio.

“New standard”

Rio Tinto Iron Ore CEO Simon Trot commented: “The commissioning of Gudai-Darri marks the successful delivery of our first mine in ten years, helping to support increased production of Pilbara Blend, our flagship product. It sets a new standard for Rio Tinto mine development through the deployment of technology and innovation to improve productivity and safety. ”

https://www.fool.com.au/2022/06/15/rio-tinto-share-price-lower-despite-gudai-darri-update/

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