Rio Tinto on Wednesday posted a lower-than-expected rise in iron ore shipments for the second quarter, but forecast fiscal 2025 copper production at the higher end of its guidance range. Iron ore shipments at Rio Tinto,

The world’s second-biggest miner by market value said it continues to expect annual shipments from its Pilbara iron-ore operations to be at the lower end of its guidance.

Rio Tinto said it shipped 79.9M metric tons of iron ore from its Pilbara operations in Q2, down 1% Y/Y but up 13% from Q1, when four cyclones affected ports servicing the Pilbara mining hub.