RIO - What's Going On With Mining Giant Rio Tinto Shares Today? | Benzinga
Rio Tinto PLC (NYSE:RIO) shares are down premarket today after the company reported full-year FY23 results.
Sales revenue declined 3% Y/Y to $54.0 billion, beating the consensus of $53.9 billion. Underlying EPS decreased 12% Y/Y to $7.25, missing the street view of $7.27.
The mining company witnessed production at Pilbara iron ore of 331.5 million tonnes (+2% Y/Y), with a unit cost of $21.5 per tonnes ($0.2 per tonne lower Y/Y) and an average realised price increase of 2% Y/Y to $108.4 per dry metric tonne.
In 2023, the company continued to roll out the Safe Production System across its business, already delivering real improvements in its Pilbara iron ore operations, realizing a 5 million tonne production uplift in 2023.
Apart from this, production of Bauxite remained flat Y/Y to 54.6 MT, Alumina remained unchanged Y/Y at 7.5 million tonnes, and Aluminium rose 9% ...