Rio Tinto (ASX:RIO) share price in focus following Q3 update

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The Rio Tinto Limited (ASX:RIO) share price will be in focus on Friday after the release of its third quarter update. Here's how it performed...
Motley Fool Australia » Share Market News » Rio Tinto (ASX:RIO) share price in focus following Q3 update

The Rio Tinto Limited (ASX: RIO) share price will be on watch this morning following the release of its third quarter production update.

How did Rio Tinto perform in the third quarter?

For the three months ended 30 September, Rio Tinto reported Pilbara iron ore shipments of 82.1Mt.

This was a 5% decline on the prior quarter and a touch lower than expectations. Goldman Sachs, for example, was forecasting iron ore shipments of 83.3Mt for the quarter. Management advised that this reduction in shipments was due to planned maintenance activity in its port.

However, iron ore production was strong at 86.4Mt. This was a 4% lift on its second quarter production. Management notes that its Pilbara operations are returning to more normal operating conditions with rosters back to pre-COVID-19 settings.

Rio Tinto's mined copper came in a 129.6kt for the quarter. While this was down 2% on the prior quarter due to…
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