Bonanza for iron ore miners

Original article by Peter Ker
The Australian Financial Review – Page: 1 & 16 : 21-Apr-21

Rio Tinto’s quarterly production report shows that its iron ore exports from the Pilbara totalled 77.79 million tonnes in the first three months of 2021, an increase of seven per cent year-on-year. Peter O’Connor of Shaw & Partners expects Rio Tinto to post an underlying profit of $US17.69bn ($22.7bn) for calendar 2021, eclipsing its record profit of $US15.5bn in 2011. The strength of the iron ore price during the March quarter has boosted the profits of Australia’s five biggest producers of the steel input. The iron ore price recently reached its highest level in more than nine years.

CORPORATES
RIO TINTO LIMITED – ASX RIO, SHAW AND PARTNERS LIMITED