Rio Tinto Trims 2019 Capex Guidance; Sees Strong Cash Flow
October 31 2019 - 3:25AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC (RIO.LN) on Thursday trimmed capital
expenditure guidance for 2019 and said it could record $10 billion
in full-year free cash flow at present commodity prices.
The miner said it expects annual capital expenditure to be $500
million lower than an earlier $5.5-billion forecast, with that sum
deferred into 2020 when it now expects to spend $7 billion.
Rio Tinto said its estimate for free cash flow reflects "the
ongoing cash generation resilience of our world-class assets in a
volatile macro environment."
The miner, which is holding an investor seminar in London on
Thursday, also said its Pilbara iron-ore operations had, at times
operated at a long-targeted 360-million-metric-ton-a-year run rate.
Rio Tinto reiterated 2019 annual shipment guidance of 320-330
million tons and said it expects 2020 shipments up to 5% higher
than its 2019 forecast.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 31, 2019 03:10 ET (07:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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