Rio Tinto $RIO (+0,51%) is having to contend with capricious weather conditions in its iron ore business in Australia. The mining group announced that its iron ore deliveries in the first quarter will be affected by Cyclone Sean, which caused heavy rainfall and flooding in Australia's resource-rich Pilbara region. However, Rio Tinto is sticking to its outlook for the year as a whole.
Rio Tinto is one of the largest iron ore producers in the world. Its earnings are largely dependent on the sale of the raw material.
The company announced that a tipping facility for a railroad at the East Intercourse Island (EII) port facility, which was used to ship around 45 million tons of the company's iron ore in 2024, was flooded. The facility could be out of operation for three to four weeks.