MARKET TALK: Rio 1Q Iron Ore Climbs, Mined Copper Falls

Rio Tinto (RIO.AU) 1Q iron ore output up 12% on previous corresponding period thanks to expansions; down 8% on December quarter due to cyclones. Mined copper dips 3% on lower Kennecott grades; refined copper up 19% on Escondida sulphide leach project. Uranium output sinks 16% on rain impact at Ranger mine. Output from the Yarwun alumina refinery down 18% on the December quarter on maintenance shutdowns. Weather impacts well flagged to market; little surprise. Rio shares down 2.6% but were already trading down 2.4% ahead of the production report.