<p>Rio Tinto said on Friday that fresh lockdowns sparked by a resurgence in coronavirus cases threaten the global economic recovery and posted a 4.6 per cent drop in third-quarter iron ore shipments due to planned maintenance in Pilbara.</p>.<p>With parts of Europe facing new restrictions and infections slated to rise into the winter months, prospects for a sustained global recovery are dimming.</p>.<p>"Data suggests that the rate of recovery in growth is slowing in most economies, with pent-up demand dissipating, and the rise of renewed lockdowns threatening recovery," the company said in a statement.</p>.<p>The world's largest iron ore miner said the maintenance work would continue into the fourth quarter, but kept its full-year shipment forecast between 324 million tonnes and 334 million tonnes. Iron ore accounts for more than 80 per cent of Rio's underlying earnings.</p>.<p>Rio shipped 82.1 million tonnes of the steel-making ingredient in the quarter ended September, down from 86.1 million tonnes a year earlier. It, however, beat a UBS estimate of 81.9 million tonnes.</p>
<p>Rio Tinto said on Friday that fresh lockdowns sparked by a resurgence in coronavirus cases threaten the global economic recovery and posted a 4.6 per cent drop in third-quarter iron ore shipments due to planned maintenance in Pilbara.</p>.<p>With parts of Europe facing new restrictions and infections slated to rise into the winter months, prospects for a sustained global recovery are dimming.</p>.<p>"Data suggests that the rate of recovery in growth is slowing in most economies, with pent-up demand dissipating, and the rise of renewed lockdowns threatening recovery," the company said in a statement.</p>.<p>The world's largest iron ore miner said the maintenance work would continue into the fourth quarter, but kept its full-year shipment forecast between 324 million tonnes and 334 million tonnes. Iron ore accounts for more than 80 per cent of Rio's underlying earnings.</p>.<p>Rio shipped 82.1 million tonnes of the steel-making ingredient in the quarter ended September, down from 86.1 million tonnes a year earlier. It, however, beat a UBS estimate of 81.9 million tonnes.</p>