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.
With parts of Europe facing new restrictions and infections slated to rise into the winter months, prospects for a sustained global recovery are dimming.
"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.
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.
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.