Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) shares rose 3.6% in early trading after the mining giant said its iron ore port operations in Western Australia had largely resumed following tropical cyclone Narelle.
The FTSE 100 company said three of its four Pilbara port terminals, including East Intercourse Island, had restarted ship loading on 28 March, with repairs underway at the fourth, Cape Lambert A, expected to be completed within days.
Port closures began on 24 March as the cyclone passed over the Pilbara, a remote coastal region in northwest Australia that is home to the world's largest iron ore export operations.
Combined with tropical cyclone Mitchell in February, recent weather events have disrupted around 8 million tonnes of shipments, of which Rio Tinto said it had identified a pathway to recover approximately half.
Despite the disruption, the company left its full-year Pilbara shipment guidance unchanged at 323 to 338 million tonnes.
Rio shares are down over 7% since the start of the Iran war at the end of last month, though off their worst.
Last week, Rio Tinto told investors that a new A$2 billion funding partnership with the Queensland and Commonwealth governments will help secure the long-term future of the Boyne aluminium smelter in Gladstone, keeping the operation internationally competitive beyond its current power contract.