London, March 20, 2026, 14:51 GMT
Rio Tinto plc ticked up in London on Friday, with shares gaining 0.33% to 6,359 pence as of 13:10 GMT, after shutting two Queensland bauxite mines in the path of Tropical Cyclone Narelle. The closures came on the heels of a sharp drop in Rio’s Australia-listed shares, which earlier slumped as much as 4% to A$145.36—marking their lowest point since Jan. 13.
Amrun and Andoom account for roughly 30 million metric tons of bauxite output annually, so the shutdown packs a punch. The ore is the key feedstock for aluminium, and this disruption hits just as the global market wrestles with supply shortages—recent Gulf cutbacks and transport snags already drove London Metal Exchange aluminium prices to a four-year peak last week.
Rio said it’s rolled out cyclone protocols, prioritizing employee safety and shoring up its sites. Earlier, Reuters noted that Narelle made landfall in far north Queensland as a category four, with winds clocked around 195 kph, later easing on Friday.
South32 halted work at its Gemco manganese mine in the Northern Territory, pulling non-essential staff from the site. The operation, which Anglo American jointly owns, also felt the impact—not just Rio.
Markets have been twitchy lately, with energy prices climbing and fresh turmoil out of the Middle East adding to nerves. “This buy-the-dip situation is nice, we’re not sure there’s enough money and confidence right now to drag markets upward,” Michael Field, chief European equity strategist at Morningstar, told Reuters as European shares dropped on Thursday. Reuters
That context sheds some light on Rio’s hesitant action Friday. Shares tumbled 4.88% Thursday, closing at 6,338 pence in London, and by midday Friday, gains were minimal.
The weather impact might not last long. Queensland Premier David Crisafulli noted initial assessments showed limited damage, while the Bureau of Meteorology anticipated the cyclone would lose strength heading west across Cape York.
If the shutdown drags on, shrugging it off gets trickier for the market—especially since prompt aluminium is already fetching a premium. Rio hasn’t committed to any timetable for bringing Amrun and Andoom back online. Investors are left hanging for updates on damage assessments in Queensland and what, if anything, it means for shipments.
