2024-01-15 21:36:12
Rio Tinto reported full-year shipments of 331.8 million metric tons on Tuesday, up 3% from a year earlier, driven by improved efficiency and increased production at its Gudai-Darri mine in Western Australia.
This figure is in line with Rio Tinto’s forecast, which expected a volume of between 320 and 335 million tonnes for the calendar year, as well as analysts’ forecasts. RBC expected 332 million metric tonnes and Macquarie 333 million.
The world’s largest iron ore miner is producing more of its SP10 product as it prepares to commission five new mines that will help boost production to record 345-360 million metric tonnes in the medium term . The SP10 product is a lower grade iron ore than its flagship Pilbara blend.
Rio’s report comes as iron ore prices, which account for around 90% of its underlying earnings, are recovering on expectations of increased demand from top consumer China following of its recent economic recovery measures.
The world’s largest iron ore producer has reaffirmed its FY2024 iron ore shipment forecast of between 323 million metric tons (Mt) and 338 Mt.
During the fourth quarter ended December 31, 2023, the miner shipped 86.3 Mt of iron ore from its Pilbara operations, compared to 87.3 Mt a year ago (reporting by Rishav Chatterjee and Poonam Behura in Bengaluru; writing by Lisa Shumaker).
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