Rio Tinto increased iron ore production by 2% q/q in Q2

During this period, shipments of iron ore increased by 3% q/q

According to the results of the II quarter of 2024, the British-Australian mining concern Rio Tinto increased ore production at Pilbara enterprises by 2% compared to the previous quarter – up to 79.5 million tons. Compared to the same period in 2023, the indicator decreased by 2%. This is stated in the company’s report.

Shipments of raw materials for this period increased by 3% compared to the previous quarter, and by 2% y/y – up to 80.3 million tons.

«The increase in ore production in the II quarter compensated for the decrease in reserves due to a collision of freight trains in mid-May, because of which the railway connection with the mines was interrupted for 6 days and led to the complete exhaustion of reserves in some fields,» the company notes.

During January-June, the company reduced iron ore production by 2% compared to the same period in 2023 – to 157.4 million tons. Shipments of products also decreased by 2% y/y – up to 158.3 million tons.

Rio Tinto confirmed its iron ore shipment forecast for 2024 in the range of 323-338 million tons.

At the same time, the company announced the receipt of all regulatory permits for the construction of the Simandou iron ore project in Guinea. Rio Tinto owns two of the four mining blocks under the Simfer joint venture with Chinese company Chalco Iron Ore Holdings (CIOH) and the Guinean government. The mine is expected to be put into operation in 2025.

As GMK Center reported earlier, Rio Tinto in 2023 increased the shipment of iron ore from the Pilbara region by 3% compared to 2022 – up to 331.8 million tons. Iron ore production at the company’s enterprises increased by 2% year on year – up to 331.5 million tons.