Rio Tinto increased iron ore supply by 16% y/y in the first quarter

Compared to the fourth quarter of 2022, shipments decreased by 6%

In the first quarter of 2022, the British-Australian mining concern Rio Tinto increased the shipment of iron ore from the Pilbara region by 16% y/y – up to 82.5 million tons. This is evidenced by the quarterly results, published on the company’s website.

Compared to the fourth quarter of 2022, the company reduced iron ore shipments from the Pilbara region by 6%.

Rio Tinto’s iron ore production in the first quarter of 2023 increased by 11% year-on-year – up to 79.3 million tons. Compared to the fourth quarter of the previous year, it decreased by 11%.

The company predicts that shipments of iron ore from the Pilbara region this year will amount to 320-335 million tons, depending on weather factors and market conditions.

In 2022, Rio Tinto kept the shipment of iron ore from the Pilbara region at the level of 2021 – 321.6 million tons. The company’s iron ore production last year increased by 1% compared to 2021 – up to 321.6 million tons.

In the fourth quarter of 2022 Rio Tinto increased iron ore shipments increased by 4% compared to the previous quarter of 2021 – up to 87.3 million tons. Iron ore production during this period increased by 6% to July-September 2022– up to 89.5 million tons.

As GMK Center reported earlier, the largest state-owned Chinese steel producer Baowu Steel Group is looking to expand ties with British-Australian miner Rio Tinto amid renewed demand for iron ore in China. As Chairman of Baowu, Chen Derong, pointed out at a meeting with representatives of Rio Tinto, the company is looking to benefit from efforts to repair trade relations between China and Australia. In addition, the Chinese steelmaker is looking to get more involved in exploration and production to deal with global market shocks.