Rio Tinto increased iron ore supply by 3% y/y in 2023

In 2023, the British-Australian mining concern Rio Tinto increased shipments of iron ore from the Pilbara region by 3% compared to 2022, to 331.8 million tons. This was the second highest figure in the company’s history. This is evidenced by data published by Rio Tinto.

In the fourth quarter of 2023, shipments of raw materials increased by 3% q/q – to 86.3 million tons. Compared to the same period of the previous year, shipments decreased by 1%.

Last year, iron ore production at Rio Tinto’s Pilbara operations increased by 2% year-on-year – to 331.5 million tons. In October-December, this figure amounted to 87.5 million tons, up 5% compared to the third quarter and down 2% year-on-year.

The company expects iron ore shipments from the Pilbara region to remain at 323-338 million tons this year, as previously forecast. Rio Tinto will ship more low-grade iron ore (SP10) until the replacement projects are commissioned. The miner notes that the supply of raw materials remains dependent on weather conditions.

As GMK Center reported earlier, Rio Tinto plans to invest $6.2 billion in the Simandou iron ore project in southeastern Guinea over the next three years. According to the company’s calculations, this amount is only the initial investment in the project, including the development of the mine and rail and port infrastructure. Simandou is the world’s largest high-grade ore deposit. As of December 31, 2022, the total mineral reserves amounted to 2.8 billion tons, the processing of which will provide Rio Tinto with 1.5 billion tons of iron ore.