Rio Tinto Reports 1% Increase in Q3 Pilbara Iron Ore Shipments

authorIntellectia.AI2024-10-16
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RIO.N
Illustration by Intellectia.AI

Rio Tinto, the Anglo-Australian mining corporation, has announced a 1% increase in its third-quarter Pilbara iron ore shipments, totaling 84.5 million tonnes, with Rio Tinto's share being 72.5 million tonnes. The company maintains its forecast for Pilbara iron ore shipments for the fiscal year 2024, projecting a range between 323 and 338 million tonnes.

Additionally, Rio Tinto is on course to enhance its overall copper equivalent production by approximately 3% in compound annual growth from 2024 to 2028, leveraging its current portfolio and projects in progress.

In the Pilbara region, Rio Tinto produced 84.1 million tonnes of iron ore in the third quarter, marking a 1% increase compared to the same period in 2023. This growth is attributed to productivity improvements, which have compensated for ore depletion.

The company also reported a significant rise in bauxite production, reaching 15.1 million tonnes, an 8% increase from the third quarter of 2023. This boost is largely due to enhanced plant availability and utilisation rates, particularly at the Amrun mine in Weipa, which is now operating above its nameplate capacity.

However, aluminium production decreased by 2%, totaling 0.8 million tonnes. This decline was primarily due to a reduction in electricity usage at the New Zealand Aluminium Smelter (NZAS), following a request from Meridian Energy to cut usage by 185 MW from early August.

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