- Wednesday, October 16, 2024
By Christian Moess Laursen
Rio Tinto, the global metals and mining giant, voiced its confidence in achieving its full-year targets for cost and shipments at its Pilbara iron ore operations in Western Australia.
In the third quarter, Rio Tinto's Pilbara operations yielded an impressive 83.5 million metric tons of iron ore, with total shipments reaching 83.9 million. Looking ahead to 2023, the company reiterated its expectation that shipments will fall within the range of 320 million-335 million tons, specifically aiming for the upper half of that range. Of this, 13% to 15% will comprise low-grade iron ore known as SP10, with a target range of 45 million to 50 million tons. This marks an increase from the previous guidance of at least 10%.
Rio Tinto's unit cost guidance for Pilbara operations remains unchanged, ranging from $21.0 to $22.5 per wet ton.
Reflecting on the company's performance, Iron Ore Chief Executive Simon Trott expressed confidence in their strong and stable position heading into the fourth quarter of 2023.
Looking even further ahead to 2024, Rio Tinto has set its sights on shipping between 323 million and 338 million tons from Pilbara, with SP10 levels expected to remain elevated.
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