Rio Tinto Q3 Pilbara Iron Ore Shipments Up 1%; Backs FY Pilbara Iron Ore Shipments Outlook

(RTTNews) - Anglo-Australian mining giant Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF) reported third-quarter Pilbara iron ore shipments of 84.5 million tonnes (Rio Tinto share 72.5 million tonnes) were 1% higher than the third quarter of 2023.

Expectations for Pilbara iron ore shipments in 2024 remain unchanged, at between 323 and 338 million tonnes.

The company said it is on track to deliver its ambition to grow overall copper equivalent production (based on long-term consensus pricing) by around 3% of compound annual growth from 2024 to 2028 from its existing portfolio and projects already in execution.

In the Pilbara, the company produced 84.1 million tonnes (Rio Tinto share 71.0 million tonnes) in the third quarter, 1% higher than the corresponding period of 2023. Productivity gains continue to offset ore depletion.

Bauxite production of 15.1 million tonnes was 8% higher than the third quarter of 2023. The improvement continues to be driven by higher plant availability and utilisation rates owing to the implementation of the Safe Production System, especially at Amrun mine at Weipa, which is operating above nameplate capacity.

Aluminium production of 0.8 million tonnes was 2% lower than the third quarter of 2023. Production at our New Zealand Aluminium Smelter (NZAS) was impacted by a call from Meridian Energy to reduce its electricity usage by 185 MW from early August.