Australia-based miner Rio Tinto has announced its production results for the fourth quarter and the full year of 2023.
In the given quarter, the company’s iron ore production from its Pilbara operations in Western Australia decreased by two percent year on year and was up by five percent quarter on quarter to 87.5 million mt. In the given quarter, the company’s iron ore shipments from its Pilbara operations amounted to 86.3 million mt, declining by one percent year on year and up by three percent compared to the previous quarter.
In 2023, Rio Tinto’s iron ore production from its Pilbara operations came to 331.5 million mt, moving up by two percent compared to the previous year, while its iron ore shipments from the same operations increased by three percent year on year to 331.8 million mt, making 2023 the second-highest year for shipments on record.
The company expects its iron ore shipments from Pilbara to remain at 323-338 million mt in 2024. Rio Tinto also stated that will ship more low-grade iron ore until its replacement projects are commissioned.