Australia-based miner Rio Tinto has announced its financial results for 2023.
The company has posted a net profit of $9.95 billion for 2023, compared to $13.05 billion in the previous year. In 2023, the company’s consolidated sales revenues decreased by 2.7 percent to $54.04 billion compared to 2022 due to lower prices in line with slowing global demand. The company’s underlying EBITDA in the given period totaled $23.89 billion, decreasing by 9.0 percent year on year.
Rio Tinto’s Pilbara iron ore shipment guidance for 2024 stands at 323-338 million mt, subject to weather and market conditions.
Rio Tinto has stated that it has made significant progress at the Simandou iron ore project in Guinea. As previously reported by SteelOrbis, the company also made a new partnership with BHP Billiton and Australian steelmaker BlueScope to jointly investigate the development of Australia’s first Electric Smelting Furnace pilot plant in line with its goals to reduce Scope 3 emissions.