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Rio Tinto PLC on Monday said iron ore shipments and production from the Pilbara region have increased in the latest quarter, and that targets for the year remain unchanged. The London-based mining company said Pilbara iron ore shipments in the third quarter of 2023 totalled 83.9 million tonnes, up 6.1% from 79.1 million in the second quarter and up 1.2% from 82.9 million in the third quarter of 2022. Production totalled 83.5 million tonnes in the period, up 2.7% from 81.3 million tonnes in the second quarter but down 0.9% from 84.3 million tonnes the previous year. The Pilbara is a large region of Western Australia known for its substantial mineral and particularly iron ore deposits. Rio Tinto said shipment guidance for 2023 is unchanged, remaining at the upper end of between 320 million to 335 million tonnes. Shipments for 2023 include 45 million to 50 million tonnes of lower grade SP10 product. The company added that guidance for next year is currently 323 million to 338 million tonnes, with SP10 levels ‘expected to remain elevated’ over the next few years. Also on Monday, Rio Tinto hosted a site visit to showcase the mines, ports and autonomous rail network comprising its Pilbara operations. ‘As we head into the fourth quarter of 2023 we are in a strong and stable position,’ said Iron Ore Chief Executive Simon Trott. We have systematically improved our operating performance, reset relationships with external stakeholders and established a foundation for the future.‘ Rio Tinto shares were down 1.8% at 4,918.33 pence in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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