Rio Tinto: Yearly Iron Ore Shipments Recorded Decline in 2024

SEATTLE (Scrap Monster):  Rio Tinto released details of iron ore shipments for the fourth quarter and full year 2024. The shipments recorded decline over the previous year.

A company news release states that 2024 saw the lowest yearly shipments of iron ore in two years. The effects of the severe rains in Western Australia during the December quarter were the main cause of the slight 1% decline in Q4 shipments. Compared to 87.5 Mt shipped in the same quarter last year, Rio Tinto shipped 85.7 Mt of iron ore in Q4 2024. Pilbara shipped 328.6 million metric tons over the course of the year, which is the lowest amount since 2022.

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Due to decreased production and rising input prices, the firm anticipates that the Pilbara region's iron ore production costs will be in the higher end of its 2024 projection, which is $21.75 to $23.50 per tonne. For a number of quarters, some of the company's mines have been reporting reduced production.

Rio Tinto estimates that exports will be between 323 and 338 million tons this year. Its Simandou high-grade iron ore project in Guinea is expected to record its maiden production this year.

According to Rio Tinto CEO Jakob Stausholm, the company's 2024 operating performance was strong and in line with its continuous commitment to growing the business.