Rio Tinto Iron Ore Shipments Spiked in Q2 2024

SEATTLE (Scrap Monster): Rio Tinto released its second quarter production results. The results highlight progress in various operations and projects.

According to company press release, the Pilbara iron ore production totalled 79.5 million tonnes in Q2 this year, which is marginally lower from the year-ago quarter, on account of a train collision incident in mid-May. Despite this, the iron ore shipments recorded marginal surge by 2% year-on-year.

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The bauxite production edged higher by 9% over the prior-year quarter to total 14.7 million tonnes, aided by the successful implementation of the Safe Production System. The issues in connection with the Queensland Gas Pipeline dragged the alumina production, which saw a year-on-year dip by 10%. Meantime, the aluminum production recorded marginal increase by 1%, the press release noted.

The company reported a dip in its all-injury frequency rate to 0.32 from 0.37 in the first quarter and 0.38 in the same period last year.

Commenting on the results, Jakob Stausholm, Chief Executive Officer said that the company’s operational performance continued to progress during the quarter, though there are still significant improvements ahead.

The company plans to achieve first production from the Rincon starter plant by the end of the year. It announced progress in construction of the Simandou high-grade iron ore project in Guinea and the ramp up of the Oyu Tolgoi underground.