Rio Tinto Posted Dip in Q1 2024 Pilbara Iron Ore Shipments

SEATTLE (Scrap Monster): Rio Tinto announced production results for the first quarter of the year.

According to company news release, the iron ore production at its Pilbara operations totalled 77.9 million tons during the quarterly period. This is down by 10.9% when compared with the previous quarter and also down by 1.7% when matched with the production during the corresponding quarter a year before. Also, the iron ore shipments by the company totalled 78 million tons, down by 9.5% quarter-on-quarter and by 5.5% year-on-year.

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Rio Tinto attributed the dip in production and shipments during the quarter to weather conditions. The reduced production at the Yandicoogina mine in the Pilbara region was more or less offset by robust production at other operations.

The company foresees iron ore shipments from Pilbara region to remain at 323-338 million tons in 2024, largely unchanged from the previous year. It must be noticed that the shipments from the region had recorded 3% surge in 2023 to total 331.8 million tons, as compared with 2022. The production too had registered modest year-on-year surge by 2% in 2023 to total 331.5 million tons.

Rio Tinto Chief Executive Jakob Stausholm noted that the company was able to deliver stable operating results in Q1 2024 amidst seasonal challenges across its global operations.