Rio Tinto Q1 Pilbara Iron Ore Shipments Down 5%; Reaffirms FY Pilbara Iron Ore Shipments Outlook

(RTTNews) - Anglo-Australian mining giant Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF) reported first-quarter Pilbara iron ore shipments of 78.0 million tonnes (Rio Tinto share 66.1 million tonnes) were 5% lower than the first quarter of 2023. Lower volumes were predominantly the result of weather disruption at the ports, leading to a lower stock draw-down compared to last year, as well as reduced production at the mines.

Looking ahead for fiscal 2024, the company still expects Pilbara iron ore shipments to be in the range of 323 million tonnes to 338 million tonnes, compared to prior year's 331.8 million tonnes.

In the Pilbara, the company produced 77.9 million tonnes of iron ore (Rio Tinto share 66.1 million tonnes) in the first quarter of 2024, 2% lower than the corresponding period of 2023. Compared to the first quarter in 2023, planned ore depletion, predominantly at Yandicoogina, was partially offset by productivity gains across other operations.

Quarterly Bauxite production of 13.4 million tonnes was 11% higher than the first quarter of 2023 with continued improvement in operational stability at Weipa and Gove.

Aluminium production was 0.8 million tonnes up 5% from the first quarter of 2023.

Mined copper production of 156 thousand tonnes (consolidated basis) was 7% higher than the first quarter of 2023.