Rio Tinto anticipates shipping between 323 million to 338 million tonnes of iron ore in Western Australia (WA) for the year 2024, as opposed to their goal of 328 million to 335 million tonnes in 2023. Nevertheless, the company is increasing its production of lower-grade ore, with projections indicating that their low-grade SP10 products will amount to 45 million to 50 million tonnes in 2023, constituting 13-15 percent of all iron ore sales in WA. If this trend continues, this figure is expected to rise further in 2024.
To meet their medium-term objective of shipping 345 million to 360 million tonnes from WA on a 100 percent basis, Rio Tinto necessitates the development of more high-grade Pilbara mines to replace aging ones. However, prolonged approval processes for new WA mines pose a significant impediment. Additionally, the company is conducting an extensive study on the Rhodes Ridge joint venture, which has the potential to increase the Pilbara Blend's share to over 85 percent of Rio Tinto's WA shipments once Rhodes Ridge becomes operational.
In order to meet their revised 2023 guidance, Rio Tinto must successfully ship 166.3 million tonnes of iron ore from WA on a 100 percent basis between July and December.
Furthermore, Rio Tinto intends to pursue its decarbonization program by collaborating with Chinese steel producer Baowu to establish a low-carbon pathway for low to medium-grade iron ores.
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