Rio Tinto's iron ore shipments fall to 2-year low

Rio Tinto reported that its iron ore shipments in the fourth quarter of 2024 fell to their lowest level in two years as heavy rainfall in Western Australia weighed on production. The company’s iron ore shipments fell 1%, below market expectations.

Rio Tinto shipped a total of 328.6 million tonnes of iron ore from the Pilbara region in 2024. This amount rivalled the levels expected by Vale, one of the world’s leading mining companies, to produce between 323-330 million tonnes of iron ore in 2024.

First production from Rio Tinto’s Simandou high-grade iron ore project in Guinea is expected in 2025. The company forecasts iron ore shipments of between 323 million and 328 million tonnes for 2025.

During this challenging period, Rio Tinto aims to strengthen its competitive position in the sector by focusing on its long-term projects while trying to cope with environmental factors affecting its production and shipments.