Rio Tinto's quarterly iron ore shipments increased by 3.8%

Rio Tinto reported that iron ore shipments increased slightly in the last quarter of 2022, taking advantage of the continued increase in the Gudai-Darri mine in Western Australia.

Iron ore shipments for the last quarter of 2022 increased by 3.8 percent to 87.3 million tons (Mt), bringing full-year shipments to 321.6 Mt, exceeding the Visible Alpha consensus estimate of 320.2 Mt. Rio Tinto maintained its full-year iron ore shipment forecast between 320 Mt and 335 Mt.

Rio expects refined copper production to be challenged at its Kennecott operations in Utah, United States, until it rebuilds its smelter operations, scheduled for the second quarter of 2023 and expected to take about three months.