Rio Tinto 2022 Iron Ore Shipments Flat, Costs Likely Higher Than Forecast
January 16 2023 - 4:26PM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC said iron-ore shipments from its Australian mining
operations were flat in 2022, reaching the low end of the company's
forecast range as projected, but estimated higher-than-anticipated
production costs due to cost inflation.
The company, which is the world's top producer of iron ore
alongside Brazil's Vale SA, said it shipped 87.3 million metric
tons of iron ore from Australia's Pilbara region in the fourth
quarter of the year, up 4% on the same period of 2021.
That took full-year exports to 321.6 million tons, the same as
the year prior.
Rio Tinto earlier said shipments would likely only reach the low
end of an estimated 320-million-ton to 335-million-ton range.
Third-quarter shipments were disrupted by two unplanned rail
outages.
On Tuesday, the miner said 2022 Pilbara iron-ore unit cash costs
are likely "to end up slightly above the top end" of its forecast
of $19.50-$21.00 a ton, after an increase in diesel prices, labor
costs and other rising expenses.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 16, 2023 17:11 ET (22:11 GMT)
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