RIO Rio Tinto Limited

By Christian Moess Laursen

Rio Tinto said it backed its full-year guidance to cost and shipments for its Pilbara iron ore operations.

The Anglo-Australian metals and mining giant said Monday that the iron ore operations in Pilbara, Western Australia, has produced 83.5 million metric tons in the third quarter, and that shipments from the network totalled 83.9 million.

For 2023, Rio Tinto reiterated that it expects shipments to come in at the upper half of the 320 million-335 million ton range.

This includes 45 million to 50 million tons of SP10--low grade iron ore--which represents 13% to 15% of total tons, up from a prior guidance of at least 10%.

Unit cost guidance remains at $21.0 to $22.5 per wet ton.

"As we head into the fourth quarter of 2023 we are in a strong and stable position," Iron Ore Chief Executive Simon Trott said.

Rio Tinto also set Pilbara guidance for 2024, for which it targets shipments between 323 million and 338 million tons, while SP10 levels are expected to remain elevated.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

October 09, 2023 02:47 ET (06:47 GMT)

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