Rio Tinto has revealed dampened iron ore shipments for the first quarter (Q1) of 2024 but is optimistic its full-year forecast will remain unchanged.
In the Pilbara, the major produced 77.9 million tonnes of iron ore for Q1, two per cent lower than the corresponding period of 2023. Shipments of 78 million tonnes of iron ore were five per cent lower.
Rio said the dent in production and shipping was largely due to weather disruptions leading to a lower stock drawdown compared to last year.
Bauxite production was 11 per cent higher than the first quarter of 2023 at 13.4 million tonnes, stemming from continued improvement in operational stability at Weipa in Queensland and Gove in the Northern Territory.
Aluminium production was five per cent higher than the first quarter of 2023 at 0.8 million tonnes now that Kitimat in Canada is back at full capacity.
Mined copper production was seven per cent higher than the first quarter of 2023 at 156,000 tonnes.
“We delivered stable operating results in the first quarter, including improvements at our bauxite and aluminium businesses, as we navigated seasonal challenges across our global operations,” Rio Tinto chief executive Jakob Stausholm said.
“Our full year guidance is unchanged across all our products. We remained focused on growth in energy-transition materials, with the ramp-up at Oyu Tolgoi underground, the first full quarter of recycled aluminium production from Matalco and further progress at Simandou, our high grade iron ore project in Guinea.”
The company also made strides in its decarbonisation goals over the quarter, progressing its solar ambitions and delving into a major green steel partnership.
“Action to decarbonise our operations continues, with power purchase agreements signed marking a significant step towards a competitive renewable energy solution for our Gladstone operations – the single largest lever towards our 2030 emissions goal,” Stausholm said.
“We also joined with BHP and BlueScope to investigate the development of Australia’s first electric smelting furnace pilot plant, progressing our work on steel decarbonisation.
“We continue to pursue our long-term strategy, and have a clear pathway to deliver operational excellence, while investing in profitable growth and delivering attractive shareholder returns.”
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