January 16, 2024

Industry News

Rio Tinto´s Full-Year Iron Ore Shipments Rise 3%

Rio Tinto´s Chief Executive, Jakob Stausholm, has commented on the release of the company´s Fourth Quarter 2023 Operations Review by initially saying: “We were fatality free for the fifth consecutive year at our managed operations but we remain vigilant and continue to learn from safety incidents.”

“There is good demand for the materials we produce, and our purpose and long-term strategy make more sense than ever,” he added.

The highlight figures from the Fourth Quarter 2023 Operations Review were: 

  • Pilbara iron ore production (100% basis) in Q4 was 87.5 million tonnes.
  • Pilbara iron ore shipments (100% basis) in Q4 were 86.3 million tonnes.
  • Pilbara operations produced 331.5 million tonnes (100% basis) of iron ore in 2023, 2% higher than 2022.
  • Shipments in 2023 were 331.8 million tonnes (100% basis), 3% higher (+10 million tonnes) than 2022. This was the second highest shipment level on record, with healthy inventory positions at year end.
  • Bauxite production of 54.6 million tonnes in 2023 was unchanged from 2022.
  • Aluminium production of 3.3 million tonnes was 9% higher than 2022.  
  • Mined copper production of 620,000 tonnes (consolidated basis) was 2% higher than 2022.  
  • Refined copper production of 175,000 tonnes was 16% lower than 2022 as we undertook the largest rebuild of the smelter and refinery in Kennecott’s history across the second and third quarters. With the smelter rebuild successfully completed and the ramp-up progressing, we expect a return to stable production in the first quarter of 2024.
  • Titanium dioxide slag (TiO2) production of 1,111,000 tonnes was 7% lower than 2022.

All figures mentioned in the review are unaudited. The review can be found here.

For further information, visit the Rio Tinto website: www.riotinto.com