Rio Tinto's Pilbara Mine Q3 Iron Ore Production Slips 1%

Rio Tinto PLC RIO provided the production update for Q3 FY23. The company stated Pilbara iron ore production of 83.5 metric tonnes (Mt), down 1 %% Y/Y, while shipment rose 1% Y/Y to 83.9 MT. 

Rio continues to expect full-year shipments for Pilbara to be at the upper half of the guidance range of 320 to 335 million tonnes.

Apart from this, Bauxite production rose 2% Y/Y to 13.9 MT on the initial benefits of operations stabilization, particularly at Weipa on equipment reliability and performance improvement.

Also, aluminium production rose 9% Y/Y to 0.8 million tonnes as the company returned to full capacity at its Kitimat smelter and completed cell recovery efforts at its Boyne smelter. 

'We took real steps to build our portfolio of materials needed for the future, signing agreements that will see us take a leading position in recycled aluminium in North America and agreeing to enter a joint venture with Codelco to explore for copper in Chile. We also completed further infrastructure agreements with our partners for the world class Simandou iron ore project," commented Jakob Stausholm, CEO.

Also Read: Uranium Energy Buys Athabasca Basin Projects From Rio Tinto, Boosts Canadian Portfolio

Price Action: RIO shares are trading lower by 1.28% at $63.32 premarket on the last check Tuesday.