Rio Tinto 2023 iron ore shipments rise 3%

Anglo-Australian mining giant Rio Tinto on Tuesday reported a rise in annual iron ore shipments as a ramp up of production at its Gudai Darri mine in Western Australia offset mine depletion.

Shipments in 2023 were up 3% to 331.8 million metric tons, the mid-point of its guidance of 320 - 335 Mt and in line with analysts forecasts.

Fourth-quarter shipments fell 1% to 86.3 million Mt.

The world’s largest iron ore producer also reiterated its fiscal 2024 iron ore shipments forecast of 323 - 338 Mt.

Reporting by Frank Prenesti for Sharecast.com