Rio Tinto sees 2023 iron ore shipments in same range as current yr

Rio Tinto said iron ore shipments next year would be in the same range as current-year guidance, but warned of rising costs.

The mining giant said it expected to ship between 320m-335m tonnes of ore in 2023. It also forecast unit cost of $21-$22.5 per tonne, up from $19.5-$21 per tonne.

It added that it planned to invest a further $600m in renewable energy assets in the Pilbara region of Western Australia - as part of its aim to halve its carbon emissions by 2030 – including the construction of two 100 megawatt solar power facilities and a 200-megawatt hour on-grid battery storage by 2026.

The projects will cut gas costs by about $55 million per year at current prices, it said.

Reporting by Frank Prenesti for Sharecast.com