Australia: Rio Tinto's iron ore shipments, production rise q-o-q in Q3CY'24
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- Pilbara iron ore shipment guidance unchanged
- IOC reduces production guidance for CY'24
The world's leading iron ore miner, Rio Tinto, recorded shipments of 84.5 million tonnes (mnt) for Q3CY'24, up by 5% q-o-q as compared to 80.3 mnt in Q2CY'24. Shipments, on a y-o-y basis, marginally increased by 1% as against 83.9 mnt in Q3CY'23.
However, shipments went down marginally by 1% y-o-y to 242.9 mnt in 9MCY'24 (January-September 2024) as against 245.5 mnt in 9MCY'23 (January-September 2023). SP10 volumes accounted for 19% of shipments in the third quarter, slightly higher than the first half of 2024 (17%). SP10 levels are expected to remain elevated until replacement projects are delivered.
Notably, all figures mentioned are on 100% basis, which means that the shipments include material shipped from the Pilbara mines to the portside trading facility in China, which may not be sold onward by the group during the same period.
Meanwhile, the company's Pilbara iron ore shipments guidance for CY'24 remained unchanged at 323-338 mnt. This guidance remains subject to the timing of approvals for planned mining areas and heritage clearances.
Iron ore production increases by 6% in Q3CY'24
Total iron ore production witnessed a 6% q-o-q increase to 84.1 mnt in Q3CY'24 as against 79.5 mnt in Q2CY'24. Meanwhile, production went up marginally by 1% y-o-y as compared to 83.5 mnt in Q3CY'23.
However, output decreased by 1% to 241.5 mnt in 9MCY'24 as against 244.1 mnt in 9MCY'23.
IOC pellet production down in Q3CY'24
The iron ore pellet and concentrate production of the Iron Ore Company of Canada (IOC) in Q3CY'24 was recorded at 2.1 mnt, down by 3% q-o-q because of an 11-day site-wide shutdown following forest fires in mid-July. This resulted in adjustments to the mine plan and maintenance schedule, leading to a reduction in the miner's full-year iron ore pellets and concentrate production guidance to 9.1-9.6 mnt from the previous 9.8-11.5 mnt.
On a y-o-y basis, output decreased by 11% when compared to Q3CY'23, while in 9MCY'24, production dropped by 1% to 6.9 mnt.
IOC is a joint venture between Rio Tinto, Mitsubishi, and the Labrador Iron Ore Royalty Income Corp.
