Australia: Rio Tinto's iron ore shipments rise 16% y-o-y in Q1CY23, guidance unchanged

Rio Tinto, the world's leading iron ore miner, recorded shipments at 82.5 million tonnes (mnt) in Q1CY23, an increase of 16% y-o-y from Q1CY22. Shipments fell by 6% q-o-q in Q1CY23 compared to Q4CY22.

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 onwards by the group during the same period.

Iron ore production rises 11% y-o-y in Q1CY23

Iron ore production in Q1CY23 inched up by 11% y-o-y to 79.3 mnt against Q1CY22. It decreased by 11% q-o-q in Q1CY23 as compared to Q4CY22.

However, the company's Pilbara iron ore shipment guidance for CY23 remained stable at 320-335 mnt, mostly at the lower end of the range. Iron ore shipment guidance remains subject to weather and market conditions. The ramp up of exports from new mines and the management of cultural heritage will continue to be priorities for Pilbara shipments.

IOC's pellet production in Q1CY23 stable

The Iron Ore Company of Canada's (IOC's) iron ore pellets and concentrate production in Q1CY23 were recorded at 2.5 mnt.

It may be noted that IOC is a joint venture between Rio Tinto, Mitsubishi and the Labrador Iron Ore Royalty Income Corp. At IOC, the iron ore pellets and concentrate production guidance for CY23 remains unchanged at 10.5-11.5 mnt.