Australia: Rio Tinto's Q3 iron ore shipments down y-o-y

The world's leading iron ore miner, Rio Tinto, recorded iron ore shipments at 82.9 million tonnes (mnt) for Q3CY2022, up 4% q-o-q as compared to 79.9 mnt in Q2CY2022. The shipments edged down y-o-y against 83.4 mnt in Q3CY2021. All figures mentioned are 100%, 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 7% q-o-q in Q3CY22

The total iron ore production marked a 7% rise to 84.3 mnt in Q3CY2022 as against 78.6 mnt in Q2CY2022. This was due to continued commissioning and ramp-up of Gudai-Darri and Robe Valley mines.

Production inched up by 1% y-o-y against 83.3 mnt in Q3CY2021. However, the company's Pilbara iron ore shipment guidance for CY2022 remains stable at 320-335 mnt, mostly at the low end of the range. The shipment guidance remains subject to weather and market conditions. Full year shipments are expected to be at the low end of the original 320-335 mnt range as it is dependent on ramp-up of Gudai-Darri and Robe Valley mining sites and availability of skilled labour.

IOC pellet production up in Q3CY22

The Iron Ore Company of Canada's (IOC's) iron ore pellets and concentrate production in Q3CY2022 were recorded at 2.8 mnt, up by 28% y-o-y due to improved operational performance as well as timing of the planned annual maintenance shutdown (seven days) which was successfully completed in June (this work was completed in September 2021).

Moreover, output increased by 7% q-o-q as compared to 2.6 mnt in Q2CY2022. It may be noted here 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 CY2022 also remained unchanged at 10-11 mnt.