Rio Tinto, the world’s leading iron ore miner, recorded iron ore shipments of 321.6 million tonnes (mnt) for the calendar Year 2022 (CY2022), which remained stable y-o-y as compared to CY2021. The shipments edged up by 4% y-o-y to 87.3 mnt in Q4CY22 against 84.1 mnt in Q4CY21.
Shipments increased by 5% q-o-q as against 82.9 mnt in Q3CY22. 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 1% y-o-y in CY22
Iron ore production in CY22 inched up by 1% to 324.1 mnt against CY21. The total iron ore production marked a 6% rise to 89.5 mnt in Q4CY22 as against 84.1 mnt in Q4CY21. Performance improvements continued across the system, with the mine and rail systems setting records in the second half.
Production increased by 6% q-o-q against 84.3 mnt in Q3CY22. However, the company’s Pilbara iron ore shipment guidance for CY23 remained stable at 320-335 mnt, mostly at the low end of the range. The 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 pellets production up in CY22
The Iron Ore Company of Canada’s (IOC’s) iron ore pellets and concentrate production in CY22 were recorded at 10.3 mnt, up by 6% y-o-y. Iron ore production recorded at 2.5 mnt in Q4CY22, it edged up 1% y-o-y, despite the fourth quarter being 9% lower than the previous quarter, due to equipment availability at the loadout.
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 CY23 has been increased to 10.5-11.5 mnt as against the earlier 10-11 mnt.
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