Rio Tinto Sees Iron Ore Shipments Growth of 4% Y/Y, Raises Copper Target

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Rio Tinto Sees Iron Ore Shipments Growth of 4% Y/Y, Raises Copper Target

Seeking Alpha2023-01-17

Rio Tinto (NYSE:RIO) reported its Q4 iron ore production in the Pilbara region rose 6% Y/Y and 6% Q/Q to 89.5M metric tons, the mining giant shipped 87.3M tonnes from its Western Australian mines ...

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JaxW
·2023-01-17
Futher update required
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Barbarazhao
·2023-01-17
Good news
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href=https://seekingalpha.com/news/3924822-rio-tinto-sees-iron-ore-shipments-growth-of-4-yy-raises-copper-target><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rio Tinto (NYSE:RIO) reported its Q4 iron ore production in the Pilbara region rose 6% Y/Y and 6% Q/Q to 89.5M metric tons, the mining giant shipped 87.3M tonnes from its Western Australian mines ...</p>\n\n<a href=\"https://seekingalpha.com/news/3924822-rio-tinto-sees-iron-ore-shipments-growth-of-4-yy-raises-copper-target\">Source 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(NYSE:RIO) reported its Q4 iron ore production in the Pilbara region rose 6% Y/Y and 6% Q/Q to 89.5M metric tons, the mining giant shipped 87.3M tonnes from its Western Australian mines during the December quarter up 4% Y/Y while increasing 5% Q/Q.The final three months of 2022 saw the beginning of the end of China’s zero-Covid policy, and Rio Tinto said the resulting improving market conditions sent iron ore prices higher.However, the coming months will likely bring “high volatility”, the company added, as China faces a growing wave of COVID-19 cases.Some of Rio’s 2022 operational highlights and other key announcements include, prioritising the safety, health and wellbeing of its workforce and communities after experiencing the fourth consecutive year with no fatalities at managed operations.Pilbara operations produced 324.1 million tonnes, one per cent higher than 2021.Bauxite production of 54.6 million tonnes was one per cent higher than 2021.Mined copper production of 521,000 tonnes was six per cent higher than 2021.December saw the completion of the acquisition of Turquoise Hill Resources.Outlook: 2023 production guidance is unchanged since November 2022 with the exception of mined copper.On a Rio Tinto share basis, mined copper production guidance changed from 550 to 600 thousand tonnes to 600 to 655 thousand tonnes, on account of increased ownership in Oyu Tolgoi from 33% to 66%.The headline production guidance of 650 to 710 thousand tonnes now includes 100% of Oyu Tolgoi, in line with the consolidation of Oyu Tolgoi in Consolidated sales revenue and Underlying EBITDA in our group financial statements.Guidance for 2023 Pilbara iron ore unit cash costs is unchanged at $21.0 to $22.5 per tonne.Guidance for 2023 copper C1 unit costs is unchanged at 160 to 180 US cents/lb.Shares are down 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