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Rio Tinto (NYSE: RIO) reported late Tuesday that first-quarter iron ore shipments fell 10% from the previous quarter and 5% from the same period a year earlier, while maintaining full-year forecasts for all products .
The miner said he shipped 78 million tonnes of iron ore in the quarter from its mines in Australia’s Pilbara region, while first-quarter iron ore production totaled 77.9 million tonnes, down 11% Q/Q and 2% y/y.
Also in the first quarter, bauxite production increased 11% y/y to 13.4 million tonnes, with continued improvement in operational stability at Weipa and Gove; aluminum production increased 5% year-on-year to 800,000 tonnes, with Kitimat now back to full capacity; and copper production increased 7% y/y to 156,000 tonnes on a consolidated basis.
For fiscal 2024, Rio Tinto (RIO) maintained its annual shipment forecast of 323 million-338 million tonnes and maintained guidance for all materials and operating costs.