Rio Tinto, the world's leading iron ore exporter, reported a dip in iron ore shipments during the fourth quarter of 2023. This decline was attributed to soft demand from China and reduced production at some mines. Despite this, the company's mined copper output surged thanks to higher quality grades at its Escondida mine and increased production at the Oyu Tolgoi project.
Rio Tinto, the world’s top iron ore exporter, said shipments of the steelmaking material slipped in the fourth quarter, as demand from China remained lacklustre and production at some mines declined.
Despite multiple stimulus packages, China’s government has struggled to revive its spluttering economy. Steel exports to other Asian nations have risen and manufacturing has somewhat offset domestic building demand. Along with other operators in the region, Rio faces a challenge in securing adequate grades across its iron ore business in Western Australia’s remote Pilbara region. Part of the solution is development of the Western Range mine which is set to come online this year. However, Rio has previously said it would need to bring a new mine into production every year until 2030 just to match current output from its iron ore business.
Analysts from Goldman Sachs have warned iron ore prices could take a knock if global growth suffers under higher inflation.Away from Australia, Rio is on track to bring its massive Simfer mine at the Simandou iron ore project in Africa’s Guinea into production late this year. The project will ultimately export 60 million tonnes per annum, but initial exports will be marginal while the mine is ramped up.
IRON ORE CHINA DEMAND COPPER PRODUCTION RIO TINTO GLOBAL ECONOMY
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