Rio Tinto 2022 Iron Ore Shipments Flat, Costs Likely Higher Than Forecast

By Rhiannon Hoyle

Rio Tinto PLC said iron-ore shipments from its Australian mining operations were flat in 2022, reaching the low end of the company's forecast range as projected, but estimated higher-than-anticipated production costs due to cost inflation.

The company, which is the world's top producer of iron ore alongside Brazil's Vale SA, said it shipped 87.3 million metric tons of iron ore from Australia's Pilbara region in the fourth quarter of the year, up 4% on the same period of 2021.

That took full-year exports to 321.6 million tons, the same as the year prior.

Rio Tinto earlier said shipments would likely only reach the low end of an estimated 320-million-ton to 335-million-ton range. Third-quarter shipments were disrupted by two unplanned rail outages.

On Tuesday, the miner said 2022 Pilbara iron-ore unit cash costs are likely "to end up slightly above the top end" of its forecast of $19.50-$21.00 a ton, after an increase in diesel prices, labor costs and other rising expenses.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

January 16, 2023 17:11 ET (22:11 GMT)

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