Rio Tinto reports lower iron ore shipments in '24

Although last year's iron ore shipments were in line with the company's annual target of 323-338 million tonnes, the tonnage was lower by 1% from the previous year and marked the lowest annual shipment volume in two years, Mysteel Global notes.

Among the total, shipments of Pilbara Blend Fines, Rio Tinto's most popular iron ore product, declined by 7% from 2023 to 97.8 million tonnes, while those of Pilbara Blend Lump recorded an on-year drop of 12% to reach 52.6 million tonnes, the results showed.

The underperformance of its ore shipments in 2024 Rio was partly attributed to heavy rains in Western Australia that affected output. Production was also affected by depletion at the Paraburdoo and Yandicoogina mines, despite a productivity improvement of 10 million tonnes, the miner added.  

As for portside sales of iron ore in China, Rio sold 29.9 million tonnes in 2024 compared to 23.3 million tonnes in the prior year, the results indicated.

For 2025, Rio Tinto is keeping its Pilbara ore shipment guidance unchanged in the range of 323-338 million tonnes, the company said, adding that the Simandou high-grade iron ore project in Guinea and the Western Range mine in the Pilbara are both on schedule for first production this year.

Written by Irene Zhuang, zhuangailing@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com