【Ferro-alloys.com】:Rio Tinto, the UK-based mining giant, has reported that its iron ore shipments from Western Australia(WA) in 2023 totaled 331.81 million tonnes, falling short of the company's2024 guidance range of 323 million to 338 million tonnes. This news comes as Rio Tinto strives to navigate evolving market conditions and global demands for higher-grade iron ore.

One of Rio Tinto's strategic moves involves commencing iron ore production from its Simfer joint venture in Guinea by 2025. The new venture is expected to contribute an additional 27 million tonnes to Rio Tinto's sales after completing a 30-month ramp-up in 2028.Guinea's iron ore is known for its higher quality, particularly suitable for green iron and steel production compared to Rio Tinto's existing WA offerings.

Looking forward, Rio Tinto is pinning its hopes on the Rhodes Ridge project in WA, with a target of over 85 percent of sales being comprised of the Pilbara Blend. This project, expected to yield 40million tonnes annually, is projected to contribute significantly to Rio Tinto's mid-term target of 345 million to 360 million tonnes from WA. However, the project's production is anticipated to commence only by the end of the decade pending the completion of a $77 million pre-feasibility study in 2025.

While Rio Tinto witnessed a 2 percentage point increase in WA iron ore shipments in October-December 2023 compared to July-September, it lagged behind by 2 percentage points when compared to the same period in 2022. Notably,SP10 fines sales more than doubled, showing a remarkable increase and leading by 26 percentage points in the respective comparisons.

Despite the shipment challenges, Rio Tinto reported an average price of $109.60 per dry metric tonne (dmt) from Pilbara ports in 2023, showcasing a slight uptick from $107.20/dmt in January-June 2022.Rio Tinto remains optimistic about overcoming current obstacles and adapting to the dynamic iron ore market.

• [Editor:Alakay]