Rio Tinto Expects Steady Iron-Ore Shipments in 2023

By Rhiannon Hoyle

Rio Tinto PLC said it expects iron-ore shipments from its Australian mines to be steady year over year in 2023, and for aluminum output to rise.

The world's largest iron-ore producer on Wednesday said it expects to ship between 320 million metric tons and 335 million metric tons of the steelmaking ingredient next year. It reiterated guidance for exports at the low end of the same range in 2022.

In the mid-term, capacity of its Pilbara iron-ore operations will likely be between 345 million tons and 360 million tons, Rio Tinto said.

The mining giant estimated 2023 aluminum production at 3.1 million tons to 3.3 million tons, up from an estimated 3.0 million tons to 3.1 million tons in 2022.

Refined copper output could be lower, it said. Rio Tinto estimated a range of 180,000-210,000 tons for next year versus an estimated 190,000-220,000 tons this year.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

11-30-22 0157ET