Rio Tinto Reports Dip in First-Quarter Iron Ore Shipments
Rio Tinto, a diversified mining group, has announced a 5% year-on-year decline in first-quarter iron-ore shipments, totaling 78 million tonnes. Weather disruptions at ports and reduced production from certain Western Australian mines contributed to this decrease. Despite the dip, Rio Tinto maintains its full-year expectations for Pilbara iron-ore shipments in 2024, ranging from 323 million to 338 million tonnes, with a unit cash cost of $21.75/t to $23.50/t. Pilbara iron-ore production also saw a modest 2% year-on-year decline to 77.9 million tonnes. Factors contributing to the production decrease include resource…
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