Already a subscriber?Rio Tinto has reiterated warnings that its ability to hit annual guidance for iron ore exports from Western Australia hinges on timely environmental and Indigenous heritage approvals after a dip in production over the first three months of 2024.
UBS said the iron ore shipments were in line with consensus forecast and that while the results across other commodities were soft, Rio should be able to catch up with its key growth projects on track. Its lower-grade product, known as SP10, accounted for 18 per cent of shipments in the first quarter, in line with the second half of 2023.
The next tranche of Pilbara mine replacements under consideration include Hope Downs projects under its partnership with Gina Rinehart’s Hancock Prospecting.
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