Rio Tinto has hinted it is ready to grow iron ore export volumes again after another soft year in which unit costs were higher than promised.
Rio Tinto has hinted its flagship iron ore division is ready to grow export volumes again, promising that stockpiles are high across its Western Australian network and a big new mine will soon run at full speed.
Rio also confessed on Tuesday that unit costs in the Australian iron ore division had blown out above the $US21 a tonne maximum it had promised.Macquarie had expected Rio to produce iron ore in WA at a unit cost of $US22.57 a tonne in 2022, with unit costs tipped to ease in 2023. Rio’s mines and railways moved record volumes over the past six months and Rio signalled that iron ore stockpiles across its network were primed to allow the strong performance to continue into the new year.“System inventories at the end of December are healthy including strong blasted stocks, mine and port stocks,” said Rio in a statement.
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