Rio Tinto branded hard hat. Credit: Rio Tinto.

Anglo-Australian mining giant Rio Tinto has cut its iron ore production estimate due to operational failures. From its Iron Ore Company of Canada (IOC) business, the company expects iron ore output of 9.3–9.8 million tons (mt), down from 10–11mt projected previously.

The company said in a statement: “Operations at IOC were impacted by extended plant downtime and conveyor belt failures, while we also recovered from wildfires which took place in Northern Quebec in the prior quarter.”

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Rio Tinto is the biggest iron ore producer in the world and derives 70% of its profits from iron ore operations. Despite the fall in projected production, it recorded a 1.2% rise in its third-quarter iron ore shipments as production at the Gudai-Darri mine in Pilbara, Western Australia, increased. In the third quarter, it shipped 83.9mt of iron ore from Pilbara, up from 82.9mt in the same quarter a year earlier.

Success in other business areas also appears to be offsetting any concerns around iron ore production. On Tuesday, Rio announced a quarterly rise in output across its copper and aluminium portfolios.

Goldman Sachs analysts claim Chinese copper demand rose 8% in 2023, spurring growth in Rio’s copper operations.

See Also:

Kyle Rodda, a senior market analyst at Capital.com, said: “Markets are latching onto signs that (Rio’s) copper business is performing strongly, boosting confidence among investors that the strategic pivot to adapt to structural changes in demand is heading in the right direction.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Quarterly aluminium production also increased by 9%.

Following the announcement concerning copper and aluminium, Rio’s share price rose by 3% on Tuesday.