Rio Tinto's Iron Ore Output Down Slightly in Q1, Vale Grows

Global iron ore giants Vale and Rio Tinto have released first-quarter production, sales and other data.

Rio Tinto's iron ore production fell slightly in the first quarter. The company revealed that the Pilbara iron ore mine produced 77.9 million tons in the first quarter (Rio Tinto's share was 66.1 million tons), down 2% from the same period in 2023. Ore mined was impacted by the expected depletion of mines (notably the Yandikugina mine) compared to the first quarter of 2023, but the reduction was partially offset by productivity gains in other regions.

Rio Tinto said it will continue to focus on asset management and improvements in pit health and expects further productivity improvements during the year. Pilbara iron ore shipments in the first quarter were 78 million tons (Rio Tinto's share was 66.1 million tons), down 5% from the first quarter of 2023. The decrease in shipments was mainly due to unfavorable weather conditions at the port, which resulted in a smaller drawdown of stocks compared to last year, as well as a reduction in production at the mine.

Rio Tinto's global businesses delivered solid operating results in the first quarter while dealing with seasonal challenges, with both bauxite and primary aluminum businesses improving, said Jakob Stausholm, Rio Tinto's group chief executive. "Our full-year guidance remains unchanged for all products. We continue to focus on growth in energy transition materials, with further production increases at the Oyu Tolgoi underground mine, the first full quarter of production of recycled aluminum at Matalco, and the high-grade iron ore project at Simandou in Guinea moving forward."

Vale's iron ore sales grew strongly in the first quarter. Vale has released data showing strong iron ore sales in the first quarter of 2024, with volumes up 15% year-on-year, and continued improvement in iron ore operating results. In the first quarter, Vale's iron ore production reached 70.8 million tons, up 6% year-on-year. Iron ore sales reached 63.8 million tons, up 15% year-on-year.


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