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Rio Tinto's fourth-quarter iron ore shipments slip amid heavy rains
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Rio Tinto's fourth-quarter iron ore shipments slip amid heavy rains
Jan 15, 2025 2:11 PM

Jan 16 (Reuters) - Rio Tinto reported a

1% decline in its fourth-quarter iron ore shipments on Thursday,

as the miner faced operational headwinds at the Yandicoogina and

Paraburdoo mines in the Pilbara region.

Output declined partly due to unusually heavy rainfall that

impacted its Australian Pilbara operations, Rio said, as it

struggles to bring on fresh production at its Western Range

Yandicoogina sites amid declining ore grades.

Steel consumption in China, its primary market, has eased

due to a slowdown in the country's property sector.

Rio shipped 85.7 million metric tonnes (Mt) of the

steel-making commodity from its Pilbara operations in the three

months ended Dec. 31, down from 86.3 Mt in the same period last

year.

That missed a Visible Alpha consensus estimate of 87.5 Mt.

The company shipped 328.6 Mt of iron ore from Pilbara in

2024, compared with its guidance range of 323 Mt to 338 Mt.

It forecast shipments between 323 Mt and 338 Mt for 2025.

(Reporting by Roushni Nair and Roshan Thomas in Bengaluru;

Editing by Devika Syamnath)

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