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)