Rio Tinto Full-Year Australian Iron-Ore Shipments Fall; Sees 2022 Exports Likely Higher
18 January 2022 - 9:16AM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC said annual iron-ore shipments from its Australian
mining operations fell by 3% in 2021 as projects were disrupted by
a worker shortage and supply chain issues, but said shipments will
likely increase this year.
The world's No. 2 mining company by market value said 321.6
million metric tons of iron ore were shipped from its operations in
remote northwest Australia last year. Fourth-quarter shipments were
down 5% year-over-year at 84.1 million tons, the miner said.
Rio Tinto reported challenges during the year at growth and
so-called brownfield mine replacement projects, which were impacted
by pandemic-related restrictions that made it hard to get workers.
Rio Tinto also said it faced supply chain quality issues.
"The latter has been exacerbated by an inability to conduct
pre-delivery quality assurance and control at international steel
and equipment manufacturers due to limitations on travel," Rio
Tinto said.
The miner said its iron-ore shipments from Australia's Pilbara
region would likely rise in 2022, projecting exports of between 320
million and 335 million tons.
Rio Tinto also said it produced 7% less mined copper in 2021
versus 2020, at 494,000 tons. The company projected output of
500,000-575,000 tons this year.
The miner also produced 1% less aluminum year-over-year, at 3.15
million tons. It estimated 2022 aluminum production of 3.1
million-3.2 million tons.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 17, 2022 17:01 ET (22:01 GMT)
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