Rio Tinto Foresees Stability in Iron Ore Shipments in 2023

SEATTLE (Scrap Monster): Global miner Rio Tinto announced ore shipment guidance for the upcoming year. The company expects the shipments of the steelmaking raw material to range between 320 million tonnes and 335 million tonnes, more or less unchanged from the shipment forecast for the current year. However, the unit cost of the commodity is expected to range between $21 and $22.5 per tonne next year, higher from $19.5 to $21 per tonne projected for 2022.

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Speaking at the Investor Seminar on progress against its long-term strategy to strengthen the business and boost decarbonisation efforts, Vivek Tulpule, Head of economics and markets at Rio Tinto noted that primarily steel demand is expected to record flat future growth. India and other countries in the Asian region are expected to take over China as main drivers of demand, he added.

Also, the company stated that it plans to invest additional $600 million in renewable energy projects in Western Australia’s Pilbara region, as part of its efforts to reduce its Scope 1 & 2 emissions by 50% by 2030. Rio Tinto kept its decarbonisation capex for the decade unchanged at $7.5 billion. The company has been working hard to decarbonise its assets and products.