[Ferro-Alloys.com] Rio Tinto said Wednesday it expects 2023 iron ore shipments from its Western Australia will come in unchanged from this year while aluminum production ticks higher.
Rio (RIO) said it sees output from the Pilbara region staying in a range of 320M-335M tons next year, with cash production costs expected at US$21-$22.50/metric ton, up from $19.5-$21/ton expected in 2022.
The miner also guided for 2023 aluminum production of 3.1M-3.3M tons, up from an estimated 3M-3.1M tons in 2022, while refined copper edges lower to 180K-210K tons next year compared with an estimated 190K-220K tons this year.
Rio (RIO) also said it expects diamond output to drop to 3M-3.8M carats in 2023 from an estimated 4.5M-5M carats in 2022.
Rio's (RIO) top executive for economics and markets, Vivek Tulpule, told the company's investor seminar it expects broadly flat future growth for primary steel demand "as India and Asia take over from China in terms of absolute growth."
Rio Tinto (RIO) also said it planned to spend another $600M in renewable energy assets in the Pilbara region, as part of its effort to cut carbon emissions in half by 2030.