Rio Tinto PLC (LSE:RIO)’s fourth quarter production numbers match its full year guidance, according to broker SP Angel.
Iron ore shipments from the Pilbara were, however, at the lower end of the range.
The received iron ore price during 2022 was US$97.6 per wet metric tonne, the FTSE 100-listed miner said, with costs running at between US19.50 and US$21 per tonne.
Operations at the new Gudai Dam iron ore operation are expected to reach nameplate capacity on a sustained basis during 2023.
In 2023, Rio Tinto expects its Pilbara iron ore operations to produce between 320-335mln tonnes.
Rio Tinto also chose to highlight the significant expansion of its copper capabilities during the period.
"The acquisition of Turquoise Hill Resources strengthens our copper portfolio and demonstrates our ability to allocate capital with discipline to grow in materials the world needs for the energy transition and delivering long-term value for our shareholders,” said Rio Tinto chief executive Jakob Stausholm in the production report.
“Copper guidance has been increased accordingly,” he added. It is expected that Rio Tinto will produce between 650,000 and 710,000 tonnes of copper in 2023.
Notably, the company didn’t destroy any major archaeological sites during the quarter, as it has done in the recent past, but instead chose to “invest” in “genuine partnerships” with the Yindjibarndi and Puutu Kunti Kurrama and Pinikura peoples in Australia, and the Pekuakamiulnuatsh First Nation in Canada.