Iron ore losses from 4 cyclones estimated to be 13 million tonnes

Rio Tinto reports production and shipping of Iron Ore in Q1 were affected by significant weather events, with the total losses from the four cyclones estimated to be around 13 million tonnes and SP10 levels accounting for 29% of Pilbara shipments (on a 100% basis).

Rio Tinto have mitigation plans in place to offset around half of the 13 million tonne loss. The system was brought back online in early March following rectification works at the East

Intercourse Island port facility.

Rio Tinto achieved improved performance in March as it cleared stocks from the mines. As announced on 16 October 2024, Rio Tinto is undertaking a review of its product strategy,

currently engaging with customers to determine the highest value product strategy for its business and its customers.

10% of Q1 sales priced by reference to the prior quarter’s average index lagged by one month: remainder sold either on current quarter average, month average or on the spot market.

Ca 27% of sales were made on a free on board (FOB) basis, with remainder sold including freight. Q1 portside sales in China were: 8.6 million tonnes (6.5 million tonnes in the first quarter of 2024): 91% of Rio Tinto portside sales were either screened or blended in Chinese ports. End-March inventory levels at portside were 6.4 million tonnes, including 5.1 million tonnes of Pilbara ore.