Rio Tinto to mine 600 kt copper in 2023, iron ore subject to risks

Rio Tinto has released its production guidance for 2023, in which Pilbara iron ore shipments (100% basis) of 320 to 335Mt are expected in 2023, with mid-term capacity remaining at 345 to 360Mt.

For comparison, in 2022, the company expects Pilbara iron ore shipments to be at the low end of the 320 – 335Mt guidance range. Rio Tinto said that Pilbara shipments guidance remains subject to risks around commissioning and ramp-up of new mines and management of cultural heritage.

In 2023, Rio Tinto also expects to mine between 550,000 and 600,000 tonnes of copper (the company’s share), compared to the current production guidance for 2022 of between 500,000 and 575,000 tonnes of copper.

The company’s 2023 guidance for production of diamonds is between 3.0 and 3.8 M carats (2022 guidance: between 4.5 and 5.0 M carats) and production guidance for bauxite is between 54 and 57 Mt (unchanged from 2022 guidance).