Rio Tinto PLC on Tuesday reported little change in iron ore production and sales in the third quarter, as it expects iron ore production for 2023 to be slightly higher than in 2022.

The London-based mining company said Pilbara iron ore shipments were 83.9 million tonnes, 1.2% up from 82.9 million tonnes a year ago. Pilbara iron ore production was 0.9% lower at 83.5 million tonnes from 84.3 million tonnes.

Aluminium production rose 9.1% to 828,000 tonnes from 759,000 tonnes a year ago. Titanium dioxide slag output fell 20% to 247,000 tonnes from 318,000 tonnes in the third quarter of 2022, when it had jumped 48% year-on-year.

Chief Executive Officer Jakob Stausholm said: ‘We took real steps to build our portfolio of materials needed for the future, signing agreements that will see us take a leading position in recycled aluminium in North America and agreeing to enter a joint venture with Codelco to explore for copper in Chile. We also completed further infrastructure agreements with our partners for the world class Simandou iron ore project.’

In the first nine months of 2023, Rio Tinto shipped 245.5 million tonnes of Pilbara iron ore, up 4.8% from 234.3 million tonnes a year prior.

The company said it continued to expect full-year iron ore shipments for the Pilbara operations to be in the upper half of the original 320 million to 335 million tonne range, compared to 322 million tonnes in 2022.

CEO Stausholm said: ‘We are making strong progress towards building the Rio Tinto of the future, striking a balance between disciplined performance in evolving market conditions, investing to generate valuable long-term growth and delivering attractive shareholder returns.’

Rio Tinto shares closed 1.2% higher at A$117.11 each on Tuesday in Sydney.

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