Insight
Rio Tinto's Growth: More Volume, Lower Grade, Higher Costs
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Rio Tinto is at the forefront of growth in Australia. In 2023, Rio Tinto shipped 331.8 Mt of Pilbara iron ore, the second-highest shipment on record after 338.2 Mt in 2018. The shipment guidance for 2024 is 323 – 338 Mt (3 Mt higher than the 2023 guidance). However, Rio Tinto's volume growth comes with a caveat: an increase in low-grade iron ore production. This shift begs the question: how has it affected Rio Tinto's cost competitiveness?
Table of contents
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Rio Tinto's low-grade impact on cost position
- What does the latest data show?
- What are the implications on costs?
- What are we forecasting?
- Conclusion
Tables and charts
This report includes the following images and tables:
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Figure 1. Rio Tinto’s shipmentsFigure 2. Rio Tinto’s shipment sharesFigure 3. Rio Tinto’s cost position in CFR China 62% adjusted cost curve (2024)Figure 4. Rio Tinto’s operating margin by mine (2024)Figure 5. SP10 impact on total cost
What's included
This report contains:
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