Earlier today, ASX-listed Rio Tinto Limited (AU:RIO) lifted its iron ore forecasts from Pilbara operations for FY24. The company now expects its iron ore shipments to be in the range of 323 million to 338 million tonnes. The new projection is slightly above the previously stated numbers, indicating better operations at Pilbara. The company is optimistic about the Gudai-Darri greenfield mine at Pilbara and aims to increase capacity by 7 million tonnes to reach 50 million tonnes per year.
For the fiscal year 2023, the company affirmed that Pilbara’s shipment guidance remains unchanged, staying within the upper range of 320 million to 335 million tonnes.
Rio Tinto is a leading mining company engaged in mineral exploration, extraction, and processing. The extraction of iron ore is a major component of the company’s operations and significantly contributes to its revenue.
Rio Tinto Pilbara Mining
Rio Tinto operates a comprehensive network comprising 17 mines, four independent port terminals, a rail network, and other associated infrastructure in the Pilbara region of Western Australia. This integrated setup allows the company to efficiently adapt to fluctuations in demand, establishing Rio Tinto as a key global producer and exporter of iron ore.
The company reported that iron ore shipments from Pilbara reached 83.9 million tonnes in the third quarter of FY23. This marked a 6.1% increase from 79.1 million tonnes in the previous quarter. It was also 1.2% higher than the 82.9 million tonnes in the third quarter of FY22.
Is Rio Tinto a Good Stock to Buy?
According to TipRanks, RIO stock has received a Moderate Buy rating based on a total of 11 recommendations, of which six are Buy. The RIO share price forecast is AU$122.53, which is 8.64% above the current trading level.
Year-to-date, the stock has gained 2.71% in trading.
