Rio Tinto sees soft 2022 iron ore shipments on labour issues, project delays

The world's biggest iron ore producer said it expects to ship between 320 and 335 million tonnes (Mt) in 2022 from the Pilbara region in Western Australia, a forecast with a midpoint below UBS' estimate of between 330 Mt and 340 Mt. It shipped 321.6 Mt of the steel-making commodity last year.

SYDNEY: Rio Tinto on Tuesday forecast slightly weaker-than-expected 2022 iron ore shipments, citing tight labour market conditions and production delays from the new greenfields mine at Gudai-Darri project.

The world's biggest iron ore producer said it expects to ship between 320 and 335 million tonnes (Mt) in 2022 from the Pilbara region in Western Australia, a forecast with a midpoint below UBS' estimate of between 330 Mt and 340 Mt. It shipped 321.6 Mt of the steel-making commodity last year.