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The figure met Rio Tinto’s guidance for between 320-335 million metric tons for the calendar year and came in line with analyst forecasts. RBC had expected 332 million metric tons while Macquarie expected 333 million.

The world’s largest iron ore miner has been producing more of its SP10 product as it prepares to bring on five new mines that will help boost its production to records of 345-360 million metric tons in the medium term. The SP10 product is lower quality iron ore than its flagship Pilbara blend.

Rio’s report comes as prices of iron ore, which accounts for around 90% of its underlying earnings, recover on expectations of increased demand from top consumer China following its recent economic stimulus measures.

The world’s largest iron ore producer reaffirmed its fiscal 2024 iron ore shipments forecast between 323 million metric tons (Mt) and 338 Mt.

For the fourth quarter ended Dec. 31, 2023, the miner shipped 86.3 Mt of iron ore from its Pilbara operations, compared with 87.3 Mt a year ago.