Rio Tinto Ltd

RIO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$426.00	Zcn	Dqsqfqxm

Rio Tinto: Iron Ore Key and Sales Still Solid for Now

Jon Mills

Oct 17, 2023

No-moat Rio Tinto’s 2023 third-quarter sales met our expectations. Its share of shipments from its Pilbara iron ore operations, the main driver of earnings, was roughly 72 million metric tons, 3% above the same quarter of 2022 and 8% higher than the previous quarter. Rio is on track to meet our forecast for 2023 Pilbara iron ore sales of roughly 280 million metric tons (its share), around 4% above last year. We reiterate our forecast for 2023 unit cash costs in the Pilbara of roughly USD 22 per metric ton, modestly up on 2022.

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