AUSTRALIAN miner Rio Tinto is expecting to achieve iron ore production of between 330m and 343mt for the 2020 year after its production for 2019 came in at 327mt, and 3pc lower than the 2018 year.

In a statement to the ASX, Rio Tinto said its iron ore production guidance for 2020 is subject to weather and market conditions, and is framed by its expectation of general stability in global economic growth for this year.

The mining company achieved an average market price for its Pilbara iron ore of $79/wet metric ton free-on-board basis in 2019, 37pc higher than the average realised price for this product in 2018.

Rio Tinto chief executive Jean-Sébastien Jacques said its Pilbara iron ore production in WA was affected by operational challenges including adverse weather last year.

“We finished the year with good momentum, particularly in our Pilbara iron ore operations and in bauxite, despite having some operational challenges in 2019,” Mr Jacques said.

Rio Tinto has committed to spending $749m in its Greater Tom Price mine for iron ore in the Pilbara region to sustain production capacity.

The miner said its increased focus on waste material movement and pit development for its Pilbara iron ore operations will continue in 2020 to improve mine performance and pit sequencing.

Bauxite production for Rio Tinto was 55mt in 2019, up 9pc on 2018 following a successful ramp-up of the company’s Amrun mine in Queensland.

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