Rio Tinto’s iron ore on track as Brazil beats again
Vale produced 68 million tonnes over the three-month period, below the 72 million tonnes expected by analysts.
Perhaps more importantly, Vale only sold 59.2 million tonnes during the period.
Vale’s sales were lower than its production rates last year, and management had vowed that sales would keep pace with production in the mines in 2021.
Early signs suggest that Vale is struggling to keep this promise.
Rio has pledged to ship between 325 and 340 million tonnes of iron ore from WA in 2021.
These forecasts are based on forecasts that Rio will successfully bring in $ 1.6 billion in new mines this year to replace a combined total of 90 million tonnes of depleted supply at its Robe Valley, West Angelas and Western Turner Syncline hubs.
Rio’s $ 2.6 billion Gudai-Darri iron ore mine, formerly known as Koodaideri, is expected to begin production in WA in early 2021 and will have an annual capacity of 43 million tonnes.
Rio shipped 331 million tonnes of WA last year and has never done better than the 338.1 million tonnes it shipped in 2018.
BHP will update the market on its iron ore export performance on Wednesday, with Macquarie predicting that the company will report shipments of 67.2 million tonnes for the first three months of the year.
Fortescue will report on its export performance on April 29.
Last week, Mineral Resources, which does not have the type of railroad for its iron ore that BHP, Rio and Fortescue have, downgraded its iron ore export target because it had struggling to find enough drivers for the trucks that transport his iron ore to the port.