Rio Tinto’s annual iron ore shipments still rose 2% to 331.8 metric tons in 2023, which somewhat helped offset weaker sale prices. But the firm saw higher costs due to increased production, while its overall margins also fell.
The firm forecast slightly higher iron ore unit cash costs at its flagship Pilbara iron ore operations- between $21.75 to $23.50 per wet metric ton, compared to 2023 costs of $21.5 wet metric ton.
The miner said it expects to spend about $1 billion per year in the coming years on advanced closure activities at several of its aging mines in Australia, which will likely be treated as one-off items.
QXR reported a couple of rockchip samples, with no cash in the bank, and a CP not willing to go out on a limb ??
What could possibly go wrong
IMO DYOR
QXR Price at posting:
1.9¢ Sentiment: Sell Disclosure: Not Held
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