Overview
- Pilbara shipments reached 84.3 million tonnes in Q3, narrowly below the 85.5 million tonne market consensus.
- The company said a vigorous fourth quarter is needed to hit the lower end of its 2025 iron ore guidance of 323–338 million tonnes.
- Four cyclones disrupted about 13 million tonnes of shipments in Q1, with roughly half expected to be recovered this year.
- The new 60.8% Pilbara Blend expanded more than 50% quarter on quarter, cutting SP10’s share of shipments to 9% from 29%.
- Oyu Tolgoi delivered a record copper quarter, keeping Rio on track for more than 50% annual copper growth, while bauxite set a second straight record and full-year guidance was raised to 59–61 million tonnes.