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Australia’s Rio Tinto said on Monday it expects iron ore shipments of 323 million to 338 million tons in fiscal 2024 at Pilbara, marginally above its forecast for 2023, as operating conditions continue to improve.
Rio also said it is targeting a 7 million toncapacity uplift towards 50 million tons per year at its $3.1 billion Gudai-Darri greenfield mine, which opened in 2022. Rio highlighted continued investments in the company’s Pilbara operations over the next two years, adding that it expects sustaining capital to average $1.8 billion a year from 2024 to 2026.
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