Diversified miner Rio Tinto has reduced the full-year guidance of its iron-ore operations in Canada, citing extended plant downtime and conveyor belt failures.
Iron Ore Company of Canada (IOC) reported a 14% year-on-year decrease in third-quarter production to 2.4-million tonnes.
Operations were also still recovering from wildfires that took place in northern Quebec in the prior quarter.
Shipments were 17% lower than in the third quarter of 2022, driven by lower production. Logistics have resumed full operations following the wildfires; however, disruptions remain a risk as areas of the rail line damaged by fire are being repaired.
IOC’s 2023 production guidance has been reduced to between 9.3-million and 9.8-million tonnes, from its previous target of 10-million to 11-million tonnes.
Overall, Rio Tinto’s iron-ore production for the quarter remained unchanged at 73.2-million tonnes.