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* 2022 iron ore shipment forecast of 320-335 Mt * 2021 shipments of 321.6 Mt * Encouraged by growth prospects in 2022 (Adds analyst comment, estimates, and Rio share price) By The world's biggest iron ore producer said it expects to
ship between 320 million and 335 million tonnes (Mt) in 2022
from the Pilbara region in Rio shipped 321.6 Mt of the steel-making commodity last year, down 3% from 2020. Shares of the global miner fell as much as 1.9% to The delay in production from the new greenfields mine as
well as labour shortages in "Rio Tinto's operations continue to meander and mine capacity issues in iron ore are likely to weigh again in 2022, albeit on an already reduced forecast production profile," analysts at RBC Capital Markets said in a note. "Although iron ore prices have provided the shares some solace in recent weeks, we continue to see a challenging outlook for iron ore over the course of 2022." Even as Rio said it was "encouraged" by growth prospects in 2022, it cautioned that potential disruption from surging COVID-19 cases and any geopolitical tensions could take a toll. "Guidance assumes development of the pandemic does not lead to government-imposed restrictions and widespread protracted cases ... which could result in a significant number of our production critical workforce and contractor base being unable to work," the miner said in a statement https://www.riotinto.com/news/releases/2022/Rio-Tinto-releases-fourth-quarter-production-results. "This risk is exacerbated globally by tight labour markets and supply chain delays." Meanwhile, even as the global miner builds its battery
materials business with the recent acquisition https://www.reuters.com/business/rio-tinto-buy-lithium-project-argentina-825-mln-2021-12-21/#:~:text=Dec%2021%20(Reuters)%20-%20Rio,builds%20its%20battery%20materials%20business
of the Rincon lithium project in The iron ore producer shipped 84.1 Mt of the commodity in
the three months ended (Reporting by
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