Rio Tinto , eked out higher iron ore shipments in the third quarter, largely in line with expectations, and said it remained on track for first production from its Simandou high-grade iron ore project in Guinea next year.

Rio Tinto (NYSE:RIO) said Tuesday it produced slightly more iron ore in Q3 while narrowly missing expectations, while copper and aluminum output came in lower compared to the year-earlier quarter. The world's largest producer of iron ore reported Q3 production from its Pilbara operations in Western Australia of 84.

Rio’s third-quarter output edged up about 1% from a year earlier, while Brazil’s Vale beat estimates to churn out its highest volume since late-2018.

Rio Tinto reported a 1% rise in third-quarter iron ore shipments on Wednesday, but marginally missed market expectations, as operational improvements at its Pilbara operations lifted output. Iron ore prices remained under pressure for the larger part of the third quarter due to dimmed demand prospects in top consumer China's steel market amid persistently weak property prices.

Rio Tinto has flagged a review of its iron ore product mix as it grapples with approval delays that have forced it to export more lower grade material from the West Australian mines that provide the lion’s share of earnings.

The world’s second-biggest miner by value said it produced slightly more iron ore from its Australian operations in the third quarter of 2024 but cautioned on inflation pressures.

This mining giant failed to live up to expectations during the third quarter. The post Rio Tinto share price tumbles on Q3 production miss appeared first on The Motley Fool Australia.