Whodat780 (Agora) - IOC year end resultsIOC released their 2023 year end results today.
Definitely doesn't sound like any purchase orders in the works for 2024:
"Outlook
Rio Tinto's 2024 guidance for IOC's saleable production tonnage (CFS plus pellets) is 16.7 million to 19.6 million tonnes. This compares to 16.5 million tonnes of saleable production in 2023.
Despite ongoing lower pellet premiums, it is expected that IOC will continue to focus on maximizing pellet production in 2023.
The capital expenditures for 2024 at IOC are forecasted by IOC to be approximately US$431 million. The 2024 forecast includes approximately US$80 million of growth and development projects. Significant development capital expenditure projects include the redesign of Mill 11 Fine Circuit and the replacement of existing heavy fuel oil steam capacity with an electric boiler, which projects were previously scheduled for 2023 but delayed. Significant sustaining capital expenditure projects include the track replacement program at QNS&L to ensure the safe and efficient operation of the increased rail traffic.
In September, IOC announced a major donation of $4 million over two years to the Cgep de Sept-les in Quebec, Canada for the construction of its new pavilion for training, research and innovation in the railway, industrial maintenance and energy intelligence industries. The new partnership will strengthen Sept-les' position as a centre of excellence for specialised training in railway operations and provide local Indigenous communities with additional training and employment opportunities.
IOC's operator, Rio Tinto, continues to be committed to reaching net zero emissions by 2050 and is targeting a 15% reduction in Scope 1 & 2 emissions by 2025 and a 50% reduction by 2030 (1) (from a 2018 equity baseline). Approximately 70% of IOC's current total greenhouse gas ("GHG") emissions come from pelletizing. In 2023, IOC began its pilot project to test the use of four new plasma torches in the pellet plant, which could potentially replace the use of bunker 'C' fuel oil in the induration process. More immediately, IOC has initiated a project (expected to be completed in the first half of 2025) to install an electric boiler to displace emissions from the usage of the heavy fuel oil boilers, as well as instrumentation and fuel-efficient burners to further reduce heavy fuel oil consumption in the induration process.
Through the Low Carbon Economy Fund, the Government of Canada has awarded $18.1 million (or approximately 25% of the expected total cost of the project) to IOC to support the project, which is expected to eliminate approximately 9% of IOC's GHG emissions, or a cumulative reduction of about 2.2 million tonnes of GHG emissions over the lifetime of the project."IOC year end results