Rio Tinto PLC on Wednesday reported a slight rise in revenue in the first half of 2024, while profit benefited from lower energy and commodities prices.

Rio Tinto is an Anglo-Australian diversified miner.

It reported a slight increase in revenue to $26.80 billion for the six months that ended June 30 from $26.67 billion a year before, but pretax profit rose more significantly, by 17% to $8.12 billion from $6.93 billion a year prior.

Rio attributed the strong in profit to an easing of diesel and natural gas prices, as well as lower prices for commodities it consumes amid improved supply.

Production from Rio’s Pilbara iron ore mine in Western Australia fell slightly to 157.4 million tonnes in the six months, from 160.5 million a year before.

Despite this, Rio said it is on track to meet its 2024 guidance for Pilbara iron ore production. Iron ore shipments are expected at 323 million to 338 million tonnes for the year, though it noted the guidance remains subject to weather.

The company declared an interim dividend of 177.0 US cents per share, unchanged from a year before.

Rio Tinto shares were up 1.9% to 5,031.07 pence per share in London on Wednesday morning.

Looking forward, Rio Tinto said it is at an ‘inflection point’ as it looks ahead to the future of its aluminium portfolio, and maintains ‘consistent’ production at Pilbara iron ore operations.

Chief Executive Jakob Stausholm commented: ‘Rio Tinto is both consistently very profitable and growing. This is being driven by the disciplined investments we are making to strengthen our operations and progress major projects for profitable organic growth. Our overall copper equivalent production is on track to grow by around 2% this year, and our ambition is to deliver around 3% of compound annual growth from 2024 to 2028 from existing operations and projects.’

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