Rio Tinto PLC on Tuesday said it delivered 1% production growth and a 3% increase in sales volumes, both on a copper equivalent basis in 2024.
The London-based diversified mining company said Pilbara operations produced 328.0 million tonnes in 2024, with shipments of 328.6 million tonnes, each 1% lower than 2023.
Bauxite production was 58.7 million tonnes in 2024, 7% higher than 2023, exceeding guidance, with the improvement driven by the implementation of the Safe Production System, delivering record annual production at Amrun and Gove.
Aluminium production of 3.3 million tonnes was 1% higher than 2023, following the ramp-up of Kitimat and completion of cell recovery efforts at Boyne in the prior year, together with increased ownership of Boyne and New Zealand Aluminium Smelter.
Mined copper production of 697,000 tonnes in 2024 was 13% higher than 2023, reflecting the ramp up of Oyu Tolgoi underground and increased production from Escondida due to higher grades fed to the concentrator.
Titanium dioxide slag production of 990,000 tonnes in 2024 was 11% lower than 2023 due to reduced market demand.
Chief Executive Jakob Stausholm said: ‘Our operating performance in 2024 was good, consistent with our ongoing commitment to strengthen the business as we execute our strategy to deliver profitable growth.’
‘The implementation of our Safe Production System has again contributed to greater consistency across key operations, including our iron ore assets in the Pilbara and our bauxite operations in Australia, where Amrun and Gove achieved record annual production.’
Stausholm hailed strong progress in delivering organic growth from major projects and flagged that ‘significant’ milestones were achieved at the Rincon project in Argentina during the quarter, with first lithium delivered.
‘We remain focused on executing our strategy to deliver attractive shareholder returns and build a stronger, more diversified, and growing business, driven by our confidence in the long-term demand for materials essential to the global energy transition.’
Shares in Rio Tinto closed 0.5% higher at 4,941.50 pence each in London on Wednesday.
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