Rio Tinto has reported its fourth-quarter production results, reflecting steady operational progress alongside challenges in some key areas. The company achieved notable milestones, including the successful ramp-up of the Oyu Tolgoi underground copper mine in Mongolia and first lithium production at the Rincon project in Argentina. However, overall production figures revealed mixed results across commodities.
Chief Executive Jakob Stausholm highlighted Rio Tinto’s strategic focus on sustainable growth. “Our Safe Production System has enhanced consistency at key operations such as Pilbara iron ore and Amrun bauxite, with both achieving significant records in 2024,” he said.
Iron ore and bauxite performance
Pilbara iron ore shipments reached 328.6 million tonnes for 2024, down 1% from 2023 due to depletion at older sites, despite productivity improvements. The Gudai-Darri mine achieved a 50 million tonne annualised production rate, supporting the transition to Western Range. Meanwhile, bauxite production increased 7% year-on-year, hitting a record 58.7 million tonnes, driven by strong performance at Amrun and Gove.
Copper and aluminium updates
Mined copper output grew 13% to 697,000 tonnes, supported by higher grades at Escondida and Oyu Tolgoi’s ramp-up. Aluminium production was stable at 3.3 million tonnes, as increases at Kitimat and Boyne partially offset reductions from energy-related constraints in New Zealand.
Lithium and sustainability initiatives
Rio Tinto commenced lithium production at the Rincon project, marking a significant step in its commitment to battery materials. The company also approved a $2.5 billion expansion to increase Rincon’s capacity to 60,000 tonnes of lithium carbonate annually by 2028.
Key challenges and outlook
The titanium dioxide slag segment faced an 11% decline in annual production due to weaker demand, while geotechnical issues at Kennecott impacted copper mining. The company also navigated weather disruptions and ongoing operational adjustments at its IOC iron ore and aluminium assets.
