Rio Tinto reports solid 2024 performance, advances growth strategy

January 17, 2025 — Rio Tinto has announced its 2024 operating results, highlighting a year of consistent performance and progress on its strategic growth plans. Chief Executive Jakob Stausholm emphasized the company's commitment to strengthening its operations and delivering profitable growth for shareholders. The company’s Safe Production System has contributed to improved consistency, with record annual bauxite production at Amrun and Gove in Australia.

The company is also making headway on several key growth projects. The Oyu Tolgoi underground copper mine in Mongolia continues its successful ramp-up. The Simandou high-grade iron ore project in Guinea and the Western Range mine in the Pilbara remain on track for first production this year.

A significant achievement was marked at the Rincon lithium project in Argentina, with the delivery of first lithium and board approval for a major expansion. This underscores Rio Tinto’s ambition to expand its presence in battery materials crucial for the global energy transition.

Tragically, in October, an employee of a contractor at the Simandou project’s SimFer Port Project passed away following an injury. Rio Tinto completed an internal investigation, sharing the findings across the business. The company’s all injury frequency rate (AIFR) decreased in the fourth quarter, reflecting its ongoing focus on safety.

In 2024, Rio Tinto achieved 1% production growth and a 3% increase in sales volumes on a copper equivalent basis. Pilbara iron ore operations saw production and shipments slightly lower than 2023, while bauxite production exceeded guidance with a 7% increase. Aluminium production was marginally higher than the previous year. Mined copper production saw a strong 13% increase, driven by Oyu Tolgoi and Escondida.

Rio Tinto also announced a joint venture with Sumitomo Metal Mining for the Winu copper-gold project in Western Australia. The company completed the sale of Dampier Salt Limited’s Lake MacLeod operation and a former uranium site in Wyoming.

A $2.5 billion expansion of the Rincon lithium project was approved, aiming to increase annual capacity significantly. This project will utilize direct lithium extraction technology. The company’s acquisition of Arcadium Lithium is progressing, with closing expected before mid-2025.

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