Rio Tinto has today released its 2024 Fourth Quarter Operations Review. 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.

“We are making strong progress in delivering organic growth from our major projects. The Oyu Tolgoi underground copper mine in Mongolia continues to successfully ramp up, while the Simandou high-grade iron ore project in Guinea and our Western Range mine in the Pilbara are on schedule for first production this year,” he added.

Key operational highlights were:

• Pilbara operations produced 328.0 million metric tonnes (Mmt) in 2024, with shipments of 328.6 Mmt, each 1% lower than 2023. Productivity improvements of 10 million tonnes did not fully offset depletion, predominantly at Yandicoogina and Paraburdoo, as we transition to Western Range.
• Bauxite production was 58.7 Mmt in 2024, 7% higher than 2023, exceeding our guidance. The improvement was driven by the implementation of the Safe Production System, delivering record annual production at Amrun and Gove, with the former currently operating above nameplate capacity.
• Aluminium production of 3.3 Mmt 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 (NZAS).
• Mined copper production of 697 thousand metric tonnes (consolidated basis) 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 (0.99% versus 0.83%).

“Significant milestones were achieved at our Rincon project in Argentina during the quarter, with first lithium delivered and receipt of Board approval to expand the operation, demonstrating both our operational capabilities and ambition to grow in battery materials,” said Mr Stausholm.

“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,” he added.