October 16, 2024

Industry News

Rio Tinto Third Quarter 2024 Production Results

Rio Tinto has released its production results for the third quarter of 2024. Commenting on the results, Rio Tinto´s chief executive, Jakob Stausholm, said: “We progressed our major projects to deliver profitable organic growth. We are on track for first production from our Simandou high-grade iron ore project next year and first lithium from the Rincon starter plant by the end of this year. Meanwhile the ramp-up of copper production continues at the Oyu Tolgoi underground mine.”

Some key production figures were:

  • The company is on track to grow overall copper equivalent production (based on long-term consensus pricing) by around 3% of compound annual growth from 2024 to 2028 from its existing portfolio and projects already in execution.
  • In the Pilbara, in the third quarter Rio Tinto produced 84.1 million metric tonnes (Mmt), of which Rio Tinto´s share was 71.0 Mmt. This was 1% higher than the corresponding period of 2023. Productivity gains continue to offset ore depletion. Shipments of 84.5 Mmt (Rio Tinto share 72.5 Mmt) were also 1% higher than the third quarter of 2023.
  • Bauxite production of 15.1 Mmt was 8% higher than the third quarter of 2023. The improvement continues to be driven by higher plant availability and utilisation rates owing to the implementation of the Safe Production System, especially at the Amrun mine at Weipa, which is operating above nameplate capacity.
  • Aluminium production of 0.8 Mmt was 2% lower than the third quarter of 2023.

Mr Stausholm also commented: “We announced the acquisition of Arcadium Lithium, bringing a world-class lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition.

“The decarbonisation of our business remains a priority and is progressing well. We took another important step in securing a long-term future for the Boyne Smelter, announcing a partnership with the Queensland Government to support investment in renewable energy projects.

“Our long-term pathway to deliver profitable growth and create shareholder value remains clear, as we progress our business in line with our four objectives,” he concluded.

For further information, visit the Rio Tinto website: www.riotinto.com