Rio Tinto has reported its production results for the fourth quarter (Q4) and full year of 2024, highlighting a 13% year-on-year (YoY) surge in mined copper output to 697,000 tonnes.
This significant increase was driven by the ramp-up of underground operations at the Oyu Tolgoi project and improved ore grades at the Escondida mine.
However, Pilbara iron ore production and shipments both saw a 1% decline, with annual production totalling 328 million tonnes.
Mined copper production in Q4 2024 was bolstered 26% than Q4 2023 to 202,000 tonnes. The growth in annual copper output offset challenges at the Kennecott mine, where pit wall instabilities disrupted the mining sequence.
Pilbara iron ore operations experienced a 1% decline in both production and shipments, reflecting depletion at sites such as the Yandicoogina and the Paraburdoo mines.
The company cited its transition to the Western Range mine as a contributing factor. Despite achieving a productivity uplift of 10 million tonnes through its safe production system, the gains were insufficient to counteract these challenges.
Bauxite production rose by 7% YoY to 58.7 million tonnes, exceeding expectations, while aluminium production increased by 1% to 3.3 million tonnes.
In contrast, titanium dioxide slag production dropped by 11% to 990,000 tonnes, affected by reduced market demand and furnace maintenance in Quebec, Canada.
Rio Tinto 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.”
Rio Tinto continued to expand its portfolio in 2024 with significant investments in battery and renewable materials. In October, the company announced the acquisition of Arcadium Lithium for $5.85 per share.
The $2.5bn expansion of the Rincon lithium project in Argentina was also approved, with first production expected in 2028.
The company also completed the divestment of Dampier Salt’s Lake MacLeod operation for A$375m ($233m) and the Sweetwater uranium legacy site for $175m.
Rio Tinto has maintained its production guidance for 2025, with iron ore output dependent on approvals for new mining areas. The Western Range mine is on track for completion, with first ore expected in the first half of the year.
