Rio Tinto has reported an after-tax profit attributable to owners of $5.8bn for the first half (H1) of 2024, a 14% increase from $5.1bn in the same period of the previous year.
The metals and mining company’s consolidated sales revenue for H1 2024, which ended on 30 June 2024, was $26.8bn. This is nearly identical compared to the $26.6bn revenue in H1 2023.
Its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the first half of 2024 were reported at $12.1bn, up from $11.72bn in the same six- month period in the prior year, representing a 3% increase.
For the reported period, Rio Tinto generated free cash flow of $2.8bn, a decrease of 25% compared to $3.7bn in H1 2023.
The company’s net cash generated from operating activities for H1 2024 was $7.1bn, an increase of 1% compared to $6.97bn in the corresponding period of the prior year.
Rio Tinto purchased property, plant, equipment, and intangible assets for $4bn in the first half of 2024, a 34% increase compared to $3bn in H1 2023.
Rio Tinto chief executive Jakob Stausholm said: “We are at an inflection point in our growth, with a step change from our aluminium business and consistent production at our Pilbara iron ore operations.
“We have considerable growth in cash flow from the ramp-up of the underground copper mine at Oyu Tolgoi, and more value to come as our Simandou investment and Rincon lithium project proceed at pace.
“We are also solving some of our most complex challenges through technology and partnerships, such as the renewable power solutions announced for Boyne and NZAS.”
The company expects ongoing exploration and evaluation expenses for 2024 to be approximately $1bn.
Rio Tinto also reported a 15% increase in mined copper production in H1 2024 compared with the first half of 2023.
Earlier this month, Rio Tinto secured all necessary approvals for its investment in the $11.6bn Simandou iron mining and related infrastructure project in Guinea. The company obtained the requisite regulatory approvals from both Guinean and Chinese authorities.
