Rio Tinto Reports Mixed Fourth-Quarter Production Results Amid Strategic Milestones

Rio Tinto’s fourth-quarter production results reflect steady operational progress alongside challenges in key areas. The company celebrated milestones such as the successful ramp-up of the Oyu Tolgoi underground copper mine in Mongolia and the commencement of lithium production at the Rincon project in Argentina, while overall commodity production displayed varied performance.

Chief Executive Jakob Stausholm emphasized Rio Tinto’s strategic focus on sustainable growth. “Our Safe Production System has enhanced consistency at key operations such as Pilbara iron ore and Amrun bauxite, with both achieving significant records in 2024,” he stated.

Mined copper output increased 13% to 697,000 tonnes, supported by higher grades at Escondida and the Oyu Tolgoi ramp-up. Aluminium production remained steady at 3.3 million tonnes, with gains at Kitimat and Boyne offsetting energy-related constraints in New Zealand.

Rio Tinto commenced lithium production at the Rincon project, a critical step in its commitment to battery materials. The company approved a $2.5 billion expansion to boost Rincon’s capacity to 60,000 tonnes of lithium carbonate annually by 2028.