Rio Tinto enjoyed a significant boost to copper production in the fourth quarter (Q4) of 2024 due to strong progress made at the Oyu Tolgoi underground copper mine in Mongolia.
Q4 2024 saw 202,000 tonnes (t) of copper produced across Rio’s operations, up 26 per cent from Q4 2023.
This increase can be attributed to Oyu Tolgoi’s continued ramp up and higher grades at Escondida, where grades improved from 0.83 per cent copper in 2023 to 0.99 per cent copper in 2024.
Q4 Pilbara iron ore production was down one per cent compared with Q4 2023 as Rio faces depletion across its Western Australian operations, particularly at Yandicoogina and Paraburdoo.
The company did enjoy iron ore productivity improvements of 10 million tonnes in 2023, but this wasn’t enough to offset depleting mines.
Q4 bauxite production was up by two per cent, driven by the implementation of the Safe Production System, delivering record annual production at Amrun and Gove.
“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,” Rio Tinto chief executive Jakob Stausholm said.
“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.”
At Simandou, once the Simfer mine, with which Rio is a part owner, commences production this year, it will ramp up to a production profile of 60 million tonnes per annum across two-and-a-half years.
As for lithium, Rio’s Rincon project in Argentina achieved significant milestones during the fourth quarter, with first lithium delivered and an expansion greenlit by the Rio board. This will see a 57,000-tonne expansion plant built to accompany Rincon’s 3000-tonne starter plant.
First Rincon production is slated for 2028.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
