Rio Tinto has increased iron ore production and shipments in the first quarter of the 2024–25 financial year (Q1 FY25).
The one per cent boost to production and shipments was a win in the face of pressure from China’s steel market dampening demand prospects.
Not to be deterred, the major also welcomed an eight per cent increase in bauxite production, a one per cent increase in mined copper and a seven per cent boost in titanium dioxide slag production.
It was a quarter of highs all round for Rio, with the mining titan announcing its takeover of lithium company, Arcadium Lithium.
“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,” Rio Tinto chief executive Jakob Stausholm said.
“This is aligned with our strategy and our disciplined capital allocation framework, increasing our exposure to a high-growth, attractive market at the right point in the cycle.”
This strategy has also seen Rio make significant headway across its global operations.
“We progressed our major projects to deliver profitable organic growth,” Stausholm said.
“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.”
Closer to home, Stausholm said the company’s decarbonisation mission is in full swing.
“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,” he said.
Safety was also a driving force behind Rio operations in Q1 FY25.
“We continue to strengthen our operations, with the roll-out of the Safe Production System delivering consistent production at our Pilbara iron ore business and a step change from our Australian bauxite mines,” Stausholm said.
“We are building on this, with more work to do across our global portfolio.”
The Safe Production System aims to draw on data more efficiently to understand asset health, maintenance scheduling and bottleneck solutions.
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