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LONDON--(BUSINESS WIRE)-- Rio Tinto will today hold its 2024 Investor Seminar in London, where it will provide updates on its strategy of investing for a stronger, more diversified and growing portfolio to ensure the long-term delivery of attractive shareholder returns.
Rio Tinto Chief Executive Jakob Stausholm said: “We have all the building blocks we need to become a global leader in energy transition materials, and we have a clear plan for a decade of profitable growth.
“We remain focused on our four objectives which ensure our progress is aligned with societies’ interests. We are moving the dial on impeccable ESG, our ability to excel in development and we continue to deepen our social licence, while we intensify our efforts to become Best Operator to ensure we can deliver growth safely, efficiently and profitably for our stakeholders.
“As we ramp up the Oyu Tolgoi underground copper mine, deliver the Simandou high-grade iron ore project in Guinea, and build out our lithium business through the proposed acquisition of Arcadium1, we are underwriting a decade of profitable growth. We plan to utilise our strong balance sheet to unlock and accelerate Arcadium’s tier one projects, timed to meet future demand growth.
“We have reached a new era in our decarbonisation journey. This year we have committed to carbon abatement projects representing more than 3 million tonnes of annual emissions, accelerating our progress toward our targets while also investing for the necessary net zero breakthroughs.
“We are executing our strategy of delivering a stronger, more diversified, and growing business, underpinned by our belief in the demand for materials which are essential for the global energy transition. With improved performance we can afford both growth and our decarbonisation, and continue our dividend policy and practice while preserving a strong balance sheet.”
Executives will detail progress made in 2024 and outline their ambition for a period of sustained growth over three time horizons until 2033, with an expected Compound Annual Growth Rate of ~3%.
Progress in shaping Rio Tinto’s portfolio for the future includes:
Production guidance across Rio Tinto’s portfolio is being released for 2025.
Production guidance - Rio Tinto share unless otherwise stated
2024
2025
Pilbara iron ore5 (shipments, 100% basis) (Mt)
323 – 338
Copper
Mined copper6 (consolidated basis) (kt)
660 - 720
780 - 8507
Aluminium
Bauxite (Mt)
53 – 56
57 – 59
Alumina (Mt)
7.0 – 7.3
7.4 – 7.8
Aluminium (Mt)
3.2 – 3.4
3.25 – 3.45
Minerals
Titanium dioxide slag (Mt)
0.9 – 1.1
1.0 – 1.2
IOC pellets and concentrate8 (Mt)
9.8 – 11.5
9.7 – 11.4
Boric acid equivalent (Mt)
~0.5
Capex guidance
Mid-term (per year)
Total Group
~$9.5bn
~$11.0bn
~$10-11.0bn
The presentation slides and the live webcast, which begins at 0800 GMT | 1900 AEDT, can be accessed at https://www.riotinto.com/en/invest/investor-seminars.
This announcement is authorised for release to the market by Andy Hodges, Rio Tinto’s Group Company Secretary.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241203384924/en/
Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, United Kingdom David Outhwaite M +44 7787 597 493
Media Relations, Australia Matt Chambers M +61 433 525 739 Michelle Lee M +61 458 609 322 Rachel Pupazzoni M +61 438 875 469
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Media Relations, US Jesse Riseborough M +1 202 394 9480
Investor Relations, United Kingdom David Ovington M +44 7920 010 978 Laura Brooks M +44 7826 942 797 Wei Wei Hu M +44 7825 907 230
Investor Relations, Australia Tom Gallop M +61 439 353 948 Amar Jambaa M +61 472 865 948
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Source: Rio Tinto