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Rincon Project
A long-life, low-cost and low-carbon lithium source
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The world’s largest untapped high-grade iron ore deposit
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MELBOURNE, Australia--(BUSINESS WIRE)-- Rio Tinto Chief Executive Jakob Stausholm said: “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. 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.
“Significant milestones were achieved at our Rincon project in Argentina during the quarter, with first lithium delivered and receipt of Board approval to expand the operation, demonstrating both our operational capabilities and ambition to grow in battery materials.
"We remain focused on executing our strategy to deliver attractive shareholder returns and build a stronger, more diversified, and growing business, driven by our confidence in the long-term demand for materials essential to the global energy transition.”
Production1
Q4 2024
vs Q4 2023
vs Q3 2024
2024
vs 2023
Pilbara iron ore shipments (100% basis) (Mt)
85.7
-1%
+1%
328.6
Pilbara iron ore production (100% basis) (Mt)
86.5
+3%
328.0
Bauxite (Mt)
15.4
+2%
58.7
+7%
Aluminium2 (kt)
837
3,296
Mined copper (consolidated basis) (kt)
202
+26%
+21%
697
+13%
Titanium dioxide slag (kt)
235
-14%
-11%
990
IOC3 iron ore pellets and concentrate (Mt)
2.5
-6%
+20%
9.4
-2%
1 Rio Tinto share unless otherwise stated. 2 Includes primary aluminium only. 3 Iron Ore Company of Canada.
Q4 2024 operational highlights and other key announcements
All figures in this report are unaudited. All currency figures in this report are US dollars, and comments refer to Rio Tinto’s share of production, unless otherwise stated.
1 Included in the Group’s capital expenditure guidance provided at our Investor Seminar on 4 December 2024.
2 The production target of approximately 53 kt of battery grade lithium carbonate per year for a period of 40 years was previously reported in a release to the ASX dated 4 December 2024 titled “Rincon Project Mineral Resources and Ore Reserves: Table 1”. Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed. Plans are in place to build for a capacity of 60 kt of battery grade lithium carbonate per year with debottlenecking and improvement programs scheduled to unlock this additional throughput.
This announcement is authorised for release to the market by Andy Hodges, Rio Tinto’s Group Company Secretary.
LEI: 213800YOEO5OQ72G2R82
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
View source version on businesswire.com: https://www.businesswire.com/news/home/20250115353989/en/
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