Finding better ways to provide the materials the world needs
Purpose & Values
The drive for innovation and continuous improvement is at the heart of our purpose
Business Strategy
Climate change is at the heart of our business strategy
We are 150
150 years of finding better ways
Iron Ore
Iron ore is the primary raw material used to make steel
7 things the world will need for a low-carbon future
Wind, sun and water – what else do you need to make renewable energy work?
Sustainability – the expectation, not the exception
Shaping our aluminium product offering to meet demand for greener metals
We work across six continents in around 35 countries
Look inside a mine of the future
Our most intelligent mine yet is pioneering new mining technologies
Rincon Project
A long-life, low-cost and low-carbon lithium source
Simandou Project
The world’s largest untapped high-grade iron ore deposit
Providing materials the world needs in a responsible way
Sustainability Reporting 2022
We have a responsibility to extract the full value from the minerals and materials we produce in the safest and most sustainable way possible
Climate Change
We’re targeting net zero emissions by 2050
Water
Sharing our water usage
We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society
Rio Tinto Limited 2023 AGM
Perth: 4 May 2023
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Breaking new ground for copper supply
Taking the world’s fourth-largest copper mine underground
The slow journey from red mud to green plants
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Road to a greener future
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The Jadar project in Serbia is one of the world’s largest greenfield lithium projects. The scale and high-grade nature of the Jadar deposit provides the potential for a mine to supply lithium into the electric vehicle value chain for decades.
The Board committed funding in July 2021, subject to receiving all relevant approvals, permits and licences. We are focused on consultation with all stakeholders to explore all options following the Government of Serbia's cancellation of the Spatial Plan in January 2022.
A $108 million investment in underground characterisation studies is ongoing, with $55 million in development capital approved to commence underground mining, which will further extend strip waste rock mining and support additional infrastructure development. Kennecott’s first production ore from the underground is expected in H1 2023, with full production in the second half of the year.
Existing underground infrastructure is currently being extended to enable early access to the next underground resource and undertake characterisation studies. A Feasibility Study to inform decisions on the next phase of underground production is expected to be completed in 2023. This will be one of several potential stages currently being investigated.
We conducted exploration activities in relation to the Chilubane, Dongane and Jangamo mineral sands prospects in Mozambique – collectively known as the Mutamba Project – under a Memorandum of Understanding (MoU) with the Ministry of Mineral Resources and Energy of the Republic of Mozambique from 2015 to 2018.
In line with this MoU, Rio Tinto and Savannah Resources Plc and AME East Africa Limited (a subsidiary of Savannah) agreed to establish the Mutamba Project Joint Venture to develop the resource.
The Oyu Tolgoi copper mine in Mongolia is a world-class open pit mine and underground project. More than 80% of Oyu Tolgoi’s total value lies deep underground. We are building an underground mine complex, that will use block-caving mining techniques to extract the ore and transport it to the surface.
In January 2022, the Oyu Tolgoi Board approved the beginning of underground mining operations, and the project fired the first and second drawbells of the Hugo North underground mine in June 2022. We expect sustainable underground production in the first half of 2023.
At peak production, Oyu Tolgoi is expected to operate in the first quartile of the copper cash cost curve1. Oyu Tolgoi is expected to produce around 500,000 tonnes of copper per year on average from 2028 to 2036 from the open pit and underground, and an average of around 350,000 tonnes for a further five years2, compared to 130,000 tonnes in 2022 (open pit)3.
By 2030, Oyu Tolgoi is expected to be the fourth largest copper mine in the world. It is a complex greenfield project comprising an underground block cave mine and copper concentrator as well as an open pit mine which has been successfully operating for almost ten years. It is one of the most modern, safe, sustainable and water-efficient operations globally, with a workforce which is more than 97% Mongolian. Since 2010, Oyu Tolgoi has spent a total of $15 billion in-country, including $4 billion in taxes, fees and other payments to Mongolian national and local governments. To date, it is the largest foreign investment made in Mongolia. Of the total spend, 75% has been with the purchase of goods and services from hundreds of Mongolian suppliers.
The capital forecast for the project is $7.06 billion, an increase of $0.3 billion against the 2020 Definitive Estimate, largely related to COVID-19 disruptions.
1 Wood Mackenzie copper equivalent cash cost curve (Q4 2021).
2 The 500ktpa target (stated as recovered metal) for the Oyu Tolgoi underground and open pit mines is underpinned 17 per cent by Proved Ore Reserves and 83 per cent by Probable Ore Reserves for the years 2028-2036. The 350kpa production target for the following 5 years is underpinned 18 per cent by Proved Ore Reserves and 82 per cent by Probable Ore Reserves. These production targets have been scheduled from current mine designs by Competent Persons in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, 2012 Edition (the JORC code).
3 Rio Tinto Annual Results, published 22 February 2022.
The Resolution Copper project is a proposed underground copper mine in the Copper Triangle, approximately 60 miles east of Phoenix, Arizona, in western United States.
Resolution has the potential to supply up to 25% of US copper demand, and create several thousand direct and indirect jobs.
Resolution Copper will rely on a technique called caving to extract the deposit that lies more than 2,000 metres deep. This technique uses gravity to help extract the ore and is the most viable way to recover the resource.
The US Forest Service is working to progress the Final Environmental Impact Statement (FEIS) and complete actions necessary for the land exchange. We continue to advance partnership discussions with several federally recognised Native American Tribes who are participating in the formal consultation process on the FEIS. We are encouraged by the significant local support for the project but respect the views of certain groups who oppose it and we will continue our efforts to address and mitigate these concerns.
In October 2022, Rio Tinto (50%) and Wright Prospecting Pty Ltd (50%) agreed to modernise the joint venture covering the Rhodes Ridge project in the Eastern Pilbara, providing a pathway for development using Rio Tinto’s rail, port and power infrastructure. Rhodes Ridge contains 5.8 billion tonnes of high-grade Mineral Resources at an average grade of 62.3% Fe. The project’s total resource, 6.7 billion tonnes at an average grade of 61.6% Fe, represents approximately one third of our existing Resource base in the Pilbara4. A resource-drilling programme is currently underway to support future project studies.
The participants have commenced an Order of Magnitude study, conducted by Rio Tinto, which will consider the development of an operation before the end of the decade with initial plant capacity of up to 40 million tonnes annually, subject to the receipt of relevant approvals. We expect to complete the Rhodes Ridge Order of Magnitude study in 2023.
4 The Mineral Resource estimates for the Rhodes Ridge Joint Venture (JV) were reported in our 2020 Annual Report released to the Australian Securities Exchange (ASX) on 22 February 2021 (and form part of the Pilbara Mineral Resource estimates reported in our 2021 Annual Report released to the ASX on 24 February 2022). Mineral Resources are quoted in this release on a 100% basis, as dry in-situ tonnes. For more information, see page 33 in our 2022 Annual Report.
Rincon is a large, undeveloped, lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects.
A long-life, scalable resource capable of producing battery-grade lithium carbonate from raw brine, the project will help us deliver this vital resource to the global energy industry while meeting our commitment to decarbonise our operations by 2050.
Simandou contains one of the world’s largest and richest high-grade iron ore deposits, demand for which is increasing as steelmakers look to reduce carbon emissions.
Simandou diversifies our global portfolio of iron ore products, complementing our high-grade Iron Ore Company of Canada products and supporting the long-term attractiveness of our Pilbara Blend™ offering. Our managed joint venture, Rio Tinto Simfer, holds the rights to the two southern blocks of the Simandou deposit (blocks 3 and 4).
In September 2022, we agreed to form a joint venture with China Baowu Steel Group to develop the Western Range iron ore project in the Pilbara, Western Australia (Rio Tinto 54%, Baowu 46%).
Construction is expected to begin in early 2023 with first production anticipated in 2025. Western Range’s annual production capacity of 25 million tonnes of iron ore will help sustain production of the Pilbara Blend from our existing Paraburdoo mining hub.
The $2 billion development ($1.3 billion Rio Tinto share5) includes construction of a primary crusher and an 18-kilometre conveyor system linking it to the existing Paraburdoo processing plant. The construction phase will support approximately 1,600 jobs with the mine requiring about 800 ongoing operational roles, which are expected to be filled by existing workers transitioning from other sites in the Paraburdoo mining hub. Rio Tinto’s share of the capital costs are already included in the Group’s capital expenditure guidance of around $9–10 billion for each of 2023 and 2024.
The joint venture is subject to various conditions, including approvals from Rio Tinto shareholders, the Australian Government, Chinese Government regulatory agencies and the Western Australian Government.
5 Rio Tinto share includes 100% of funding costs for Paraburdoo plant upgrades.
In late 2017, we discovered copper-gold mineralisation at the Winu project in the Paterson Province in Western Australia.
We reported our first Indicated Mineral Resource in 2021, and an increased Mineral Resource in 2022. The pathway to first ore is expected to take longer than originally anticipated and remains subject to regulatory and other required approvals. We continue to strengthen our relationships and advance agreement making with our host Traditional Owner partners, Nyangumarta and Martu. Planned drilling, fieldwork and study activities continue, strengthening the development pathway ahead of applications for regulatory and other required approvals.
The Zulti South project remains on full suspension. We approved the $463 million investment (our share is $343 million) in April 2019 to sustain RBM’s current capacity and extend the life of the mine.
RBM currently operates four mines in the Zulti North lease area, a mineral separation plant and smelting facility. The Zulti South mine is expected to underpin RBM’s supply of zircon and ilmenite.
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With the exception of the use of cookies, Rio Tinto generally does not seek to collect personal data through this website. However if you choose to provide personal data to Rio Tinto through this website (for example, by sending us an email), we will process that personal data to answer your query and if relevant, to manage our business relationship with you or your company. We won't process that personal data for other purposes except where required to meet our legal obligations or otherwise as authorised by law and notified to you.
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As some data privacy laws regulate IP addresses and other information collected through the use of cookies as personal data, Rio Tinto’s processing of such personal data needs to comply with its Data Privacy Standard (see Part 1 of our Privacy Policy), and also applicable data privacy laws.
With the exception of the use of cookies (explained below), Rio Tinto generally does not seek to collect personal data through this website. However if you choose to provide personal data to Rio Tinto through this website (for example, by sending us an email), we will process that personal data to answer your query and if relevant, to manage our business relationship with you or your company. We won't process that personal data for other purposes except where required to meet our legal obligations or otherwise as authorised by law and notified to you.
Part 1 of this Privacy Policy contains the Rio Tinto Data Privacy Standard, which provides an overview of Rio Tinto’s approach to personal data processing. There is additional information in the appendices to the Data Privacy Standard, including information about disclosures, trans-border data transfers, the exercise of data subject rights and how to make complaints or obtain further information relating to Rio Tinto’s processing of your personal data.
If you choose to subscribe to our media releases or other communications, you can unsubscribe at any time (by following the instructions in the email or by contacting us at digital.comms@riotinto.com).
With your consent, our website uses cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site.
A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. Cookies contain information that is transferred to your computer's hard drive.
As some data privacy laws regulate IP addresses and other information collected through the use of cookies as personal data, Rio Tinto’s processing of such personal data needs to comply with its Data Privacy Standard (see Part 1 of this Privacy Policy), and also applicable data privacy laws.
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