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
Innovation
Finding better ways to do things is in our DNA
We supply the metals and minerals used to help the world grow and decarbonise
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
Bringing to market materials critical to urbanisation and the transition to a low-carbon economy
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 2023
As temporary custodians of the land where we operate, we are entrusted with accessing the world’s essential materials and making them available for society’s use
Climate Change
We’re targeting net zero emissions by 2050
Tailings
We’ve launched a new interactive map of our tailings facilities
We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society
Reports 2023
Download our 2023 Annual Report, Climate Change Report, Sustainability Fact Book and Taxes Paid Report
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Our podcast discussing what needs to happen to create a sustainable future for the everyday items we have come to rely on
A new way to decarbonise steel
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Tackling it all
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We’ve invested in the Burra project in New South Wales, Australia, one of the world's highest-grade primary scandium oxide resources. It can potentially be the first primary scandium production site outside of Asia. This scalable resource is our second scandium project – in 2022, we produced the first batch of high-purity scandium oxide at our commercial-scale demonstration plant at Sorel-Tracy in Canada, making us the first North American producer of this critical mineral.
The Jadar project in Serbia is potentially 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.
In June 2023 we approved $498 million of funding to deliver underground development and infrastructure for an area known as the North Rim Skarn (NRS). Production from the NRS will commence in 2025 and is expected to ramp up over 2 years, to deliver around 250,000 tonnes of additional mined copper over the next 10 years alongside open cut operations.
In September 2022, we approved development capital totalling $55 million to start underground mining in an area known as the Lower Commercial Skarn (LCS). Underground production within LCS started in February 2023, and is expected to deliver a total of around 30 thousand tonnes of additional mined copper through the period to 20271. These 2 investments will support Kennecott in building a world class underground mine.
The Mutamba Project is in Inhambane province of Mozambique, in a world-class heavy mineral sands region. The project is approximately 450 kilometres northeast of the capital city of Maputo. The project aims to explore heavy minerals such as ilmenite, rutile and zircon in Mozambique's Inhambane Province.
The Oyu Tolgoi (OT) copper mine in Mongolia is a world-class open pit mine and underground project. The most valuable part of the copper resource lies deep underground. We have built an underground mine complex, that will use block-caving mining techniques to extract the ore and transport it to the surface.
March 2023 marked the start of sustainable production from the OT underground mine in Mongolia, which will make OT one of the most important producers of copper in the world. At full production, OT’s underground and open cut mines will produce enough copper annually for more than 6 million electric vehicles.
At peak production, Oyu Tolgoi is expected to operate in the first quartile of the copper cash cost curve2. Oyu Tolgoi is expected to produce around 500,000 tonnes3 of copper per year on average from 2028 to 2036 from the open pit and underground, compared to 130,000 tonnes in 2022 (open pit)4.
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 10 years. It is one of the most modern, safe, sustainable and water-efficient operations globally, with a workforce which is more than 97% Mongolian.
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 (USFS) continued work to progress the Final Environmental Impact Statement and complete actions necessary for the land exchange. We continued to advance partnership discussions with several federally recognised Native American Tribes who are part of the formal consultation process.
We are also monitoring the Apache Stronghold versus USFS case held in the US Ninth Circuit Court of Appeals. While there is significant local support for the project, we respect the views of groups who oppose it and 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 Pilbara5. A resource-drilling program is currently underway to support future project studies.
In December 2023, we announced approval of a $77 million pre-feasibility study (PFS) to progress development of Rhodes Ridge. The PFS is expected to be completed by the end of 2025. This follows the completion of an Order of Magnitude study, conducted by Rio Tinto, which considered the development of an operation with initial plant capacity of up to 40 million tonnes annually, subject to relevant approvals.
Rhodes Ridge is one of the world’s best undeveloped iron ore deposits, and in the long term it could support a world-class mining hub with a potential capacity of more than 100 million tonnes of high-quality iron ore a year.
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.
We are advancing the 3,000 tonne per year battery-grade lithium carbonate plant starter plant, with first saleable production expected at the end of 2024. The full definition of the project, changes to scope and higher inflation have led to an increase in the capital estimate to $335 million (from $140 million). The learnings and design improvements will be carried over to the full-scale project. Studies are continuing on the full-scale plant, which will have benefits of economies of scale, with the capital intensity, based on current stage of studies, forecast to be in line with regional lithium industry benchmarks.
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 is set to diversify our strong iron ore portfolio, 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 2 southern blocks of the Simandou deposit (blocks 3 and 4).
The Simfer joint venture will develop, own and operate a 60 million tonne per year mine in blocks 3 and 4.
First production at the mine is expected in 2025, ramping up over 30 months to an annualised capacity of 60 million tonnes per year (27 million tonnes Rio Tinto share).
Winning Consortium Simandou (WCS) will construct the project's approximately 500 kilometre dual track main line as well as the WCS barge port, while Simfer will construct the approximate 70 kilometre spur line, connecting its mining concession to the main rail line. Pending completion and commissioning of its 60 million tonne per year transhipment vessel port, Simfer will be able to export its ore using WCS's barge port.
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%)6. The mine will have a capacity of 25 million tonnes per year. The project includes construction of a primary crusher and an 18-kilometre conveyor connection to the Paraburdoo processing plant6. Construction is currently on schedule with civil work well advanced, while we continue to progress primary crusher works, bulk earthworks and mine prestrip.
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. In 2023, Project Planning Agreements were executed with the Nyangumarta and Martu groups, the Traditional Owners of the land on which the proposed Winu mine and airstrip will be located. Study activities, drilling and fieldwork progressed sufficiently to commence Winu’s formal Western Australian Environmental Protection Authority approval process. The environmental approval deliverables and Project Agreement negotiations with both Traditional Owner groups remain the priority.
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 4 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.
1 This production target is reported as total recoverable metal and is underpinned as to 100% by Probable Ore Reserves. These estimates of Mineral Resources and Ore Reserves were reported in a release to the ASX dated 27 September 2022 titled Rio Tinto Kennecott Mineral Resource and Ore Reserves and have been prepared by Competent Persons in accordance with the requirements of the JORC Code and the ASX Listing Rules.
2 Wood Mackenzie copper equivalent cash cost curve (Q1 2023).
3 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 2028–36. 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).
4 Rio Tinto Annual Results, published 22 February 2022.
5 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 31 in our Annual Report.
6 Rio Tinto share includes 100% of funding costs for Paraburdoo plant upgrades.
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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.
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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 this Privacy Policy), and also applicable data privacy laws.
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