Rio Tinto Plc, the Anglo-Australian mining conglomerate with the stock symbols RTNTF, RIO, RIO.L, and RTPPF, announced its fourth-quarter results on Wednesday. The company's iron ore shipments from the Pilbara region amounted to 85.7 million tons, representing a 1% decrease compared to the same quarter in 2023. The Pilbara iron ore production also saw a similar decrease, totaling 86.5 million tons in the fourth quarter.
In other updates, Rio Tinto's bauxite production increased by 2%, reaching 15.4 million tons, while aluminum production slightly dropped by 1% to stand at 837 kilotons, both in comparison to the fourth quarter of 2023.
Jakob Stausholm, the Chief Executive of Rio Tinto, commented on the company's performance in 2024, describing it as consistent with their strategic goals of strengthening the business for profitable growth. He highlighted the impact of the Safe Production System, which has led to improved performance across key operations, notably with record annual production achieved at the Amrun and Gove bauxite operations in Australia and iron ore assets in Pilbara.
Stausholm also emphasized the significant progress being made on major projects aimed at fostering organic growth. The Oyu Tolgoi underground copper mine in Mongolia is ramping up effectively, while the Simandou high-grade iron ore project in Guinea and the Western Range mine in Pilbara are on track to commence production this year.
