Rio Tinto expects iron ore production to grow by 15 million tons in 2023-2025, CEO Jacob Stauscholm said during an investment seminar in London. In particular, in 2024 and 2025, the company forecasts an annual increase of 5 million tons, Australia Mining reports.
A key area for Rio Tinto is the Simandou project in Guinea, which the company plans to launch in 2025. Construction of the mine, port, and railway infrastructure is currently underway, and full production capacity will be reached by 2028.
At the same time, the production targets for the Pilbara region (Australia) remain unchanged – between 323 and 338 million tons of iron ore in 2025. This region will also be the basis for the implementation of a safe production system, which will gradually improve the efficiency of operations.
In addition to production growth, Rio Tinto is actively promoting its decarbonization strategy. The company plans to invest $5-6 billion by 2030 in projects that will reduce CO2 emissions by more than 3 million tons annually.
Other important initiatives include increasing copper production at the Oyu Tolgoi mine in Mongolia, where production is expected to grow by 50% in 2024, and launching lithium production in Argentina as part of the Rincon 3000 project. Rio Tinto also continues to expand its energy materials portfolio, including through the potential acquisition of Arcadium Lithium for $10 billion.
In addition, the company has entered into an agreement with Vargas, Mitsubishi Corporation, and other partners to develop low-carbon aluminum in Finland using AP60 technology. This project has the potential to be the first in Europe to use the advanced AP60 technology outside of Canada.
Jacob Stausholm emphasized that Rio Tinto has all the necessary resources to implement its growth and decarbonization strategies. The company aims to consolidate its position as a global leader in materials for the energy transition and achieve sustainable business growth in the face of industry transformation.
As GMK Center reported earlier, in the third quarter of 2024, Rio Tinto increased iron ore production in the Pilbara region by 1% compared to the same period in 2023, and by 6% compared to the previous quarter to 84.1 million tons. Shipments of raw materials to customers amounted to 84.5 million tons, up 1% y/y and 5% q/q.
In 9M2024, the company reduced iron ore production by 1% y/y – to 241.5 million tons. Shipments also decreased by 1% y/y – to 232.9 million tons.
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