Rio Tinto reduced ore production by 1% y/y in 2024

In 2024, the British-Australian mining concern Rio Tinto reduced ore production at its Pilbara operations by 1% year-on-year – to 328 million tons. This is stated in the company’s report.

In the fourth quarter, Pilbara’s ore production amounted to 86.5 million tons (-1% q/q and y/y).

According to the company, production was affected by depletion of reserves, mainly at Paraburdoo mine as the group switches to Western Range and Yandicoogina mines, as well as above-average rainfall.

Ore supplies in the fourth quarter and at the end of 2024 fell by 1% year-on-year – to 85.7 million tons and 328.6 million tons, respectively. In 2025, the company expects to ship 323-338 million tons of this raw material.

Rio Tinto noted that the global economy demonstrated resilience in 2024 with softening inflation and stabilizing growth, despite ongoing geopolitical tensions and labor shortages.

The company noted mixed signals from the Chinese economy in the fourth quarter of last year. Policy measures have begun to stabilize the real estate market, while the situation in the manufacturing and consumer goods industries has improved due to increased subsidies.

Rio Tinto sees stable prospects for the US economy. At the same time, the outlook for the eurozone remains uncertain, with growth in the region uneven and consumption subdued. Prolonged weakness in production and differences between countries make a strong recovery unlikely, the company believes.

As GMK Center reported earlier, Rio Tinto expects iron ore production to grow by 15 million tons in 2023-2025, said CEO Jacob Stauscholm. In particular, in 2024 and 2025, the company forecasted an annual increase of 5 million tons.