Rio Tinto Ltd (ASX: RIO) has demonstrated solid performance in its fourth quarter update, leading to a 1.83% increase in share price in London (LON: RIO), and 0.1% by the close on the ASX. The latest figures underscore Rio Tinto’s strong operational capabilities and market presence, delivering growth in Copper, helping offset lower iron ore production.
For the three months ending 31 December 2024, Rio Tinto reported an iron ore production of 86.5 million tonnes and shipments totaling 85.7 million tonnes. The company achieved an average realized iron ore price of US$97.4 per tonne over the year, which is a key indicator of revenue performance in this commodity segment.
Copper production also displayed a significant upward trend. The mined copper output rose by 21% quarter on quarter, reaching 202 kilotonnes, outperforming the market consensus estimate of 182 kilotonnes. This growth in copper production signals Rio Tinto’s strength in diversifying its mining portfolio.
In addition to the gains in iron ore and copper production, Rio Tinto also reported increases in its bauxite and aluminum production. Bauxite production saw a 2% rise for the quarter and a 7% increase across the entire year. Aluminium production growth was recorded at 3% for the quarter and 1% for the full year.
Conversely, Rio Tinto experienced an 11% decline in titanium dioxide slag production for both the fourth quarter and the whole year. This downturn in a particular segment was offset by gains in other minerals and core commodities. Jakob Stausholm, Rio Tinto’s chief executive, expressed satisfaction with the company’s 2024 operating performance, providing a positive outlook and reaffirming the guidance for FY 2025.
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