Projects Update
Rio Tinto, the world’s second-biggest miner, released its 2023 final report detailing a 19% decrease in annual net profit due to weakened commodity prices, particularly in aluminum. Despite this, the company highlighted significant project advancements:
- Simandou Iron Ore Project: Making progress in Guinea.
- Oyu Tolgoi Copper-Gold Mine: Achieved sustainable production in Mongolia, aiming to reach 500,000 metric tons of copper per year by 2028-2036.
- Aluminum Business: Investing in AP60 expansion, closing Arvida smelter, and acquiring a 50% stake in Matalco.
- Portfolio Shaping: Emphasized new technology developments and extensive exploration pipelines.
Exploration Focus
Rio Tinto emphasized its exploration efforts across various regions and commodities:
- Copper: Projects in Australia, Chile, Colombia, Namibia, the United States, and Zambia.
- Diamonds: Activities in Canada.
- Nickel: Operations in Brazil, Canada and Peru.
- Heavy Mineral Sands: Focus in South Africa.
- Potash: Exploration in Canada.
Partnerships with Codelco and Charger Metals on copper and lithium projects in Chile and Australia respectively.
Cost Control Measures
The company maintains a focus on cost control amidst market fluctuations:
- Fixed Costs: Commitment to keeping costs steady in 2024.
- Inflation Effects: Managing impact on third-party costs like contractor rates and raw materials.
Rio Tinto continues to progress strategically in project development, exploration, and cost management for future sustainability.
