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Rio Tinto’s Project Highlights

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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.

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