Rio Tinto reported mixed Q3 2024 production results, with Pilbara iron ore shipments up 1% YoY to 84.5Mt and bauxite production rising 8% to 15.1Mt, driven by improved plant performance. However, mined copper production declined 1% to 168kt, primarily due to highwall movement issues at Kennecott impacting production by approximately 50kt in 2024.Oyu Tolgoi copper production increased 19% YoY on underground ramp-up, while Escondida output rose 15% on higher grades. Aluminium production decreased 2% to 809kt, affected by reduced electricity usage at New Zealand's Tiwai Point smelter. The company maintained its 2024 Pilbara iron ore shipment guidance of 323-338Mt but reduced IOC iron ore guidance to 9.1-9.6Mt.The company progressed key growth projects, with Simandou iron ore development on track for first production in 2025 and the Rincon lithium starter plant over 70% complete. Post-quarter, Rio Tinto announced an agreement to acquire Arcadium Lithium for US$5.85 per share, strengthening its position in energy transition materials.

Rio Tinto reported mixed Q3 2024 production results, with Pilbara iron ore shipments up 1% YoY to 84.5Mt and bauxite production rising 8% to 15.1Mt, driven by improved plant performance. However, mined copper production declined 1% to 168kt, primarily due to highwall movement issues at Kennecott impacting production by approximately 50kt in 2024.Oyu Tolgoi copper production increased 19% YoY on underground ramp-up, while Escondida output rose 15% on higher grades. Aluminium production decreased 2% to 809kt, affected by reduced electricity usage at New Zealand's Tiwai Point smelter. The company maintained its 2024 Pilbara iron ore shipment guidance of 323-338Mt but reduced IOC iron ore guidance to 9.1-9.6Mt.The company progressed key growth projects, with Simandou iron ore development on track for first production in 2025 and the Rincon lithium starter plant over 70% complete. Post-quarter, Rio Tinto announced an agreement to acquire Arcadium Lithium for US$5.85 per share, strengthening its position in energy transition materials.