Rio Tinto Stays the Course with 2024 Aluminum Production Forecast

Mining giant Rio Tinto has released its latest production figures, showcasing a consistent performance in its aluminum sector. Despite the dynamic global market conditions, the company has produced 846,000 tonnes of aluminum in the fourth quarter of 2023. This figure marks a 5% increase from the previous quarter, although it's a slight 2% drop compared to the same period in the preceding year.

Looking ahead, Rio Tinto remains steadfast in its 2024 aluminum production outlook, aiming for a target of 3.2 to 3.4 million tonnes. This projection is indicative of the company's confidence in its operational capabilities and strategic market positioning.

The report also highlights Rio Tinto's bauxite production, which reached 15.1 million tonnes in the fourth quarter – an 8% increase from the previous quarter and a significant 15% rise year-on-year. For 2024, the company has set its sights on producing between 53 to 56 million tonnes of bauxite, aligning with the previous year's output of 54.6 million tonnes.