Rio Tinto Reports 1% Rise in Aluminum Production for January-September 2024

Rio Tinto announced its production results for January to September 2024, highlighting a 1% year-on-year increase in aluminum production, totaling 2.46 million tons. Bauxite production, the raw material for aluminum, increased by 9% to 4.32 million tons, with 30.31 million tons sold externally. However, alumina production declined by 5%, reaching 5.31 million tons. Recycled aluminum production by Matalco of Canada, in which Rio Tinto holds a stake, totaled 206,000 tons.

Copper ore production increased by 8% to 495,000 tons, driven by strong performance at the Escondida mine in Chile, which rose 11% to 253,900 tons, and the Oyu Tolgoi mine in Mongolia, which rose 17% to 98,100 tons. In contrast, the Kennecott mine in Canada saw a decline of 11%, producing 92,100 tons.

Titanium oxide slag production fell by 10%, totaling 755,000 tons for the period. Despite these fluctuations, the company maintained its annual production forecast at 3.2-3.4 million tons for aluminum, 660,000-720,000 tons for copper, and 900,000-1.1 million tons for titanium oxide slag.

In the third quarter (October-December), aluminum production reached 809,000 tons, down 2% compared to the same period last year, largely due to power reduction requirements at a New Zealand smelter. These requirements were lifted in late September, leading to increased production. Copper production for the third quarter fell by 1% to 168,000 tons, with Kennecott Mines in Canada seeing a significant 44% decrease due to mining challenges. Meanwhile, titanium oxide slag production increased by 7% to 263,000 tons.