Rio Tinto Reports Decline in Q3 Aluminum Production, Maintains Full-Year Guidance

Rio Tinto reported aluminum production of 809,000 tonnes for the third quarter of 2024, marking a two percent decrease from the previous quarter and a two percent decline compared to the same quarter last year. Despite the decrease, the company is maintaining its full-year aluminum production guidance of 3.2 to 3.4 million tonnes.

This information was disclosed in a production update released by the company on Tuesday evening.

In the third quarter, Rio Tinto produced 15.1 million tonnes of bauxite, reflecting a three percent increase compared to the previous quarter and an eight percent increase compared to the same quarter in the prior year. The company continues to project full-year bauxite production between 53 and 56 million tonnes, compared to 54.6 million tonnes in 2023.

The global market was broadly balanced in the third quarter, with inventory levels at historically low levels. Alumina prices remained elevated throughout the quarter due to refinery disruptions outside of China.