As 2024 comes to a close, Rio Tinto is looking to the future, announcing multiple changes to its global portfolio.
Rio is set to finalise its $US6.7 billion ($10.3 billion) acquisition of Arcadium Lithium in mid-2025, in a move that will position the major as the world's third largest lithium supplier, sitting behind Albemarle and Sociedad Química y Minera de Chile S.A. (SQM).
Another commodity at the forefront of Rio's future plans is iron ore, a vital component for steel and stainless steel manufacturing.
In the September 2024 quarter, Rio delivered a one per cent uplift in iron ore production while the company's production of its lower-grade ore - also known as SP10- continued to rise.
The boost in production was a win in the face of pressure from China's steel market dampening demand prospects.
However, Rio's output of the higher-grade Pilbara Blend - the global iron ore sector's most recognisable product - decreased, with a 12 per cent decline in Pilbara Blend lump production and an eight per cent drop in Pilbara Blend fines production.
Pilbara Blend is China's preferred iron ore product, with its highergrade makeup contributing to lower greenhouse gas emissions in the steelmaking process. While SP10 comes from the same orebodies as the Pilbara Blend, it's considered a lowergrade product.
Rio said SP10 production levels are expected to remain elevated as replacement projects are delivered, prompting the major to evaluate its iron ore business.
Rio Tinto iron ore chief executive officer Simon Trott shed light on the review at a Melbourne Mining Club luncheon held in October.
Future product strategy
Trott described Rio's iron ore review as an outline of what products the company will take to the market.
The strategy has three main drivers behind it: Rio's Pilbara operations in WA, its Iron Ore Company of Canada, and the Simandou iron ore project in Guinea.
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