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.
This story is from the December 2024 edition of Australian Mining.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2024 edition of Australian Mining.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
EXPLORING NEW FRONTIERS
THE PNG EXPO WILL BE BACK AND BIGGER THAN EVER IN JULY 2025.
THE POWER OF CONVERSATION
AUSTRALIAN MINING SAT DOWN WITH TWO OF AUSIMM’S 2025 INTERNATIONAL WOMEN’S DAY SERIES AMBASSADORS TO DISCUSS WHAT DIVERSITY, EQUITY AND INCLUSION MEANS TO THEM.
A NEW ERA FOR AIMEX
As the world shifts from fossil-based energy sources to renewables, Australia is preparing to take centre stage as a leading critical minerals provider.
A NEW SCOPE FOR STOPE
EMESENT’S HOVERMAP LHD HAS HELPED BYRNECUT ACHIEVE NEAR-REAL-TIME 3D STOPE HAZARD AND VOLUME ASSESSMENTS.
COLLABORATING FOR THE FUTURE
THE 2024 WA MINING CONFERENCE AND EXHIBITION SERVED AS ONE OF THE LARGEST PLATFORMS FOR INDUSTRY PLAYERS TO COME TOGETHER FOR INNOVATION.
LOOKING TO THE FUTURE
WHAT CAN THE SEPTEMBER RESOURCES AND ENERGY QUARTERLY’ TELL US ABOUT THE FUTURE OF COMMODITY EXPORTS IN AUSTRALIA?
POWERING MINING'S TRANSPORT NEEDS
WITH MINING OPERATIONS EXPANDING ACROSS THE COUNTRY, THERE IS A RISING DEMAND FOR DEPENDABLE TRANSPORT SOLUTIONS.
SERVICE FROM SHORE TO SHORE
WHETHER ON THE GLOBAL STAGE OR FROM ITS DEDICATED AUSTRALIAN BUSINESS, THEJO ENGINEERING IS TAKING ITS COMMITMENT TO ITS CUSTOMERS TO A NEW LEVEL.
A COMPREHENSIVE OEM PARTNER
THACO INDUSTRIES, VIETNAM'S LEADING OEM PARTNER FOR INDUSTRIAL EQUIPMENT, IS GROWING ITS REPUTATION IN THE AUSTRALIAN MINING INDUSTRY.
LITHIUM’S NEXT GENERATION
The global mining industry understands that commodity markets will experience regular fluctuations.
