Rio Tinto Increases Aluminium and Copper Production in 2024, Sets Higher Targets for 2025

Rio Tinto

Strong Growth in Bauxite and Aluminium Output

Rio Tinto, a leading UK-Australian mining firm, reported increased bauxite and aluminium production in 2024, surpassing expectations. The company extracted 58.7 million tonnes of bauxite, exceeding its guidance range of 53-56 million tonnes. Despite a 3% decline in alumina production, Rio Tinto achieved 7.3 million tonnes, reaching the upper limit of its revised 7-7.3 million tonne guidance.

The Amrun bauxite mine in Queensland, with a 10 million tonne per year capacity, operated above its expected levels. Meanwhile, aluminium production rose by 1% to 3.3 million tonnes, supported by the Kitimat plant in Canada, which reached full capacity in late 2023, and Rio Tinto’s ownership of the New Zealand Aluminium Smelter.

Copper and Alumina Expansion Plans for 2025

Rio Tinto revised its 2025 production targets, slightly increasing projections for bauxite, alumina, and aluminium. The company expects:

• 57-59 million tonnes of bauxite
• 7.4-7.8 million tonnes of alumina
• 3.25-3.45 million tonnes of aluminium

The New Zealand Aluminium Smelter will continue ramping up in early 2025, while Rio Tinto aims to complete the AP60 low-carbon aluminium smelter expansion in Quebec, Canada, by 2026. This project will increase aluminium output by 160,000 tonnes per year to 220,000 tonnes per year.

Copper Production Strategy and Expansion Projects

Rio Tinto modified its copper reporting metrics, consolidating mined and refined copper output into a single figure. The company targets 780,000-850,000 tonnes of copper production in 2025, up from 792,000 tonnes in 2024.

Growth will primarily come from:

• The Oyu Tolgoi mine in Mongolia, which ramped up to 168,100 tonnes per year in 2024.

• The North Rim Skarn copper project near Salt Lake City, US, set to launch in mid-2025 with an expected output of 250,000 tonnes per year.

With rising global demand for low-carbon aluminium and copper, Rio Tinto’s production increases could significantly impact global supply chains and metal prices.