Mining giant Rio Tinto revealed a consolidated sales revenue of $53.7 billion (€51.5bn) for the full year 2024, a 1% fall from 2023. However, net earnings came up to $11.6bn (€11.1bn) in 2024, representing a rise of 15% from the previous year.
This was despite an 11% drop in iron ore prices, mainly because of weaker demand from China, as its domestic property sector still faces major issues.
Rio Tinto's share price dropped 1.5% on Thursday morning.
Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) came up to $23.3bn (€22.3bn) for 2024, a drop of 2% from 2023.
Underlying EBITDA for iron ore came up to $16.2bn (€15.5bn), with the Pilbara iron ore production being 328 million tonnes. Underlying EBITDA for aluminium was $3.7bn (€3.5bn), whereas for copper, it was $3.4bn (€3.3bn) and for minerals, $1.1bn (€1.1bn).
In 2024, Rio Tinto made significant strides at Oyu Tolgoi in Mongolia, with construction also starting for the expansion of the AP Technology AP60 aluminium smelter in Quebec. Argentina's Rincon starter plant also produced its first lithium.
In a statement, Jakob Stausholm, the chief executive officer (CEO) of Rio Tinto said: "We continue to build on our momentum with another set of strong operational and financial results. Our strong balance sheet enables us to pay a $6.5 billion (€6.2bn) ordinary dividend, maintaining our practice of a 60% payout, the ninth consecutive year at the top end of our payout range, as we continue to invest with discipline.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
