Rio Tinto invests for a strong, highly diversified portfolio through Investing.com

LONDON–(BUSINESS WIRE)–Rio Tinto will today host the 2024 Investor Seminar in London, where it will provide updates on its investment strategy to achieve a strong, diversified and growing portfolio to ensure long-term delivery for attractive shareholders. returns.

Rio Tinto (NYSE:) CEO Jakob Stausholm said: We have all the building blocks we need to become a global leader in energy conversions, and we have a clear plan for a decade of profitable growth.

We remain focused on our four objectives which ensure that our progress is in line with the interests of communities. We call on our impeccable ESG, our ability to excel in development and we continue to deepen our social licenses, while strengthening our efforts to be the Best Resource to ensure that we can deliver growth safely, efficiently and profitably to our stakeholders.

As we scale up the Oyu Tolgoi underground mine, deliver the high-grade Simandou iron ore project in Guinea, and build our lithium business with the proposed acquisition of Arcadium1, we are documenting ten years of profitable growth. We plan to use our strong balance sheet to open and accelerate Arcadium’s first phase projects, timed to meet future demand growth.

We have reached a new era in our decarbonisation journey. This year we committed to carbon reduction initiatives representing more than 3 million tonnes of emissions annually, accelerating our progress towards our targets while investing to achieve the necessary results.

We are implementing our strategy to deliver a dynamic, highly diversified, and growing business, supported by our belief in the imperatives of global energy change. With improved performance we can afford both growth and our decarbonisation, and continue our policy of profitability and adaptation while maintaining a strong balance sheet.

Management will provide details on the progress made in 2024 and outline their desire for a period of three times sustainable growth until 2033, with a Compound Annual Growth Rate of ~3%.

Progress in shaping Rio Tinto’s future portfolio includes:

• : Driving system wide improvement in our Pilbara foundation business to achieve Best Operator. Our Safe Production Program is being rolled out across all steelmaking assets and is on track to deliver an additional increase of 5 million tonnes annually in 2024 and 2025, an increase of 15 million tonnes over three years.
• Aluminum: We have stabilized our assets and have a clear path to deliver huge benefits through growth and decarbonisation.
• Copper: It is targeting annual production of 1 million tonnes of copper by the end of this decade supported by increased production from Oyu Tolgoi in Mongolia where production is expected to increase by more than 50% next year.
• Minerals:
  • Opportunities to accelerate investment in Arcadium’s near-term production assets in Argentina and Canada following completion of the transaction.
  • Advancing the first Rincon 3000 project in Argentina that presented the first lithium2 last week before the final investment decision for the total 60,000 tons per year3 of the Rincon project expected at the end of the year.
• Simandou: Significant progress in the construction of mining, port and rail infrastructure in Simandou in Guinea, which is still looking for the first ore next year and will reach full capacity by 2028.
• Decarbonisation: Great progress has been made to meet our goals4. The direction of spending capital on decarbonisation projects to 2030 is kept at $5 to $6 billion (at the lower end).