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A global mining leader, Rio Tinto (NYSE:RIO), reviewed the first half of the year and evaluated progress across key projects such as Simandou in Guinea, Oyu Tolgoi in Mongolia, and Jadar in Serbia.
“We are growing with discipline in the materials the world needs for the energy transition,” said CEO Jakob Stausholm, whose company demonstrated an output increase across the board
Rio shipped 80.3 million tons of iron ore in Q2, posting a 3% sequential increase. Pilbara ore shipments remain on the full-year guidance at 323 million to 338 million tons, despite a minor decline due to a train collision.
After receiving all necessary approvals, the company is now positioned to begin developing the Simandou iron ore project. The first production is targeted for 2025, with an anticipated ramp-up to an annual capacity of 60 million tons.
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Meanwhile, bauxite production exceeded expectations with 14.7 million tons, rising 9% year-over-year. Successful implementation of the Safe Production System at Weipa operations contributed to this achievement, with full-year bauxite guidance targeted for the upper end of the 53 million to 56 million-ton range.
Aluminum production remained stable at 824,000 tons. The company secured a 20-year electricity agreement to ensure continued low-carbon aluminum production at Tiwai Point smelter in New Zealand.
Copper production also increased by 13% year-over-year, with the Oyu Tolgoi mine in Mongolia seeing a 23% increase. The underground mine remains on track to complement existing open-pit operations, with an anticipated combined output of 500,000 tons annually between 2028 and 2036.
The lithium production roadmap is also doing well, with the Rincon project in Argentina expecting its first production by the year’s end. The feasibility study for a full-scale operation is on track for finalization in the third quarter. The Jadar lithium-borate project in Serbia has also seen notable developments.
Rio Tinto remains committed to the project’s potential despite previous legal challenges. The Constitutional Court of Serbia recently declared the 2022 decree to abolish the project’s spatial plan unconstitutional. Rio Tinto continues to engage with key stakeholders and has released an environmental impact assessment study.
While CEO Stausholm emphasizes disciplined growth through various projects, rumors about Rio Tinto evaluating a potential bid for Canadian miner Teck Resources (NYSE:TECK) have surfaced. Sky News reported that Rio Tinto has talked with bankers about this possible acquisition. However, such a takeover would likely face significant scrutiny from the Canadian government, which has been increasingly protective of its mining sector against foreign acquisitions.
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