Global diversified miner Rio Tinto has reported a marginal decline in its fourth-quarter and full-year iron-ore shipments from the Pilbara, citing resource depletion and above-average rainfall that disrupted operations. Productivity improvements were unable to fully counter these impacts.

The company’s share of fourth-quarter and full-year shipments dropped by 1% each, totaling 74.2-million tonnes and 284.6-million tonnes, respectively.

In contrast, copper production saw a significant boost, driven by the ramp-up of the Oyu Tolgoi underground project in Mongolia and increased output from the Escondida mine in Chile. These gains offset geotechnical challenges at the Kennecott mine in the US, where pit wall instabilities disrupted mining sequences.

Fourth-quarter copper production surged 26% year-on-year to 202 000 t, while full-year output rose by 13% to 697 000 t.

Rio Tinto also recorded higher bauxite output and a modest increase in aluminium production, underscoring improvements in its other commodities portfolio.

On a copper-equivalent basis, the company achieved a 1% growth in production and a 3% increase in sales volumes for 2024. It aims for a decade-long compound annual growth rate of 3% in copper-equivalent production, underpinned by the Oyu Tolgoi mine, the Simandou iron-ore project in Guinea, and its expanding lithium portfolio.

“Our operating performance in 2024 was good, consistent with our ongoing commitment to strengthen the business as we execute our strategy to deliver profitable growth,” commented CEO Jakob Stausholm on Thursday.

“We are making strong progress in delivering organic growth from our major projects. The Oyu Tolgoi underground copper mine in Mongolia continues to successfully ramp up, while the Simandou high-grade iron-ore project in Guinea and our Western Range mine in the Pilbara are on schedule for first production this year.

“Significant milestones were achieved at our Rincon project in Argentina during the quarter, with first lithium delivered and receipt of board approval to expand the operation, demonstrating both our operational capabilities and ambition to grow in battery materials,” Stausholm said.

Meanwhile, Rio Tinto noted that the global economy showed resilience in 2024, with inflation moderating and growth stabilising, despite ongoing geopolitical tensions and labour shortages. The company highlighted mixed signals from the Chinese economy, where policy measures began to stabilise the property market while manufacturing and consumer durables improved owing to increased subsidies.

The US economy outperformed other developed regions, bolstered by strength in the tech sector, though the housing market showed contrasting trends. In the eurozone, uneven growth and subdued consumption continue to weigh on the outlook, despite a resilient labour market supporting wage growth and slowing disinflation.