About Rio Tinto Group

Rio Tinto Group engages in finding, mining, and processing mineral resources. Major products are iron ore, aluminium, copper, industrial minerals (borates, titanium dioxide and salt) and diamonds. Activities span the world and are strongly represented in Australia and North America, with significant businesses in Asia, Europe, Africa and South America. The company operates in 351 countries. Its portfolio includes iron ore, copper, aluminium and a range of other minerals and materials needed for people, communities and nations to grow and prosper, and for the world to cut carbon emissions to net zero. The company continuously searches for new projects that can support the energy transition, exploring for eight commodities in 18 countries. The company's portfolio includes iron ore, aluminium, bauxite, alumina, copper, diamonds, titanium dioxide, lithium, salt and borates. The company has a strong portfolio of assets across six continents. Its focus is on growing its business while decarbonising, providing products to its customers that support the transition to a low-carbon economy, and delivering attractive returns to its shareholders. The company has a strong portfolio of greenfield exploration projects in early exploration and studies stages, with activity in 18 countries across eight commodities. The company recently partnered with Codelco on the Nuevo Cobre copper project in the prospective Atacama region in Chile and with Charger Metals on the Lake Johnston lithium project in the Yilgarn, Western Australia. Segments The company operates through Iron Ore, Aluminium, Copper, and Minerals segments. Iron Ore This segment is one of the world's leading producers of iron ore, the primary raw material in steelmaking. In the Pilbara region of Western Australia, the company operates a network of 17 iron ore mines, four port terminals and a rail network spanning 1,900 kilometres. In 2023, the company extended a key climate partnership with its largest customer, China Baowu, to accelerate efforts to decarbonise the steel value chain and reduce its Scope 3 emissions. Aluminium As a global leader in low-carbon aluminium, the company is uniquely positioned to further decarbonise its business and support the world's transition towards a lower-carbon footprint. A critical material - lightweight and highly recyclable - aluminium is found in diverse products ranging from solar panels and transmission lines to jet engines, electric vehicles and smartphones. Copper Copper is essential to creating a sustainable, low-carbon world. Rapid electrification across all aspects of daily life is set to drive long-term demand for copper. With assets spanning the globe and an evolving suite of technologies to enable low-carbon production, the company is accelerating growth and decarbonisation by producing the materials that enable a cleaner future. The company has entered into a joint venture with Corporación Nacional del Cobre de Chile (Codelco) following the acquisition of PanAmerican Silver's 57.74% stake in Agua de la Falda S.A. The new joint venture, known as Nuevo Cobre (New Copper), will allow the company to explore and potentially develop Nuevo Cobre's assets in partnership with Codelco in Chile's prospective Atacama region. The partnership builds on a collaboration agreement with Codelco, which first commenced in 2007, that encourages best practices, innovation, and technology to improve safety and productivity in underground mining. Minerals The company's Minerals portfolio includes a global suite of businesses producing materials essential to a low-carbon future and projects well-positioned to meet the growing demand for electric vehicles. The company produces high-grade, low-impurity iron ore pellets and concentrate, titanium dioxide, diamonds and borates from its operations in Canada, Madagascar, South Africa and the U.S. In 2023, the company acquired a high-grade scandium resource in New South Wales, Australia. The Burra Scandium Project is a small, high-value physical scandium asset, with a small environmental footprint. When operational, Burra will significantly increase, and geographically and operationally diversify, its annual scandium production. Strategy The company's strategy is informed by a deep analysis of the interplay of global megatrends, explored through the lens of plausible scenarios. These set the context for the company's industry and underpin its portfolio choices and how it operates. The company's success relies on its ability to strengthen its resilience while building partnerships and capabilities that enable the company to grow profitably. The company's strategy has three pillars, such as growing in materials essential for the energy transition; accelerating the decarbonisation of its assets; and developing products and technologies that help its customers decarbonize. Customers The company's customers' needs are central to its operational decision making. Using the insights generated from everything the company buys, sells and moves around the world, its Commercial team works closely with customers to ensure the company delivers products that meet their specific requirements. In 2023, the company significantly expanded its low-carbon portfolio by forming the Matalco joint venture to produce and market recycled aluminium in North America. Suppliers The company works with its suppliers to create innovative partnerships, such as its partnership with Neste and Rolls-Royce that resulted in its Boron site in California becoming the first open pit mine to operate heavy machinery running entirely on renewable diesel. Research and Development The company's research and development costs were $245 million in 2023. History Rio Tinto Group was founded in 1873.