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 is active in 35 countries. The company’s portfolio includes iron ore, aluminium, bauxite, alumina, copper, titanium dioxide, lithiu...
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 is active in 35 countries. The company’s portfolio includes iron ore, aluminium, bauxite, alumina, copper, titanium dioxide, lithium, borates, salt and diamonds. The company has a strong portfolio of greenfield exploration projects in early exploration and studies stages, with activity in 17 countries across eight commodities. The company made strong progress on its advanced Exploration projects, including Kamiesburg (mineral sands), Texas (potash) and Chiri (diamonds).
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 nearly 2,000 kilometres. This segment engages in iron ore mining and salt and gypsum production in Western Australia.
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. The company is providing a diversified portfolio of primary and secondary aluminium solutions used to manufacture a wide range of products, including solar panels and transmission lines, jet engines, electric vehicles and smartphones. This segment engages in bauxite mining; alumina refining; aluminium smelting and recycling.
Copper
Copper is an essential material for electrification and the global energy transition. By the end of the decade, the company aims to deliver 1 million tonnes of copper per year from its global portfolio of assets and projects spanning 4 continents. The company focused on maximising value from its existing assets, delivering profitable growth by unlocking projects, and investing in quality partnerships across the copper value chain. This segment engages in mining and refining of copper, gold, silver, molybdenum, other by-products and exploration activities.
Minerals
The company’s Minerals portfolio produces materials essential to a low-carbon future from a global suite of assets and projects well-positioned to support the electrification of the world’s economies. The company is developing and growing a world-class lithium business at an accelerated pace: producing first lithium from its Rincon Project, Argentina in December. The company also produces long-life, high-grade, low-impurity iron ore pellets and concentrate, titanium dioxide, speciality borates and diamonds from its operations in Canada, Madagascar, South Africa, and the U.S.
This segment engages in mining and processing of borates, titanium dioxide feedstock and iron concentrate and pellets from the Iron Ore Company of Canada. Also includes diamond mining, sorting and marketing and development projects for battery materials, such as lithium.
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 allow it to explore potential futures for its industry and inform its portfolio decisions. The company’s success relies on its ability to strengthen its resilience to changing externalities while building partnerships and capabilities that enable it to capture emerging opportunities.
Research and Development
The company's research and development costs were $398 million in 2024.
Acquisitions
Boyne Smelters Limited (BSL)
Following approval from Australia’s Foreign Investment Review Board (FIRB), on 30 September 2024, the company completed the acquisition of Mitsubishi Corporation’s 11.65% interest in BSL, which owns and operates the Boyne Island aluminium smelter in Gladstone Australia. On 1 November 2024, the company also completed the acquisition of Sumitomo Chemical Company Limited’s (SCC) 2.46% interest in BSL, increasing its total interest in BSL to 73.5%.
New Zealand Aluminium Smelters Limited (NZAS)
On 1 November 2024, the company acquired SCC’s 20.64% interest in NZAS, which owns and operates the Tiwai Point aluminium smelter in New Zealand. This transaction has been accounted for as a business combination achieved in stages, with its previous 79.36% interest in the NZAS joint operation being remeasured to fair value and forming the majority of the consideration for the acquisition of this subsidiary.
On 17 July 2024, the company acquired a 34% equity interest in Winning Consortium Simandou Railway Pte. Ltd and Winning Consortium Simandou Ports Pte. Ltd (together referred to as WCS Rail and Port entities), through its partially owned subsidiary SimFer Jersey.
Dispositions
Wyoming Uranium
On 5 December 2024, the company completed its sale of the Sweetwater uranium mill facility together with mining projects (collectively known as Wyoming Uranium) to Uranium Energy Corp. (UEC).
Lake MacLeod
On 2 December 2024, the company completed its sale of Dampier Salt Limited’s Lake MacLeod salt and gypsum operation in Carnarvon to Leichhardt Industrials Group (Leichhardt).
Suppliers
The company partners with suppliers to co-develop technologies and applications, such as collaborating with Caterpillar and Komatsu on the testing of large battery-electric haul truck technology in the Pilbara to accelerate its potential future use.
Customers
The company collaborates closely with customers to ensure it delivers products that meet their specific requirements and help accelerate their decarbonisation goals.
History
Rio Tinto Group was founded in 1873.