Rio Tinto has updated its Mineral Resources and Ore Reserves for several key projects as part of its 2024 annual reporting. The Company reported significant changes in its aluminium, copper, iron, and titanium operations. The updates reflect resource classification improvements, regulatory approvals, and technical advancements.
Figure 1: Rio Tinto’s Iron Ore Asset in the Pilbara Region of Western Australia
Increased Ore Reserves at Amrun in Queensland
The Rio Tinto Aluminium (RTA) Pacific Operations, including the Amrun deposit in Queensland, reported an increase in Proved Ore Reserves. The Proved Ore Reserves increased by 203 million tonnes (77%), while Probable Ore Reserves decreased by 176 million tonnes (26%).
The classification changes stem from an access study and updated orebody knowledge. The Company’s confidence in modifying factors, including government, tenure, environmental, and community considerations, remains unchanged. Mineral Resources exclusive of Ore Reserves at Amrun declined by 41 million tonnes (5%) due to conversion into Ore Reserves.
Winu Project Sees Growth in Indicated Mineral Resources
Rio Tinto Copper’s Winu project in Western Australia recorded a shift in its resource classification methodology. The Indicated Mineral Resources now make up 63% of the total Mineral Resources, up from 31%.
This change is due to a classification methodology that links drill hole spacing with orebody uncertainty. The total Mineral Resources tonnage increased by 19 million tonnes (2.7%) compared to previous estimates.
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Quebec Operations Report Significant Growth in Mineral Resources
Rio Tinto Iron and Titanium Quebec Operations (RTITQO) saw a 26.7 million tonne (100%) increase in Mineral Resources at the Grader deposit. This deposit is located three kilometres from the main Lac Tio hemo-ilmenite deposit.
The increase follows over 4,800 metres of drilling and the development of a new resource model. The Company conducted significant technical work on the deposit between 2000 and 2024.
Porto Trombetas Ore Reserves Rise Following Licence Approval
The RTA Atlantic Operations at the Porto Trombetas deposit in Brazil, operated by Mineração Rio do Norte (MRN), reported a 163 million tonne (354%) increase in Ore Reserves.
Probable Ore Reserves rose by 167 million tonnes, while Proved Ore Reserves declined by 4 million tonnes. This increase follows the issuance of the Preliminary Licence for the New Mines Project by IBAMA, Brazil’s federal environmental agency.
Measured Mineral Resources decreased by 178 million tonnes, while Inferred Mineral Resources declined by 112 million tonnes. The total Mineral Resources dropped by 290 million tonnes (50%). The decline is due to resource conversion and the reclassification of certain plateaus with only historical drilling data. The methodology for determining Mineral Resources remains unchanged.
Market and Industry Impact
Rio Tinto’s updates come as global demand for key minerals remains strong. Aluminium prices on the London Metal Exchange (LME) averaged AUD 3,700 per tonne in 2024. Copper prices fluctuated between AUD 13,500 and AUD 15,000 per tonne. Iron ore prices hovered around AUD 160 per tonne, while titanium dioxide feedstock remained stable at AUD 3,200 per tonne.
The Company continues to strengthen its position in global commodity markets. The updates highlight Rio Tinto’s focus on optimising resource classification, securing regulatory approvals, and advancing technical assessments.
The global mining industry remains resilient amid shifting economic conditions. Rio Tinto’s latest resource updates provide insights into future production and supply chain strategies.
Investor Outlook
As of February 20th, 2025, Rio Tinto LTD (ASX:RIO) last traded at AUD 119.85 with a day range of AUD 118.070 – AUD 121.460 within a 52 – week range of AUD 105.110 – AUD 136.820. With an average volume of 1,034,271 shares and 371,216,216 shares on issue.
Rio Tinto reported an underlying EBITDA of AUD 35.5 billion and an operating cash flow of AUD 23.8 billion. The Company continues to invest in long-term growth, reinforcing its strategy for a decade of profitable expansion.
Underlying earnings stood at AUD 16.6 billion after paying AUD 12.5 billion in taxes and government royalties. The return on capital employed remained strong at 18%, reflecting The Company’s disciplined capital allocation and operational efficiency.
