RIO TINTO LTD
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2024 · Filed Feb 20, 2025
Contents
Simandou
Mineral Reserves updates reflect a classification change from Proven Mineral Reserves to Probable Mineral Reserves due to geotechnical parameters supporting
design being largely at pre-feasibility study level.
| Type of mine1 · Proven Mineral Reservesas at 31 December 2024 · Probable Mineral Reservesas at 31 December 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnage · Grade · Tonnage · Grade | |||||||||||
| Copper2 · Mt · % Cu · g/t Au · g/t Ag · % Mo · Mt · % Cu · g/t Au · g/t Ag · % Mo | |||||||||||
| – Bingham Open Pit4 | O/P | 454 | 0.37 | 0.18 | 1.97 | 0.038 | 323 | 0.36 | 0.18 | 1.98 | 0.028 |
| – Underground Skarns | U/G | – | – | – | – | – | 5 | 2.21 | 1.39 | 14.30 | 0.022 |
| Total (US) | 454 | 0.37 | 0.18 | 1.97 | 0.038 | 328 | 0.38 | 0.20 | 2.16 | 0.028 | |
| – Full Sal6 | O/P | 56 | 0.78 | – | – | – | 7 | 0.68 | – | – | – |
| – oxide6 | O/P | – | – | – | – | – | – | – | – | – | – |
| – sulphide | O/P | 953 | 0.63 | – | – | – | 360 | 0.54 | – | – | – |
| – sulphide leach | O/P | 365 | 0.39 | – | – | – | 79 | 0.40 | – | – | – |
| Total (Chile) | 1,375 | 0.57 | – | – | – | 446 | 0.52 | – | – | – | |
| – Hugo Dummett North8 | U/G | – | – | – | – | – | 255 | 1.58 | 0.31 | 3.25 | – |
| – Hugo Dummett North Extension | U/G | – | – | – | – | – | 20 | 1.68 | 0.60 | 3.97 | – |
| – Oyut open pit | O/P | 148 | 0.54 | 0.42 | 1.30 | – | 229 | 0.42 | 0.26 | 1.16 | – |
| – Oyut stockpiles | S/P | – | – | – | – | – | 41 | 0.31 | 0.13 | 0.98 | – |
| Total (Mongolia) | 148 | 0.54 | 0.42 | 1.30 | – | 546 | 1.00 | 0.28 | 2.22 | – | |
| Total copper | 1,977 | 0.52 | 0.07 | 0.55 | 0.009 | 1,319 | 0.68 | 0.17 | 1.45 | 0.007 | |
Type of mine: O/P = open pit/surface, S/P = stockpile, U/G = underground.
Copper Mineral Reserves are reported as dry mill feed tonnes.
Bingham Canyon Mineral Reserves valuations are based on commodity prices of
USc389.58/lb for copper, US$1,700.53/oz for gold, US$22.20/oz for silver and US$14.50/
lb for molybdenum. These prices are sourced from the average of the available forecasts
from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank,
Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts
(CRU and Woodmac).
- Bingham Open Pit Mineral Reserves molybdenum grades interpolated from exploration
drilling assays have been factored based on a long reconciliation history to blast hole and
mill samples.
- Escondida Mineral Reserves valuations are based on a copper price of USc403/lb
supplied by the JV partner.
- For Escondida Mineral Reserves, Full Sal ore type has replaced oxide ore type due to a
change in processing methodology.
- Oyu Tolgoi Mineral Reserves valuations are based on commodity prices of USc390.00/lb
for copper, US$1,649.00/oz for gold, US$22.10/oz for silver and US$14.20/lb for
molybdenum. These are based on January 2024 consensus prices sourced from the
average forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse,
Deutsche Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and
two analysts (CRU and Woodmac).
- The Hugo Dummett North Mineral Reserves include approximately 1.3 million tonnes of
stockpiled material at a grade of 0.45% copper, 0.14g/t gold and 1.09g/t silver.
| Total Mineral Reservesas at 31 December 2024 · Average mill recovery % · Rio Tinto interest · Rio Tinto sharerecoverable metal · Total Mineral Reservesas at 31 December 2023 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnage · Grade · Tonnage · Grade | ||||||||||||||||||
| Mt | % Cu | g/t Au | g/t Ag | % Mo | Cu | Au | Ag | Mo | % | Mt Cu | Moz Au | Moz Ag | Mt Mo | Mt | % Cu | g/t Au | g/t Ag | % Mo |
| 777 | 0.36 | 0.18 | 1.97 | 0.034 | 88 | 69 | 71 | 65 | 100.0 | 2.497 | 3.060 | 35.021 | 0.173 | 829 | 0.37 | 0.18 | 1.98 | 0.033 |
| 5 | 2.21 | 1.39 | 14.30 | 0.022 | 92 | 70 | 68 | 54 | 100.0 | 0.095 | 0.145 | 1.458 | 0.001 | 5 | 2.22 | 1.39 | 15.52 | 0.022 |
| 782 | 0.37 | 0.19 | 2.05 | 0.034 | 2.591 | 3.205 | 36.479 | 0.174 | 834 | 0.38 | 0.19 | 2.06 | 0.033 | |||||
| 63 | 0.77 | – | – | – | 77 | – | – | – | 30.0 | 0.373 | – | – | – | – | – | – | – | – |
| – | – | – | – | – | – | – | – | – | 30.0 | – | – | – | – | 40 | 0.51 | – | – | – |
| 1,313 | 0.61 | – | – | – | 85 | – | – | – | 30.0 | 6.805 | – | – | – | 1,291 | 0.64 | – | – | – |
| 445 | 0.39 | – | – | – | 41 | – | – | – | 30.0 | 0.715 | – | – | – | 493 | 0.43 | – | – | – |
| 1,820 | 0.56 | – | – | – | 7.892 | – | – | – | 1,824 | 0.58 | – | – | – | |||||
| 255 | 1.58 | 0.31 | 3.25 | – | 92 | 79 | 81 | – | 66.0 | 3.723 | 1.994 | 21.500 | – | 265 | 1.55 | 0.31 | 3.21 | – |
| 20 | 1.68 | 0.60 | 3.97 | – | 92 | 81 | 84 | – | 56.0 | 0.309 | 0.311 | 2.123 | – | 21 | 1.60 | 0.56 | 3.80 | – |
| 377 | 0.46 | 0.32 | 1.22 | – | 76 | 67 | 55 | – | 66.0 | 1.335 | 2.606 | 8.112 | – | 406 | 0.46 | 0.30 | 1.20 | – |
| 41 | 0.31 | 0.13 | 0.98 | – | 70 | 53 | 50 | – | 66.0 | 0.090 | 0.089 | 0.649 | – | 38 | 0.31 | 0.12 | 1.04 | – |
| 693 | 0.90 | 0.31 | 2.03 | – | 5.458 | 4.999 | 32.383 | – | 730 | 0.88 | 0.30 | 2.00 | – | |||||
| 3,295 | 0.59 | 0.11 | 0.91 | 0.008 | 15.941 | 8.204 | 68.863 | 0.174 | 3,387 | 0.59 | 0.11 | 0.94 | 0.008 | |||||
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