Australia-based miner Rio Tinto has announced its financial results for 2024.
The company has posted a net profit of $11.57 billion for 2024, compared to $9.95 billion in the previous year. In 2024, the company’s consolidated sales revenues decreased by 0.7 percent to $53.66 billion compared to 2023 due to lower prices in line with slowing global demand. The company’s underlying EBITDA in the given period totaled $23.31 billion, decreasing by 2.4 percent year on year due to lower iron ore prices, partly offset by higher prices for copper and aluminum.
The financial report released by the company stated that the iron ore operations of the company posted a 19.0 percent decline in underlying EBITDA, due to lower iron ore prices and marginally lower shipments. The company achieved an $89.6/wmt FOB average iron ore price in 2024, compared to $99.7/wmt FOB in 2023.
As reported by SteelOrbis previously, Rio Tinto expects its iron ore shipments from Pilbara to remain stable at 323-338 million mt in 2025.
