By Rhiannon Hoyle


Rio Tinto, the world's second-biggest miner by value, expects annual iron ore shipments from its Australian operations to be little changed in 2025, while forecasting its copper and bauxite production from its mines to rise year over year.

The Anglo-Australian company, which makes the bulk of its profits by digging up iron ore in Australia's Pilbara, said it expects to ship between 323 million metric tons and 338 million tons of the steel ingredient from those operations next year. That is in line with its 2024 estimate provided to investors last year.

The company anticipates mining between 780,000 tons and 850,000 tons of copper in 2025, up from an estimate of between 660,000 tons and 720,000 tons for this year, it said.

Rio Tinto is targeting annual copper production of 1 million tonnes by the end of the decade, underpinned by rising output from the Oyu Tolgoi mine in Mongolia, where production is expected to increase by more than 50% next year.

The company projected annual bauxite volumes of 57 million tons to 59 million tons for 2025, compared to its 2024 guidance of 53 million tons to 56 million tons.

Rio Tinto's production guidance for next year was released ahead of its annual investor seminar in London.


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

12-04-24 0215ET