Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 46

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 46
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ibarndi Country. It’s the first project we’re exploring together since we signed a memorandum of understanding to collaborate on a range of potential renewable energy opportunities, including wind and solar power, as well as battery energy storage systems.

| For more informationseeriotinto.com/pilbararenewables |

| Annual Report on Form 20-F 2024 | 26 | riotinto.com |

Strategic report

Aluminium

| As a global leader in low-carbon aluminium, we are uniquelypositioned to further decarbonise our business and supportthe world’s transition towards a lower carbon footprint.A critical material – lightweight and highly recyclable –aluminium is set to play an increasingly vital role in our lives.We’re providing a diversified portfolio of primary andsecondary aluminium solutions used to manufacture a widerange of products, including solar panels and transmissionlines, jet engines, electric vehicles and smartphones. |     |                                                               |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     | Market insightsAfter a relatively stable first quarter, thealuminium price rallied in the 2nd quarterdue to sanctions against Russian metal butfell in the 3rd quarter on weaker globalmanufacturing data. The price rose at theend of the quarter after an interest rate cutby the US Federal Reserve and stimulusmeasures in China, and was supported inthe 4th quarter due to high alumina costs.World semi-fabricated demand rose 2%year-on-year. Primary aluminium demandincreased at a similar rate. Scrap spreadstightened in 2024 on low inventories andtight availability, resulting in lower marginsfor secondary producers. Ex-Chinademand fell in building and construction,and remained weak in automotive, butperformed well in packaging and powerinfrastructure. Global aluminium demandwill continue to be driven by the energytransition, particularly electric vehicles, andrenewable energy.China is producing aluminium close to itsself-imposed capacity cap of approximately45 million tonnes, while growth in the restof the world moderated on supplydisruptions. Overall, the primary aluminiummarket was balanced in 2024, with visibleinventories at low levels.The alumina price reached a multi-yearhigh in the 4th quarter due to closures,supply disruptions, and constrained bauxitesupply in China. The price corrected at theend of the quarter as supply improved butremained at a high level compared to thehistorical norm. China is the largest importmarket for bauxite, and seaborne bauxiteprices into China