Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 53

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 53
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 Review of operations Mined copper production, at 697 thousand tonnes, was 13% higher than 2023, reflecting the ramp-up of Oyu Tolgoi underground and increased production from Escondida due to higher grades fed to the concentrator (0.99% versus 0.83%). This offset geotechnical challenges at Kennecott as instabilities in the pit wall impacted the mining sequence from the second quarter of 2024. Refined copper production increased by 42% to 248 thousand tonnes with the Kennecott smelter and refinery returning to normal operations following the successful rebuild in 2023. Oyu Tolgoi underground project In 2024, we delivered 6.5 million tonnes of ore milled from the underground mine at an average copper head grade of 1.94 % and 34.5 million tonnes from the open pit with an average grade of 0.39 %. The ramp-up remains on track to reach 500 thousand tonnes of copper production per annum (100% basis and stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 1 . We continue to see good performance from the underground mine. We completed drawbell construction at Panel 0, with a total of 124 drawbells opened. The sinking of ventilation Shafts 3 and 4 was completed in April 2024 following the breakthrough to surface. Both shafts were commissioned in the second half of 2024. In November 2024, Oyu Tolgoi successfully concluded Collective Agreement negotiations, marking a historic milestone as the first agreement involving two trade unions at the operation. The agreement will remain in effect for the next three years.

| For more informationabout our capitalprojects and future growth options, seepages22-23. |

1. The 500 thousand tonne per year copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was previously reported in a release to the Australian Securities Exchange (ASX) dated 11 July 2023 “Investor site visit to Oyu Tolgoi copper mine, Mongolia”. All material assumptions underpinning that production target continue to apply and have not materially changed. Advancing Winu with Sumitomo Metal Mining In December, we announced a new partnership with Sumitomo Metal Mining (SMM) to deliver the Winu copper-g