Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 55

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 55
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 falling year-on-year. Thisresulted in lower BF-grade pellet premiumsthan seen in 2023. Meanwhile, DirectReduction grade pellet premiums weresupported by stable demand in the MENA(Middle East and North Africa) regionwhich, although cooler than the previousyear, continued to support seabornedemand and prices.Lithium carbonate prices remained subdued in2024, largely due to slower growth in electricvehicle (EV) production despite record salesof 17 million units. While lithium demand andsupply grew by about 25% year-on-year, themarket faced an oversupply. Increased supplyfrom earlier investments contributed to thisimbalance, leading to the suspension ofseveral lithium projects and production cuts byexisting producers. Nonetheless, long-termmarket fundamentals remain strong,supported by government policies andexpanding EV adoption. Additional investmentwill be essential to address future supplyshortfalls. |
| Snapshot of the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |     |                                                             |     | SafetyTragically 4 of our colleagues and 2 crewmembers lost their lives in a plane crashwhile travelling to our Diavik diamond mineon 23 January. We are currently awaiting theinvestigation findings from the TransportationSafety Board of Canada, which areexpected in 2025.In 2024, the number of potential fatalincidents (PFIs) dropped to 26, comparedto 27 in 2023 with the most commoninvolving risk of vehicle collision or rolloverand falling objects.  We continue to focusour efforts on mitigating these risks,implementing targeted safety measuresand corrective actions informed bythorough investigations.Our all-injury frequency rate (AIFR) increasedto0.31, compared to0.24in 2023, reflectingan increase in injuries among both employeesand contractors. The rate of injuries in ourcontractor workforce increased from 0.20 in2023 to 0.27 in 2024, and our employee injuryrate rose from 0.28 in 2023 to 0.35 this year. In2025, we will continue to build on our progressby leveraging the safety maturity model todrive further enhancements. Along with this,we will place a stronger emphasis on health,environmental responsibility, and security toensure a safer, more productive environmentfor both our employees and contractorpartners. Our commitment to these areas willbe key to achieving our goals. |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| AIFR0.31