Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 54

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 54
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old project in Western Australia. Under the Term Sheet signed between the partners, Rio Tinto will continue to develop and operate Winu as the managing partner, with SMM to acquire a 30% equity share. Located in the Great Sandy Desert, near our Pilbara iron ore operations, Winu is a low-risk, long-life deposit that is highly prospective for expansion. In 2025, alongside finalising the joint venture definitive agreements, we will advance regulatory approvals for an initial processing capacity up to 10Mtpa. Environmental Review Document preparation under the Environmental Protection Authority of Western Australia’s Environmental Impact Assessment process will take place in parallel with ongoing Project Agreement negotiations with the Nyangumarta People, Traditional Owners of the land on which the Winu deposit is situated, and the Martu People, Traditional Owners of the land home to the Karlkayn airstrip. As part of our renewed relationship with SMM, we have also entered into a letter of intent to explore broader value chain opportunities for commercial, technical, and strategic collaboration across copper, other base metals and lithium.

| For more informationsee riotinto.com/winu |

| Annual Report on Form 20-F 2024 | 30 | riotinto.com |

Strategic report

Minerals

| Our Minerals portfolio produces materials essential to a low-carbon future from a global suite of assets and projects well-positioned to support the electrification of the world’s economies.We are developing and growing a world-class lithium businessat an accelerated pace: producing first lithium from our RinconProject, Argentina in December. We also produce long-life, high-grade, low-impurity iron ore pellets and concentrate, titaniumdioxide, speciality borates and diamonds from our operations inCanada, Madagascar, South Africa and the US. |     |                                                             |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     | Market insightsTitanium dioxide market fundamentalsstabilised in 2024, with downstream andmidstream producers noting improvingsales and margins. Elevated inventorieslimited feedstock purchases and putdownward pressure on prices.Borates demand improved in 2024,evidenced by increasing shipments intokey consuming regions. Weakness inpricing resulted from stronger supplyavailability after supply chain disruptionswere cleared.A softer demand and pricing environmentfor steel impacted the high-grade iron orefines and pellets segments in 2024. BlastFurnace (BF) steelmakers sought toreduce exposure to higher quality, highercost inputs, with seaborne pelletconsumption