“Global mining giant Rio Tinto’s revenue for the past year was $10.87 billion, a decrease from $11.76 billion in 2023. 2024 has been recorded as the company’s lowest revenue year in the past five years.
Last year, the decline in iron ore prices, driven by the crisis in China’s real estate sector and the accumulation of stockpiles at ports, negatively impacted the company’s profits.
Rio Tinto’s iron ore sector revenue dropped by 19%, while the aluminum business saw a 61% increase in revenue.
The increased capacity of the Oyu Tolgoi mine in Mongolia and strong performance at the Escondida mine in Chile contributed to a 75% growth in copper sector revenue.
Although Rio Tinto primarily profits from iron ore, the company has been focusing more on developing its copper sector. The company distributed a dividend of $2.25 per share, lower than last year’s $2.58 per share.”
