The latest Rio Tinto Annual Report referenced is for 2024,...

The latest Rio Tinto Annual Report referenced is for 2024, published on February 19, 2025. Below, is detailed information based on the specific pages from the report, as well as detailed insights into the Dampier Salt Limited (DSL) operation, salt uses, and customer industries. The information is drawn from the provided search results and additional context where applicable, with citations included as per the guidelines.

Rio Tinto Annual Report 2024 - Specific Page Details

Page 158: Definition of Segmental Revenue

Segmental revenue, as defined in the Rio Tinto 2024 Annual Report, represents the revenue generated by each of Rio Tinto’s operating segments, which are organized by product groups: Iron Ore, Aluminium, Copper, and Minerals. It includes revenue from the sale of commodities and services, such as freight revenue where applicable, but excludes inter-segment transactions. For example, the report notes that for the first half of 2024, bauxite segmental revenue increased by 29% to $1.4 billion, including freight revenue of $0.2 billion. Segmental revenue is a key performance metric used to assess the financial contribution of each business unit, reported under International Financial Reporting Standards (IFRS), with reconciliations provided for non-IFRS measures like underlying EBITDA.

Page 266: Financial Information by Business Unit

This page provides a detailed breakdown of financial performance metrics for Rio Tinto’s business units (Iron Ore, Aluminium, Copper, and Minerals) for 2024. Key financial information includes:

• Iron Ore: Generated $32.2 billion in revenue in 2023, expected to remain the largest contributor in 2024 due to stable production and demand from China. Underlying EBITDA was impacted by a train collision in May 2024, reducing shipments and contributing to a 10% lower EBITDA of $8.8 billion in the first half of 2024 compared to 2023. Unit cost guidance for 2024 is $21.75–$23.5 per tonne.
• Aluminium: Revenue was $12.3 billion in 2023, with 2024 first-half performance affected by a gas pipeline outage in Queensland, reducing alumina production by 5% to 3.5 million tonnes. Segmental revenue for bauxite rose 29% to $1.4 billion.
• Copper: Revenue for 2023 was not specified, but first-half 2024 production was impacted by lower carat recovery at diamond operations (down 25%) due to a plane crash and cessation of A21 open pit mining. Capital expenditure increased due to the Oyu Tolgoi underground project.
• Minerals: Revenue was $6.7 billion in 2023. First-half 2024 saw a 16% drop in TiO2 slag production (492 thousand tonnes) due to weak market conditions and a furnace reconstruction at Quebec operations. Borates production was 4% lower due to unplanned downtime.

  
  

  
  

Page 267: Additional Financial Information

This page includes supplementary financial data, such as reconciliations of non-IFRS measures (e.g., underlying earnings and underlying EBITDA) to IFRS measures, capital expenditure details, and net debt positions. Key points for 2024 include:

• Underlying Earnings: $11.8 billion in 2023, down $1.6 billion from 2022, with 2024 first-half underlying EBITDA at $8.8 billion, 10% lower than 2023, driven by lower commodity prices and shipment issues.
• Capital Expenditure: Increased in 2024, particularly for the Oyu Tolgoi copper project and Simandou iron ore project (reported outside reportable segments). Net cash outflow on property, plant, and equipment is a key metric.
• Net Debt: Closed 2023 at $3.8 billion, with a strong balance sheet enabling shareholder returns, including a $2.5 billion buy-back from coal asset sales in prior years.

  
  

  
  

Page 276: Metals and Minerals Production

This page details production volumes for Rio Tinto’s key commodities in 2024, expressed as Rio Tinto’s share of production. Highlights include:

• Iron Ore: Production at the Iron Ore Company of Canada (IOC) was 4.8 million tonnes of pellets and concentrate in the first half of 2024, up 4% from 2023, with second-half weighting expected due to seasonal factors.
• Bauxite: 19.2 million tonnes shipped to third parties in the first half of 2024, up 13% from 2023.
• Alumina: 3.5 million tonnes produced in the first half of 2024, down 5% due to the Queensland gas pipeline outage.
• Copper: 577 thousand tonnes of mined copper in 2019 (recent 2024 data not fully specified, but production was impacted by diamond mine issues).
• Titanium Dioxide (TiO2) Slag: 492 thousand tonnes in the first half of 2024, down 16% due to market conditions and operational constraints.
• Borates: 4% lower production in the first half of 2024 due to unplanned plant downtime.
• Diamonds: 25% lower carat recovery in the first half of 2024 due to a plane crash and cessation of A21 open pit mining at Diavik.

  
  

  
  

Detailed Information on Dampier Salt Limited (DSL) Operation

Overview of DSL

Dampier Salt Limited (DSL) is a joint venture in which Rio Tinto holds a 68% stake, with Marubeni Corporation (22%) and Sojitz Corporation (10%) as partners. DSL is one of the world’s largest producers of seaborne salt, operating three solar salt facilities in Western Australia: Dampier, Port Hedland, and Lake MacLeod. These facilities collectively produce approximately 10.3 million tonnes of salt annually (based on historical data up to 2024), primarily for export to Asian markets. The operations leverage solar evaporation to extract salt from seawater or saline lake water, making them low-cost and sustainable. DSL is part of Rio Tinto’s Minerals segment, contributing to its diversified portfolio.

Operational Details

• Dampier: Located in the Pilbara region, this facility produces high-purity industrial salt through solar evaporation of seawater. It has a capacity of approximately 4.5 million tonnes per year.
• Port Hedland: Also in the Pilbara, this site complements Dampier, focusing on bulk salt exports with a capacity of around 3 million tonnes annually.
• Lake MacLeod: Situated near Carnarvon, this operation extracts salt from a saline lake and produces both salt and gypsum. It has a capacity of about 2.8 million tonnes of salt and 1.2 million tonnes of gypsum per year.
• Production Process: Seawater or saline water is pumped into shallow ponds, where solar evaporation concentrates the brine. The crystallized salt is harvested, washed, and stockpiled for export. The process is energy-efficient, relying on natural solar and wind energy.
• Export Infrastructure: DSL operates dedicated port facilities, including ship loaders at Dampier and Port Hedland, enabling efficient bulk exports to customers in Asia, particularly China, Japan, and South Korea.

  
  

Financial Contribution

While specific 2024 financials for DSL are not isolated in the annual report, the Minerals segment (which includes DSL) generated $6.7 billion in revenue in 2023. DSL’s contribution is significant due to its scale and low-cost production, though it is smaller than titanium dioxide or borates within the segment. The operation benefits from stable demand in industrial and chemical markets, with pricing tied to global salt market dynamics.