Rio Tinto said on Thursday that rising demand for copper has increased its yearly net profit and offset declining pricing for its main iron ore commodity.
The British-Australian business praised its “resilient financials” after a 15% increase in net profit to US$11.6 billion in 2024 full-year results.
Revenue dropped to US$53.7 billion, a 1% decrease.
Rio Tinto, one of the world’s largest iron ore miners, has been severely hurt by China’s declining steel demand and the country’s developing real estate crisis.
Iron ore prices dropped 11 percent by the end of December 2024, the company said.
Rio Tinto said this had been offset in part by higher prices for copper, a coveted metal used in everything from electrical wiring to rechargeable batteries.
“We continue to build on our momentum with another set of strong operational and financial results,” said chief executive Jakob Stausholm.
“We will remain disciplined in the short, medium and long term, while paying attractive returns to shareholders.”
According to Rio Tinto, average copper prices on the London Metal Exchange increased by 8%.
Rio Tinto announced plans to increase copper production from its Oyu Tolgoi mine in Mongolia in the upcoming years.
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