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Rio Tinto reported record financial results for 2021, driven by a recovery in global economic activity and strong commodity prices. Free cash flow amounted to $17.7 billion and underlying earnings reached $21.4 billion, enabling a total dividend of 1,040 US cents per share. The company is focusing on investments in key commodities for the future, with initiatives to decarbonize operations, including a target for a 50% reduction in emissions by 2030. Significant progress was made with the acquisition of the Rincon lithium project and operations at Oyu Tolgoi.
The Tasmanian Government and Rio Tinto have signed a Memorandum of Understanding to promote economic growth and sustainability in Tasmania, particularly in the
The US Department of Energy has awarded $2.2 million to a Rio Tinto-led team for a 3-year project investigating carbon storage potential at the Tamarack Nickel Project in Minnesota.
Rio Tinto will contribute an additional $4 million to the project, which aims to utilize carbon mineralization technology to safely store carbon as rock.
The initiative involves collaboration with several partners, including the Pacific Northwest National Laboratory and Columbia University, emphasizing the project's significance in advancing carbon management technologies.
Rio Tinto and the Yinhawangka Aboriginal Corporation have established a new Social, Cultural Heritage Management Plan (SCHMP) for the Western Range iron ore project in Western Australia. This collaborative effort aims to protect significant cultural and social heritage values through joint decision-making protocols, mine planning, and support for the Yinhawangka Ranger program. The SCHMP was submitted to the Environmental Protection Authority on February 1, 2022, marking a significant milestone in the partnership between Rio Tinto and the Yinhawangka people.
Rio Tinto is currently reviewing preliminary findings from Energy Resources of Australia Ltd (ERA) regarding cost and schedule estimates for the Ranger rehabilitation project in Northern Territory. This follows prior warnings from ERA about potential overruns in costs and timelines. Rio Tinto has expressed commitment to collaborating with ERA to ensure the rehabilitation meets standards akin to the adjacent Kakadu National Park, emphasizing environmental restoration efforts.
Rio Tinto, Turquoise Hill Resources (TRQ), and the Government of Mongolia have reached a pivotal agreement that advances the Oyu Tolgoi (OT) project, paving the way for critical underground operations to commence. This development is expected to enhance the project's value significantly for Mongolia. The OT Board has approved the beginning of underground operations with sustainable production anticipated in the first half of 2023. Key financial adjustments include waiving a $2.4 billion carry account loan and restructuring funding to align with new agreements, enhancing cooperation and financing mechanisms.
In 2021, Rio Tinto faced significant challenges due to ongoing COVID-19 disruptions yet managed strong product demand. Highlights include the acquisition of the Rincon lithium project in Argentina for $825 million and a commitment to decarbonizing its operations. Full-year Pilbara iron ore production was 319.7 million tonnes, down 4% from 2020, with fourth-quarter shipments at 84.1 million tonnes, a 5% decrease year-over-year. The company recorded significant labor and equipment challenges that affected production across several segments but achieved zero fatalities in its managed operations.
Rio Tinto has committed to enhancing its sustainability efforts by purchasing four battery-electric trains for use in the Pilbara region of Western Australia. This move aims to lower carbon emissions by 50% by 2030. The trains, acquired from Wabtec Corporation, will begin production in the U.S. in 2023, with trials set for early 2024. Transitioning to electric locomotives is projected to reduce diesel-related emissions by 30% annually. This initiative underscores Rio Tinto's dedication to innovative decarbonization strategies in its operations.
Rio Tinto has signed an agreement to acquire the Rincon lithium project in Argentina from Rincon Mining for $825 million. This acquisition aligns with Rio Tinto's strategy to enhance its battery materials business amid the global energy transition. The Rincon project, located in the lithium triangle, is expected to produce battery-grade lithium carbonate with a low carbon footprint. With lithium demand projected to grow 25-35% annually, the project aims to address the impending supply deficit anticipated in the second half of the decade.
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