Surging copper demand has pushed up Rio Tinto’s annual net profit and balanced out slumping prices for its key iron ore commodity, the mining giant reported on Thursday.
The British-Australian company touted its “resilient financials” as full-year results for 2024 showed a 15 percent lift in net profit to US$11.6 billion.
Revenue dipped by one percent to US$53.7 billion.
One of the biggest iron ore miners in the world, Rio Tinto has been heavily impacted by China’s unfolding property crisis and its sagging appetite for steel.
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.”
Average prices for the sale of copper on the London Metal Exchange were eight percent higher, Rio Tinto said.
Rio Tinto said in the coming years it would further ramp up copper production from its Oyu Tolgoi mine in Mongolia.
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