The miner said it produced and shipped slightly less of the steelmaking ingredient iron ore in 2024, but mined more copper, bauxite and made more aluminum.

Rio Tinto Group, the world’s top iron ore exporter, said shipments of the steelmaking material slipped in the fourth quarter, as demand from China remained lackluster and production at some mines declined.

For the calendar year, Rio Tinto shipped 328.6 million metric tons of iron ore from Pilbara, the lowest since 2022. It is under threat of Brazilian rival Vale potentially retaking its crown as the world’s biggest producer. Vale expects to produce 323-330 million tonnes for 2024.

Rio Tinto’s iron ore exports took a hit during the fourth quarter and in 2024 overall, giving more detail on the longstanding weak demand for capesize bulk carriers during the period that has bled into 2025.

Rio Tinto reports its lowest annual iron ore shipments in two years, partly as heavy rains in Western Australia impacted output in the December quarter, but says the global economy is showing signs of strength.

Global diversified miner Rio Tinto has reported a marginal decline in its fourth-quarter and full-year iron-ore shipments from the Pilbara, citing challenges such as resource depletion and above-average rainfall that disrupted operations.

Rio Tinto's 2024 performance is likely to have been weighed down by lower iron ore shipments and prices. What does it mean for investors?

Sky News Business Reporter Edward Boyd says Rio Tinto iron ore shipments were down “just one per cent” over the last 12-month period.