Rio Tinto consider move into critical minerals

Rio Tinto (ASX: RIO) discussed a move into critical minerals and rare earths amidst global trade tensions and shifting market dynamics at its annual general meeting held in Perth yesterday.

As countries move to create their own independent domestic supply chains, critical minerals have held the international spotlight.

Following the US’ implementation of tariffs and China’s export restriction as a response, Rio Tinto chief executive Jakob Stausholm commented that the company is considering the role of critical minerals in its future portfolio.

Mr Stausholm noted that critical minerals are already present throughout Rio’s existing operations and that the company will consider if processing them more deliberately is the next step forward.

Rio chairman Dominic Barton said that the company is on course for 4% production growth this year, largely attributed to the Oyu Tolgoi underground mine, following an overall production growth of 1% in 2024.

Mr Barton also stated that Rio plans to invest more than $20b over the next three years into the resource sector across the Pilbara region in WA.

Mr Stausholm commented that Rio Tinto is committed to working with and creating opportunities for the WA community.

“Last year, we boosted spending with suppliers in WA by $1.5b to a record $10.3b, as we continue to support local businesses to develop our pipeline of new Pilbara mining projects such as Western range,” he said.

“We work with roughly 2,400 suppliers here each year – a symbol of our ongoing commitment to support jobs and deliver shared success.

“I have seen excellent determination here in WA and in the Pilbara, where the safe production system has helped stabilise our iron ore operations.”

The company returned $6.5b in dividends to shareholders in the last year as reported by Mr Barton.