Rio Tinto was the world’s leading mining company based on net income as of 2024. The Australian-British multinational corporation was also the world’s second largest mining company based on
. The company is a globally leading producer of many mineral commodities such as aluminum, iron ore, copper, uranium, and diamonds. Indeed, as of the fourth quarter of 2023, Rio Tinto was the
. The company was also the third leading diamond-producing company in the world behind ALROSA and De Beers in 2022.
How did Rio Tinto become a mining giant?
Rio Tinto was founded in 1873 when a group of investors purchased a mine complex on the Rio Tinto, in Huelva, Spain from the Spanish government. The company is now operating in many countries and has grown through a series of mergers and acquisitions to have one of the
most valuable brands in the mining industry, with a brand value estimated at around 3.4 billion U.S. dollars.
Rio Tinto's financial standing
Rio Tinto has joint head offices in both London, England, and Melbourne, Australia. As of 2023,
Rio Tinto employed over 57,000 employees worldwide. The
company’s revenue in 2023 amounted to 54 billion U.S. dollars, and its net income in that year stood at approximately 10 billion U.S. dollars. The company has operations in many different countries, with
operations in China accounting for the largest share of its revenue.
Rio Tinto's business activities
Although primarily focused on the extraction of minerals, Rio Tinto also has significant operations in refining, particularly for refining
bauxite and iron ore. Accordingly, the largest share of the company’s segmental revenue in 2023 was generated from its
iron ore segment. Going forward, Rio Tinto plans to grow its business by further developing its iron ore business by conducting feasibility studies on iron ore deposits, increasing its copper production in Mongolia, and forming a joint venture in aluminum recycling in North America.
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