Our purpose and values

Our purpose in action

Continuous improvement and innovation are part of our DNA

To ensure we remain strong now and in the future, we’ve been deepening our focus on becoming the best operator in the sector, learning from how we execute of our projects, scaling up our decarbonisation program, and strengthening our work culture.

Straw biomass

BioIron pioneering breakthrough technologies

In 2023, we continued developing BioIron™, which has the potential to reduce CO2 emissions by more than 95% during steelmaking.

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After demonstrating BioIron’s effectiveness in a small-scale pilot plant in Germany in 2023, we are now investing US$143 million to build a research and development facility in Western Australia.

This facility, scheduled for commissioning in 2026, will feature a pilot plant 10 times larger than its predecessor in Germany. It will mark the first opportunity to test BioIron™ at a semi-industrial scale, with the capability to produce one tonne of direct reduced iron per hour. The data we obtain from this project will help us evaluate the potential for scaling up the technology to an even larger demonstration plant.

Jawun

Connecting with Country

In 2023, we commenced cultural immersion secondments with Jawun™, a non-profit partnership program with Indigenous organisations and communities across Australia.

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Tragically, in 2024, Morlaye Camara, an employee from a contracting company died following an incident at Simandou’s SimFer port site. Our deepest condolences go to everyone affected.

The safety of our people is always our number one priority, and this tragedy has taught us lessons we must take on board, everywhere we work. Rio Tinto leaders worked with our partners to conduct a thorough investigation at the port site to understand what led to the event. We have shared the findings and recommendations with our partners and leaders across our company, so they can reflect on how these relate to their own teams and workplaces, and can act upon what we have learned.

As we deliver today and for the future, we acknowledge the risks and challenges of the environments we are working in, and are committed to adapting and improving our approach for specific contexts. We will continue taking the steps needed to achieve high standards of health and safety across all our projects and operations – sharing with, and learning from, our colleagues and partners, as we grow.

Urban development

Accelerating innovation: bringing the outside world in

In 2023, we established an Innovation Advisory Committee, bringing together experts in innovation and research and development.

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However, taking parental leave may be met with mixed feelings, and can be challenging. One of the 26 recommendations of the Everyday Respect Report was to address structural barriers to leadership diversity, which included reviewing our people’s experience in accessing the parental leave we offer. From this, in 2024 we published guidance materials to better support both employees and their leaders, before, during and after parental leave, to help make the transitions positive. The guidance reflects the lived experience of our people, and is designed to help employees and leaders navigate the to-dos, the logistics and the overall journey together. It is one of the ways we are working to remove barriers to inclusion and bring our Everyday Respect priorities to life, and create an environment where everyone, everywhere, feels safe, respected and empowered to have a good day, every day.

Boron renewable diesel

First open pit mine in the world to move to renewable diesel

Our Boron operation in California has fully transitioned their heavy machinery from fossil diesel to renewable diesel.

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Here’s how they did it:

  • Our Safe Production System (SPS) and Asset Management Uplift programs helped the team focus on how they could improve materials handling, throughput and shutdowns.
  • Kaizen (problem solving) best practice events generated ideas to improve plant flow by 6%, to eliminate shutdown losses entirely since March, and have the potential to improve port capacity by 10% by focusing on vessel turnaround time.
  • A site culture that’s committed to solving problems, standardised processes, and building the skills of frontline teams in shutdowns and asset management to achieve predictable performance.
recycled aluminium

Investing in recycled aluminium

We have formed a joint venture with Giampaolo Group to purchase a 50% stake in Matalco. Aluminium is an essential metal needed to decarbonise, but its production requires vast amounts of electricity and accounts for about 3% of the world’s CO2.

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The partnership will help us provide a broader range of high-quality and low-carbon, primary, recycled, and blended aluminium products, at a time when customers are looking for solutions to lower their carbon footprint.

This move follows other recent investments in our aluminium business in North America, including $1.1 billion to expand the AP60 smelter equipped with low-carbon technology, $29 million to establish a recycling facility at Arvida, C$135 million to install a new alumina conveyor at Kitimat, and $188 million to increase our capacity to cast value-added products at the Alma smelter.

Finding better ways speaks to our drive for both innovation and continuous improvement, while also emphasising how solutions are delivered – with impeccable ESG performance. We are striving for new ways to do things, and deeper partnerships to solve problems and to create win-win opportunities. There are already hundreds of examples of how we are doing this. It applies to big, meaningful innovation and smaller everyday progress.”

- Jakob Stausholm, Chief Executive

Becoming best operator with our Safe Production System

Aluminium

8% year-on-year increase in casting operating time at Grande Baie (excluding shutdowns)

Copper

90% record performance of concentrator effective utilisation at Kennecott across Q3 and Q4

Global

25% improvement in AIFR in the second half of 2023 at SPS sites, when compared to the first half

Iron Ore

34% decreased variability in processing operating time year-on-year at Hope Downs

Iron Ore

5Mt year-on-year production uplift at Pilbara iron ore sites, attributable to SPS

Minerals

32% year-on-year improvement in AIFR at Iron Ore Company of Canada

Our purpose #FindingBetterWays

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