19.9 C
Supported byspot_img

Rio Tinto Seeks Approval to Commence Operations at Jadar Mine

Member of Europium Groupspot_img
Supported byspot_img

On Wednesday, Rio Tinto reported a 12% decline in underlying earnings in line with forecasts, but paid a final dividend better than expected as inflationary pressures began to ease. The company also announced that it is seeking approval from the Government of Serbia to launch the Jadar project.

Rio Tinto stated that its underlying earnings amounted to $11.8 billion in 2023, down from $13.4 billion the previous year and in line with expectations, primarily due to lower aluminum prices, as reported by Reuters.

Rio Tinto declared a final dividend of 258 cents per share for the previous year, compared to 225 cents per share in 2022 and exceeding the expected 247 cents. The world’s largest iron ore producer announced that it expects an increase in production costs in the current year, although the worst of the inflationary pressures has likely passed.

Supported by

The company assessed that it remains in a very strong financial position and can afford to continue its growth agenda. In the iron ore division, which contributed about 80% to Rio Tinto’s profit, underlying earnings increased by six percent, surpassing the two percent rise in iron ore prices.

The company anticipates that production costs will rise from $21.50 per metric ton to $21.75 to $23.50, reflecting the delayed effects of inflation.

The Chief Executive Officer of the company, Jakob Stausholm, has maintained the earlier stance that the company is open to small acquisitions and lithium production, despite the drop in lithium prices that has disrupted the company’s estimates. Rio Tinto is currently focused on developing its Argentine Rincon lithium project and seeking government approval for the development of the Jadar mine in Serbia, Stausholm said.

“I have seen that lithium company prices have fallen, but they are still at a high level, so it’s not something I am currently concerned about,” stated the CEO of Rio Tinto.  


Source: Serbia Business


Supported byElevatePR Digital

Related News

Unlocking renewable energy potential: The role of renewable hydrogen in storage and decarbonization

Renewable electricity can be effectively stored by converting it into renewable hydrogen or ammonia through the process of electrolysis. These fuels can be utilized...

Empowering renewable energy: Harnessing the potential of renewable hydrogen for storage and decarbonization

Batteries play a crucial role in providing short-term flexibility to the energy system, offering advantages such as geographical and sizing flexibility. Unlike some other...

Energy storage: Enabling clean alternatives and job creation in coal-dependent regions

Energy storage is particularly relevant to carbon-intensive and coal regions, as it provides a cleaner alternative to hard-to-abate industries and traditional fossil-fuel-powered thermal plants...

Transforming Europe’s energy grid: The essential role of energy storage in the renewable transition

As European countries strive to transform their energy systems, policymakers, regulators and energy sector planning agencies are increasingly faced with complex decisions about developing...
Supported by
Supported by
Supported by
error: Content is protected !!