Site menu

Search by ticker code:
Generic filters


Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Rio Tinto (ASX:RIO) share price drops on mixed March 2024 update

The Rio Tinto Ltd (ASX: RIO) share price is down after the miner revealed its quarterly update for March 2024.

March 2024 quarterly update

The miner reported it lost four Diavik colleagues and two airline crew members in a plane crash in January.

In terms of the production, it revealed how it performed for its main commodities.

The Pilbara iron ore production was 77.9mt for the first quarter of 2024, which was down 2% year on year and down 11% quarter on quarter. The performance of its iron ore division is normally a key influence on the Rio Tinto share price.

Bauxite production was 13.4mt, which was up 11% year on year and down 11% quarter on quarter.

Aluminium production was 826kt, this was up 5% year on year and down 2% quarter on quarter.

Mined copper was 156kt, which was an increase of 7% year on year and down 3% quarter on quarter.

The titanium dioxide slag production was 254kt, down 11% year on year and down 8% quarter on quarter.

Rio Tinto said it delivered stable operating results in the first quarter as it navigated “seasonal challenges” across its global operations.

It’s focused on growth with energy-transition commodities, with the ramp-up at (Mongolian copper mine) Oyu Tolgoi underground, the first full quarter of recycled aluminium production from Matalco and further progress at Simandou (a high grade iron ore project in African country in Guinea).


The large miner said it continues to decarbonise its operations, with power purchase agreements signed, marking a “significant step towards a competitive renewable energy solution” for its Gladstone operations.

Rio Tinto is also working with BHP Group Ltd (ASX: BHP) and BlueScope Steel Limited (ASX: BSL) to investigate the development of Australia’s first electric smelting furnace pilot plant, which is progressing its work on steel decarbonisation.

Final thoughts on the Rio Tinto share price

The business didn’t change its 2024 guidance, which includes iron production of between 323mt to 338mt and mined copper production of between 660kt to 720kt.

In the last few weeks, the Rio Tinto share price has recovered close to its 52-week high, so I wouldn’t call this a cheap time to buy. The valuation doesn’t make a lot of sense to me considering the iron ore price is still below US$110 per tonne.

For now, I think there are other ASX dividend shares that could make a better buy.

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.
Skip to content