Consistent Production Growth
Copper equivalent production increased by 1% in 2024, with expectations of a further 4% growth in 2025. This growth is driven by the ramp-up of Oyu Tolgoi and is part of a strategy for a decade of 3% compound annual production growth.
Strong Financial Performance
Despite an 11% lower iron ore price, underlying EBITDA was only down 2% to $23.3 billion. Operating cash flow rose by 3% with a 67% EBITDA cash conversion rate, up from 63% in 2023.
Dividend Stability
The company maintained a 60% payout for the ordinary dividend for the ninth consecutive year, equating to $6.5 billion.
Resilient Cash Flow
Net operating cash flow increased by 3%, supported by stronger performances from the copper and aluminum segments.
Decarbonization Progress
Emissions were reduced by 14% between 2018 and 2024, with significant progress toward the 2030 target to cut emissions by 50%.
Successful Lithium Diversification
The acquisition of Arcadium and the ramp-up at Rincon showcase progress in building a world-class lithium business.