有色金属：海外季报：力拓 2024Q4 氧化铝产量同比增加 4%至 199.2 万吨，原铝产量同比减少 1%至 83.7 万吨，矿产铜权益产量同比增加 23%至 17.98 万吨

Industry Investment Rating - The industry is rated as "Recommended" [4] Core Views - Rio Tinto's 2024Q4 alumina production increased by 4% YoY to 1,992 thousand tons, while primary aluminum production decreased by 1% YoY to 837 thousand tons [1] - Mined copper production increased by 23% YoY to 179.8 thousand tons, and refined copper production increased by 42.27% YoY to 68.7 thousand tons [3] - Pilbara iron ore production in 2024Q4 was 86.5 million tons (Rio Tinto share: 73.6 million tons), a 1% YoY decrease but a 3% QoQ increase [6] - Diamond production at Diavik increased by 18% YoY and 43% QoQ to 775 thousand carats [7] - Rio Tinto completed the acquisition of Sumitomo Chemical's 20.64% stake in New Zealand Aluminium Smelters, now fully owning the Tiwai Point smelter [3] 2024Q4 Production Summary - Bauxite production: 15,412 thousand tons, up 2% YoY and 2% QoQ [1] - Alumina production: 1,992 thousand tons, up 4% YoY and 13% QoQ [2] - Primary aluminum production: 837 thousand tons, down 1% YoY but up 3% QoQ [2] - Mined copper production: 179.8 thousand tons, up 23% YoY and 19% QoQ [3] - Refined copper production: 68.7 thousand tons, up 42.27% YoY and 26.32% QoQ [3] - Pilbara iron ore production: 86.5 million tons, down 1% YoY but up 3% QoQ [6] - IOC pellet and concentrate production: 2.5 million tons, down 6% YoY but up 20% QoQ [6] - Borates production: 132 thousand tons, up 18% YoY and 5% QoQ [6] - Titanium dioxide slag production: 235 thousand tons, down 14% YoY and 11% QoQ [6] - Diamond production: 775 thousand carats, up 18% YoY and 43% QoQ [7] 2024 Full-Year Production Summary - Bauxite production: 58,653 thousand tons, up 7% YoY [8] - Alumina production: 7,303 thousand tons, down 3% YoY [9] - Primary aluminum production: 3,296 thousand tons, up 1% YoY [9] - Mined copper production: 697.1 thousand tons, up 11% YoY [9] - Refined copper production: 248.3 thousand tons, up 41.97% YoY [9] - Pilbara iron ore production: 328.6 million tons, down 1% YoY [10] - IOC pellet and concentrate production: 9.4 million tons, down 2% YoY [11] - Borates production: 504 thousand tons, up 2% YoY [12] - Titanium dioxide slag production: 990 thousand tons, down 11% YoY [12] - Diamond production: 2,759 thousand carats, down 17% YoY [12] 2025 Production Guidance - Pilbara iron ore shipments: 323 to 338 million tons [30] - Bauxite production: 57 to 59 million tons [30] - Alumina production: 7.4 to 7.8 million tons [30] - Primary aluminum production: 3.25 to 3.45 million tons [30] - Mined copper production: 780 to 850 thousand tons [30] - Refined copper production: 230 to 260 thousand tons [30] - Titanium dioxide slag production: 1.0 to 1.2 million tons [30] - IOC pellet and concentrate production: 9.7 to 11.4 million tons [30] - Borates production: ~0.5 million tons [30] Investment, Growth, and Development Projects - Exploration and evaluation expenditure in 2024: $935 million, with 36% allocated to copper, 25% to core exploration, and 23% to minerals (mainly lithium) [16] - Western Range iron ore project: Over 90% complete, with first ore expected in H1 2025 [17] - Oyu Tolgoi underground project: First ore delivered to surface in October 2024, with commissioning expected in Q2 2025 [18] - Simandou iron ore project: First production expected in 2025, with annual production to reach 60 million tons within 30 months [19] - AP60 aluminum expansion in Quebec: On track, with 96 new AP60 pots to be added by end-2026 [20] - Kennecott North Rim Skarn project: Production expected to start in mid-2025, with annual production of 250 thousand tons by 2033 [21] - Rincon lithium project: First lithium produced in November 2024, with full commissioning expected in Q1 2025 [23] - Acquisition of Arcadium Lithium: Expected to close by mid-2025, pending regulatory approvals [24]