Oyu Tolgoi on track for >50% increase in copper production

Rio Tinto’s Kennecott Copper mine continues to successfully navigate through challenging geotechnical conditions in the south wall of the mine with minor resequencing. YoY lower production is due to lower concentrate stockpiles driven by geotech issues which accelerated in Q2 2024.

Seasonal tidal swells impacted shipments from Escondida in Q1, which had a knock-on effect through the value chain given stockpile capacity at the port. This resulted in lower throughput and lower concentrate production, alongside a nationwide blackout in February. YoY higher copper concentrate production was mainly due to higher ore grade feed, driven by a change in mine sequence.

At Oyu Tolgoi copper mine, March was a record production month:

◦ underground mine continued to set material handling records achieving average of 28ktpd

and record highs of 45ktpd.

Q1 production fell marginally due to lower mill feed given planned maintenance activity at the underground mine and concentrator in January and February, respectively. YoY production is on track for >50% increase in production, with growth weighted to the second half of the year when concentrator conversion is fully commissioned and primary crusher 2 is complete.

Project ramp-up remains on track to reach an average of 500 thousand tonnes of copper per year (100% basis and stated as recoverable metal) for the underground and open pit mines for the years 2028 to 2036, intensifying its work with all stakeholders towards a longer-term solution for mining in the Entrée joint venture area (which is within Panel 1).