Rio Tinto has significantly increased its spending with Australian businesses, with expenditure on Indigenous suppliers growing at a faster rate than other national and local suppliers in 2024.
The Pilbara-based iron ore titan strengthened its support for national and local suppliers, including Indigenous enterprises, surpassing $17.7 billion last financial year, a 9.9 per cent year-on-year rise that benefitted more 6,000 suppliers across the country.
A key focus of Rio's expenditure bump was on Indigenous businesses, with more than $926 million allocated to 182 suppliers across Australia, a 27 per cent increase on 2023.
Of the company's almost billion-dollar spend, $671m was directed to Traditional Owner businesses which Rio Tinto hold Indigenous Land Use Agreements with, directly enhancing the economic vitality of the communities it operates across.
Rio Tinto's expenditure with local suppliers across Australia rose by 14.8 per cent to $1.3b and its Australian chief executive Kellie Parker said Indigenous companies, along with small and regional businesses, were central to the miner's success and ability to operate in Australia.
"We recognise the important role these Australian businesses play in creating jobs, strengthening local economies and supporting our operations," she said.
"That's why we continue to increase our investment with them … Their contributions help keep local communities strong.
"Our Indigenous partnerships drive economic growth and strengthen the communities they serve."
Rio Tinto's procurement, training and other significant Indigenous-focused services across the business was enhanced in February when it announced First Nations rights and a more equitable for communities from the clean energy transition was at the heart of a new global research centre it established in London.
The Rio Tinto Centre for Future Materials would engage Australian National University with researchers and industry bodies from across the world.
Yawuru man and ANU First Nations vice-president Peter Yu said global centre – which Rio has invested $US150m across the next 10 years – would be transformative in helping the world reach net zero by 2050.
"It is exciting to be bringing together expertise from across a range of societal, Indigenous, environmental, scientific, social scientific, and technological perspectives," he said.
Imperial College London would act as lead at the centre, in collaboration with other global institutions, including The University of British Columbia, Vancouver, the University of California, Berkeley and the University of the Witwatersrand in Johannesburg.
