Rio Tinto update July 29th, 2026
ISIN: PLC GB0007188757, Ltd AU000000RIO1
Rio Tinto is a very profitable stable mining company with revenues of 60 bn$/yr. and a strong emphasis on iron ore. More than 1/2 of the revenues and the majority of the profits of Rio is generated by iron ore mining in Australia. The remainders are the copper and aluminium & lithium business. The aluminium business has usually the lowest profit margin. The company is a dual national company listed at at the LSE and Australia.
The business model of Rio is simplified to produce 280M tons of iron ore in Australia for 23.5$/ton and sell it to the Chinese for >80$/ton. This is a bonanza. (In 2025 the av. realized price was 90$/ton) Rio Tinto operates an integrated network of 17 iron ore mines, four independent port terminals, a rail network spanning nearly 2000km and related infrastructure in Western Australia.
BHP and Rio Tinto have announced plans to collaborate on mining up to 200 million tonnes of iron ore at their neighbouring Yandicoogina and Yandi operations in the Pilbara region. The partnership is guided by two non-binding memoranda of understanding (MOUs) that will explore collaboration on Rio Tinto’s Wunbye deposit and the potential for BHP to supply ore from its Yandi lower channel deposit to Rio Tinto for processing at existing wet plants under agreed commercial terms.
This is not a recommendation or proposal to do anything. The data written in this article is not guarranteed. It is my private personal opinion. I`m not independing as I own a position of Rio Tinto shares.
Opportunities and Risks
In H1/26 Rio Tinto increased volumes and profits significantly. The Iran war played a small role in the aluminium business.
The main product of Rio is iron ore that dwarfs all other businesses. The remainder are side dishes. It is as well the most profitable product of Rio. In 2026 the production costs are estimated to 25$/ton. The transportation costs 15$/ton from Australia to China. The average realized price 92,6$/dry dwt. Most of the iron ore is sold to China. Rio`s iron ore production is stagnating while the competitors as BHP increased its production from 240 M tons 2013 to 280tons actually aiming for 330 M tons in the next couple of years passing Rio (78).
Copper seem to achieve an even higher profitability than iron ore. The C1 net cost estimate for 2026 is at 30 - 50c/lb. Copper is trading at 630c/lb. That means the actual profitability of the copper business is higher than that of the iron ore business. Copper will become the second pillar of Rio.
Rio bought Arcadium Lithium for $US6.7 billion and beecame the 3rd biggest lithium miner in the world. There are plenty of lithium projects in the world. Rio aims to grow the capacity of its Tier 1 assets to over 200,000 tonnes of lithium carbonate equivalent per annum by 2028. It is perhaps not the best decision. The "transition" as dreamed by woke fat cat managers left wing politicians and journalists might not happen or at least not in the speed these poeple dream. Lithium demand and prices might not develop as dreamed. It might have been better to invest the capex in more profitable assets.
The majority of Rio`s underlying profit is from iron ore while the majority of capex is spend on other businesses.
China’s crude steel production in 2025 was at 960m tons slightly below 1Bt it produced the 5 years before.
As China built up its infrastructure it is likely that the chinese steel demand will stagnate in the future. Steel demand and thus iron ore demand will increase again when India, Bangladesh, Indonesia will develop their infrastructure and thus increase their steel demand in a chinese manner.
The main risk is the dependence on China. China did already arrest Rio managers in China years ago as there was a dispute on Rio`s iron ore pricing politics. Actually it looks like iron ore demand from China may stagnate in the future.
Rio spending on capex increase in the last 6 years due to huge projects in Simandou, Oyu Tolgoi from about 6 to 12 bn$. 1/2 bn $ is spent annually for green nonsense with strong tendency to increase. That means it seems likely Rio will more than replace the depletion of its reserves by mining and increase its production despite ideological investments.
A main reason to buy in Rio is the shareholder friendly dividend It is paid out 100% as the share is registered in the UK.
A main challenge for Rio is the green woke politics of the Albanese government. It had to write off 1.7bn$ on its aluminium refineries due to costs of the Australian carbon emission reduction scheme (81).
Rio does not always follow the business logic. The highly profitable coal business which was a diversification from the dependence on the iron ore business was divested. Rio divested its uranium business (1)(7). The uranium business was like the coal business divested in an environement of low prices which means Rio did not get a lot for it. I assume that pressure from Blackrock?? and green comunist groups (climate hoax?) did motivate Rio to do this steps against business logic. A more hungry Management would be an opportunity.
Rio did as well increase the number of female board members as part of a gender initiative to please left ideologic investors (54).
Example Rio Tinto’s smelters, its Boyne and Tomago operations in Australia run off coal-based electrical grids, posing one of the biggest hurdles to Rio Tinto’s push to halve emissions by 2030. Last year, the company kicked off a process of seeking bids to develop four gigawatts of wind and solar farms, backed up by “firming” assets such as big batteries or gas, to decarbonise its Pacific Aluminium division. (80). The main point is the cost impact of this purely (green) religion based activity. It is very questionable if these smelters can remain cost competitive with a ideology/religion dominated energy supply.
Observations
Rio Tinto iron ore chief executive officer (CEO) Simon Trott has been chosen to succeed Jakob Stausholm as the company’s CEO from August 25.
Rio is like many other companies affected by NGO that buy a few shares, forward bids to decrease CO2 emissions of Rio and its chinese customers (24). Left media gives such events a lot of attention. The spending for green nonsense "In addition, our guidance includes around $1.5 billion over the next three years on decarbonisation projects, mainly relating to repowering the Pilbara: this will accelerate from 2025, bringing our best estimate to around $7.5 billion, in aggregate from 2022 to 2030. " The spending on green nonsense increases dramatic.
A potential reason for the strong woke and ESG orientation of Rio is the high share of woke institutional investors in the Rio shareholdership.
Main Projects
Iron Ore
Project Capex Rio share Capacity Location Start Production
Western Range Rio (54%) 1.3 bn$ 25 Mtpa WA Rampung-up prod.
Brockman Syncline 1 100% 1.8 bn$ 34 Mtpa WA 2027
Hope Downs 2 Rio. 50% 0.8bn$ 31 Mtpa WA 2027
Simandou 6.2 bn$ 27 Mtpa (Rio) Guinea Ramping-up prod.
It seem that Rio will keep its production capacity for the foreseeable future
Aluminium
AP60 alu smelter 100% 1.3bn$ 160kt/pa Quebec 2026
Copper
Oyu Tolgoi UG Rio 66% 7.06bn$ 500ktpa total Mongolia 2028
Kennecott open pit ext. 100% 1.8bn$ Utah 2026
Kennecott North Rim 100% 0.6bn$ 250ktpa Utah 2025
Lithium
Rincon expansion 100% 2.5bn$ 60ktpa LCE Argentina 2028
Fenix expansion 100% $0.7bn 10ktpa LCE Argentina 2026
Sal de Vida 100% $0.7bn 15ktpa Argentina 2026
Nemaska Li 50% $1.1bn 28kpta Quebec 2028
Future Projects
Rhodes Ridge 50% 40 Mtpa WA Next decade
Greater Nammuldi & W Angelas
Resolution 55% Arizona
Winu Copper 70% WA
Cajamarca (45%) large undeveloped copper deposits Peru
Jadar Li 100% Underground mine stuck in the politics
Simandou is a big iron ore deposit with estimated resources of 10bn tons of minable ore is situated in Guinea (West Africa. The ore contains 66% iron and 0.05% Phosphorus which is better than the Pilbara ore. The potential production is estimated to 200 M tons/yr. It is now ramping up production over 30 months. In Q4/25 Rio produced 2.3m tons of ore in Q1/26 0,6m tons. Rio Tinto is participating with Aluminium Corp of China in 2 blocks 3 and 4 with a potential production of 60M tons/yr -> Rio`s share is 27 M tons/yr.) ).
https://www.youtube.com/watch?v=2A6XyGKXJeg
BS1 Rio Tinto is set to invest $US1.8 billion ($2.8 billion) to develop the Brockman Syncline 1 (BS1) project in the west Pilbara region of Western Australia. Rio Tinto is set to invest $US1.8 billion ($2.8 billion) to develop the Brockman Syncline 1 (BS1) project in the west Pilbara region of Western Australia. It will have the capacity to process up to 34 million tonnes of iron ore per annum
Rhodes Ridge is the next iron ore project to replace the depleting reserves of the existing iron ore mines. Rio will spend > 400M$ in the next 5 years in the exploration of it. (84). The site contains 6.8 billion tonnes of mineral resources with a potential production of 100Mt of ore/yr. The feasibility study is expected to conclude in 2029.
Western Range iron ore project in Western Australia, a joint venture between Rio Tinto (54%) and China Baowu Steel Group Co. Ltd (46%) in the Pilbara to sustain production of the Pilbara Blend. Approved in September 2022, the mine will have a capacity of 25 million tonnes per year. It ramps-up in 2026.
Oyu Tolgoi copper and gold mine is a combined open pit and underground mine in Mongolia. The open pit is already in production the underground part is ramping up till 2028 . In 2024, 6.5 million tonnes of ore milled from the underground mine at an average copper head grade of 1.94% and 34.5 million tonnes from the open pit with an average grade of 0.39% were produced. There is always trouble with the Mongolese political system (from (60)(71)). Actually (march 26) the Mongolian Government demand again changes in the business model. The main question is if western miners with its compliance rules can make business in the future in such countries or is it chinese, russian miners only.
The Resolution Copper Project in Arizona contains about 18m tons of copper in 2000m depth. It should produce 1/2 million tons of copper annually - about 3bn$ revenues/yr over 40 years is a major project (29). 1 bn$ already spent. It is a 55% Rio/45% BHP project in its permitting phase since > 10 years. It is blocked since long by left groups plus left wing law makers. It seem the new Trump admiinistration cleared the path. A new drilling program started.
The Winu copper exploration project in the Paterson province in the state’s north in Australia is very promising. Rio reports an inferred mineral resource for Winu of 503M metric tons of ore grading at 0.45% copper equivalent and includes a higher-grade component of 188M tons of ore with a 0.68% copper grade (59). Total 3.5 mio. tons of copper. That is an annual production of 150.000tons for 20 yrs.
A Lithium project Yadar is studied near the town of Loznica, in western Serbia. It was foreseen for start-up in 2023. In the meantime the Serbian government has revoked all licenses and returned again. It is a political mess.
Rio purchased the Rincon project from Rincon Mining for $825 million in December 2021. It is located in the Salta Province of Argentina, Rincon is a large undeveloped lithium brine project that has the potential to be a long-life, scaleable resource capable of producing battery-grade lithium carbonate. Expansion of the Rincon project in Argentina to 60,000 tonnes per year of battery grade lithium carbonate. Approved in December 2024, construction of the expanded plant is scheduled to begin in mid-2025, subject to permitting. First production from the expanded plant is expected in 2028 followed by a three-year ramp-up to full capacity
In the long run, 8 - 10 years, the La Granja project in Peru might become a major copper asset for Rio (see news).
The Paterson copper/gold project in Australia is in a early stage,
Rio Tinto bought the lithium producer Arcadium Lithium - the 3rd. biggest in the world with operations in Argentina and Australia for 6.7bn$
Main Competitors
BHP Group and Vale
Some Numbers
Quarterly Production
Annual Production
Rio Tinto has 2 different shares listed at the stock exchanges in London and Sydney
Shareholders (Annual Report 2025)
based on USGS 2026 data
Biggest primary aluminium producers by CompanY`s 2021:
- Chinalco, China, 6.7 M tons
- Hongqiao, China, 5.7 M tons
- Rusal, Russland, 3.8 M tons
- Xinfa, China, 3.6 M tons
- Rio Tinto Alcan, Canada, 3.2 M tons
- Alcoa, USA, 2.2 M tons
- SPIC, China, 2.4 M tons
- EGA, UAE, 2.5 M tons
- East Hope, China, 2.2 M tons
- Norsk Hydro, Norway, 2.2 M tons
By countries 2021
- China: 39 M tons, Capacity 40 M tons
- India: 3.9 M tons, Capacity used
- Russia: 3.7 M tons, capacity 4 M tons
- Kanada: 3.1 M tons, capacity 3.2 M tons
- UAE: 2.6 M tons, capacity used
- Australia: 1.6 M tons, capacity > 1.7 M tons
- Bahrain: 1.5 M tons, capacity used
- Norway: 1.4 M tons, capacity > 1.5 M tons
- USA: 880.000 tons, capacity >1.7 M tons
- Island: 880.000 tons, capacity used
About 35% of the alu is used in the motor vehicle industry, about 25% in construction.
Some Comments
Rio Merger with Glencore
Rio Tinto is in take over discussion with Glencore. From my point of view these company`s doesn`t fit at all together. Rio Tinto is a miner and Glencore is a trader. The assets of Glencore including the copper assets are underinvested since 2015 and of lower value. Glencore needs plenty of capital to develop new copper mines as presented some weeks ago. Rio Tinto is in a financial sound position. But it would create a very complex conglomerate with Copper, iron ore, coal, aluminiumm, zinc, nickel, chromium, lithium assets, a trading arm distributed all over the world. Many analysts assume that the new company would sell the coal assets. But due to ideology the sales prices for coal assets are extremly low. A merger would not create value.
Rio`s Nonsense Projects Nov. 30, 2022
Rio Tinto will invest a further $600 million in renewable energy assets in its Pilbara Western Australian iron ore operations. The investment will fund the construction of two 100MW solar power facilities as well as 200MWh of on-grid battery storage in the Pilbara by 2026. In total Rio is going to invest 1/2 bn$ annually in green nonsense.
Rio`s Failed Projects March 30, 2022
My assumption is that Rio has capable engineers and technical managers that can develop a multi billion $, multi decade project better than most of their competitors.
Some News
2026/30/01 Rio and Chalco (China) buy some 68,6 % of the Brazilian aluminium producer CBA will own 67% of this share and Rio 33%. Rio will pay 298m$ for its share. CBA operates 21 hydro power plants with 1600 MW, It produces 2 m tons of bauxite, 0.8m tons of alumina refinery and a 0.4m tons alu smelter.
2025/26/08 Fortescue is the iron ore producer with the lowest costs. C1 costs of $US17.99 per wet metric tonne.
2025/16/05 Rio is making its largest single investment in its hydroelectric assets since the 1950s, investing $US1.2 billion into the The Isle-Maligne hydroelectric power plant in Quebec. The plant will become refurbished (86).
2024/10/09 Rio bought the lithium producer Arcadium Lithium for 6.7bn$ (85).
2023/09/11 Rio Tinto has aquired the PanAmerican Silver’s stake in Agua de la Falda. The major also started a joint venture with Codelco to explore and later develop the Codelco assets in Chile’s Atacama region. Rio payed $45 M and got a 57.74 per cent operating stake in Agua de la Falda and the grant of net smelter returns royalties.
2022/18/07 Oyu Tolgoi Underground was estimated to cost 5.3 bn$ and ready to produce in 2021 (2015). Today cost estimates have risen to 7.1 bn$. The production will start 2024 and get to full capacity in 2028 (77).
2022/20/06 Rio Tinto and its partners now have under two weeks to finalise a joint venture regarding the iron ore mine or risk losing their mining licences
2022/15/06 Rio Tinto has delivered first ore from the Gudai-Darri iron ore mine. The Gudai-Darri mine has an expected life of more than 40 years and an annual capacity of 43 million tonnes. The capital cost for the mine is estimated to be $4.3 billion. (75)
2022/14/06 The Western Australian Environmental Authority (EPA) has approved Rio Tinto applications to expand the iron-ore hub in the Paraburdoo region of the Pilbara. New deposits will be developed at Western Range (74).
2022/03/05 Rio Tinto has executed two agreements with DiscovEx Resources that will give the company the option to acquire the iron ore rights of four tenements within the Sylvania project in Western Australia for 9.3 M$. (73)
2022/28/03 Guinea government stopped the Simandou project for a couple of weeks and renegotiated the contracts. Guinean Government had negotiated 15% stakes in the rail, port and mines, with new infrastructure to become state property once it’s up and running. (72)
2022/25/01 Rio and its subsidiaries have agreed to waive a $US2.4 billion debt the Mongolian government owed after Rio and its subsidiaries covered the developing nation’s share of construction costs over the past decade.
2022/21/01 Serbian government has revoked all licenses related to Rio Tinto's planned lithium mine, after the company pushed back the timeline for first production at the $2.4B project. (70)
2021/21/12 Rio Tinto announced plans to acquire the Rincon lithium project from private equity investors at Sentient Equity Partners for $825m. (69)
2021/17/12 Rio Tinto psuspended the project for the Serbia lithium mine suspended (68) after protests organized by green NGO.
2021/13/09 The US congress plans a bill to block the Resolution copper mine (65)
2021/03/08 Rio Tinto has spent over $500 million to develop the Greater Tom Price iron ore operations in Western Australia’s Pilbara region (62).
2021/02/08 The Mongolia seeks deal with Rio Tinto to end Oyu Tolgoi expansion
Crazy politics is not a privilege of saturated western countries but as well wellknown to other parts of the world.
I do not know what is the real intention behind this step that would cause a lot of damage to Rio and as well Mongolia. Perhaps they got hungry eyes and wish to renegotiate and get even better conditions (Usually governments go for such steps when the project already generates a positive cash flow)?
It remembers me very much on the African cycle as mentioned in earlier comments on this subject.
The african cycle....A new government comes to power...attracts foreign investors...the investor invests in the
business....the business turns profitable and generates a nice cash flow...the government gets hungry eyes....the
governments puts obstacles on the business...the investor gives up...a local (friend of the government) takes
over...manages down the business...the business gets idle....The cycle can start again.
2020/03/16 Rio Tinto that underground work - mine expansion - has been slowed at its Oyu Tolgoi project in Mongolia due to restrictions that Mongolian authorities have put in place to contain the spread of the coronavirus. Government restriction on expats.
2020/02/18 Rio Tinto reduced its iron ore production guidance for 2020 to 324M-334M metric tons 2020, down from previous guidance 330M-343M mt. (53)
2019/11/27 and 2019/12/03 Rio Tinto and First Quantum Minerals had early stage talks about a development of La Granja, one of Peru's biggest untapped copper projects. Rio won the right to develop La Granja in 2005 but has not made a final investment decision; although the project has the potential to be one of the world's biggest copper mines, the deposit is rich in arsenic, so the material would need to be processed before being sent to smelters(50). Other issues are the scarcity of water in the region that is needed for processing and a resisting local population (51). Perhaps it will need as well additional infrastructure as the area is 1000 Km away from the capital.
2019/11/22 The Oyu Tolgoi copper mine is owned by the Turquoise Hill Resources 66% - Rio owns a majority of it - and the Mongolian government that owns 34% under investment terms agreed in 2015. Mongolian lawmakers approved plans to revise the deal, hoping to add benefits for ordinary citizens (themselve?). The recommendations approved by parliament include replacing the 34% interest with a special royalty and bringing forward the date - currently set at 2041 - when Mongolia begins receiving dividends.
I love socialist governments that change laws with backwardation!
2019/11/05 Rio Tinto completes Oyu Tolgoi Shaft 2 construction
2019/06/25 The Norway's $1T wealth fund can invest again in RIO after its exclusions from the fund's investments on ethical grounds was revoked. The fund, one of the world's largest investors, has an ethical mandate set by parliament and is not allowed to invest in companies that produce nuclear weapons, cluster munitions and tobacco, among other ethical (ideologic and green religious) criteria.
2019/06/20 The September iron ore contract on the Dalian Commodity Exchange settled +3.9% to $121.01/ton. - the highest level since 2013. Spot prices of iron ore for delivery to China were at five-year peaks of $114/ton for the 62% grade, $128 for the 65% grade, $102 for the 58% grade, and $82.50 for the 52% grade, according to SteelHome consultancy(38).
2019/06/19 According to analysts an iron ore deficit of 100.4 million tonnes (Fe) is predicted in 2019 and 57 million tonnes in 2020. The price of iron is now above 100$/ton (62% Fe). This deficit is going to drain stockpiles and create a structurally tighter market for several years until new production comes online (from 36). My personal assumption is that the iron ore market most probably in a surplus 2021 when the brazilian mines come back to full production. Till then Rio will earn an awful lot of money.
2019/05/17 Iron ore price hits five-year high after Vale warns of dam risk. The price of iron ore pushed past $100/mt for the first time since May 2014. Reasons are a reduced supply from big miners and strong steel demand from China (35)
2019/04/16 Iron ore production fell in Q1/19 to 76M mt. Q1 copper production rose 3% Y/Y to 143.9K mt, aluminum output was stable at 796M mt and bauxite production improved 1% to 12.76M mt.
2019/04/10 Chinalco the biggest shareholder voted against a resolution to repurchase shares at the miner’s annual general meeting today in London. The reason for ACH's vote against the resolution - which passed in a close vote - is not clear, but if the firm's stake rises above 15%, it would breach a threshold agreed with the Australian government and could be forced to sell shares (28)
2019/04/09 Rio Tinto global tax payments 2018, total $6.6 billion of taxes and royalties, up from $5.1 billion in 2017. Australia $4.8 taxes. The remainder was accounted for by Canada ($386 million), Chile ($332 million), the United States ($331 million), Mongolia ($308 million), Europe ($146 million) and Africa ($132 million).
Rio Tinto announced that it had completed the sale of its entire interest in the Grasberg mine in Indonesia as part of a series of transactions involving Inalum (PT Indonesia Asahan Aluminium (Persero)), Indonesia’s state mining company, and Freeport McMoRan Inc. Total proceeds from the transaction were $3.5 billion, including $0.1 billion for the 2018 attributable metal share of 25.9 thousand tonnes of copper and 266.7 thousand ounces of gold, net of the capital contribution for the year. (23)
Vale said yesterday (Jan 29, 2019) it would take as much as 10% of its output offline as it decommissions a total of 19 dams over three years, a move that would cut up to 40M tons of iron ore production this year.(22) It is nearly 3% of the annual iron ore production.
Rio has to close down the Ranger uranium mine starting end of 2020 as the Aborigines does not extend the mine operation permission bejond begin of 2021. It produced 2000to UO2 in 2018. That means revenues of 220 mio. $ (contract prices). Ranger’s rehabilitation program requires a further $296 million, taking the initial provision from $512 million up to $808 million (16).
Due to a requirement of the mongolian government Rio is asked to etablish a power plant for its large copper mine in Mongolia. The construction at the 300 megawatt plant for Oyu Tolgoi is scheduled to start in 2020, and commissioning is expected mid-2023.(14)
Rio plans a going public for the Canadian iron ore mines in H1 2019. The target value of this business is about 4 bn$ (13).
Rio sold its stake in the Grasberg mine in Indonesia due to a pressure from the government for a nationalization for 3.5 bn$. (12)
Rio sold its European Alu smelters, France, Island. I assume that their cost competitivness is lower than the Canadian operations (11).
Old Stuff
The Oyu Tolgoi mine in Mongolia is an ongoing headache for Rio. Since a couple of years Rio is in trouble with the Mongolian government. The government is putting one additional demand after the other (67). Rio and its subsidiaries "agreed" to waive a $US2.4 billion debt the Mongolian government owed after Rio and its subsidiaries covered the developing nation’s share of construction costs over the past decade. I guess that the compliance rules does not allow Rio to smoothen the relation to the government. The risk is that Mongolia will block the mine completly (26). I would not be astonished that the government will add additional demands as soon as the mine generates a significant positive cash flow. Actually the copper/gold grades of this mine of 0.46% Q2/19 vs. 0.57% in Q1/19 and gold head grade of 0.31g/t vs. 0.58g/t in Q1/19 (44) seem not outclass other mines. It seems questionable if it justifies the political risk. It might be better if Rio will sell this headache to the Chinese. The Chinese have a much better position in such a game.
Take Over Bid for Turquise Hill (Oyu Tolgoi) March 19,2022
If to bid for the remaining Turquoise Hill Resources shares at all it would be better to wait until the government of Mongolia is making a next step changing the rules in its favor. The political risk becomes more visible.
Anyway I would prefer Rio to sell its stake to Chinese miners* rather than increasing its share in this cash drain.
The Mongolian Government did already change the conditions to its favor. Turquoise hill had to waive a $US2.4 billion debt the Mongolian government owed after Rio and its subsidiaries covered the developing nation’s share of construction costs over the past decade.
The Mongolian government demanded Rio to build its own coal power plant 0.95 bn$ to power this mine (It is difficult for Rio and its ESG nonsense to communicate it) to replace electricity supplied by China.
I would not be astonished if the Mongolian Government will change the conditions further latest when this mine will generate a posititve cash flow.
From a technical point of view Oyu Tolgoi Underground was estimated to cost 5.3 bn$ and ready to produce in 2021 (2015). Today cost estimates have risen to 7.1 bn$. The production will start 2024 and get to full capacity in 2028 (77).
The question ist if Rio will ever earn money with Oyu Tolgoi.
*Mongolia is encircled by China and Russia. These countries have similar business habits as Mongolia. It would be easier for Chinese miners to deal with the Mongolian government.
Some References
(87) 2025, Aug, 26th 2025 https://www.australianmining.com.au/fortescue-posts-5-2-billion-profit/
(86) 2025, may 16th https://www.australianmining.com.au/rio-celebrates-largest-hydroelectric-investment-in-over-seven-decades/
(85) 2024, oct. 9th https://www.miningweekly.com/article/rio-tinto-locks-in-lithium-future-with-67bn-counter-cyclical-deal-2024-10-09
(84) 2023, dec. 5 https://www.australianmining.com.au/rio-pushes-for-new-iron-ore-mine/
(83) 2023, nov. 9 https://www.australianmining.com.au/rios-new-copper-deal/
(82) 2023, Sept. 20 https://www.mining-technology.com/news/rio-tinto-iron-guinea/
(81) 2023, July 29 https://www.mining-technology.com/news/rio-tinto-writes-off-aluminium-refineries/#catfish
(79) 2022, nov. 30 https://www.australianmining.com.au/news/more-rio-tinto-investment-in-pilbara-renewable-energy/
(78) 2022, oct. 5 https://www.australianmining.com.au/news/bhp-looking-at-higher-iron-ore-output/
(77) 2022, July 18 https://www.mining-technology.com/news/rio-tinto-costs-oyu-tolgoi/
(76) 2022, June 20th https://www.australianresourcesandinvestment.com.au/2022/06/20/rio-tinto-given-14-day-ultimatum-at-simandou/
(75) 2022, June 15th https://www.australianmining.com.au/news/gudai-darri-iron-ore-heads-to-port/
(74) 2022, June 14th https://www.australianmining.com.au/news/rio-given-nod-to-expand-pilbara-iron-hub/
(73) 2022, May 3rd https://www.australianresourcesandinvestment.com.au/2022/05/03/rio-tinto-expanding-pilbara-iron-ore-footprint/
(72) 2022, March 28th https://stockhead.com.au/resources/ground-breakers-rio-tintos-simandou-development-is-back-on-the-cards-after-guinea-deal/
(68) 2021, Dec. 17 https://www.theguardian.com/environment/2021/dec/16/serbia-blocks-rio-tintos-plan-to-mine-lithium-after-protests
(66) 2021, Sept 28 https://www.theafricareport.com/86786/guinea-china-negotiations-turn-complicated-over-simandou-iron-ore-project/
(64) 2021, Sept. 6th https://www.fool.com.au/2021/09/06/rio-tinto-asxrio-share-price-stumbles-on-geopolitical-instability/
(63) 2021, June 2 https://www.australianmining.com.au/news/australian-commodity-outlook-shines-into-2030/
(62) 2021 March 8, https://www.australianmining.com.au/news/rio-tinto-spends-additional-500m-at-tom-price/
(60) 2020 Dec, 16 https://www.miningweekly.com/article/oyu-tolgoi-underground-planned-for-2022-2020-12-16/rep_id:3650
(56) 2020 Feb. 27 https://www.australianmining.com.au/news/rio-tinto-zeros-in-on-copper-projects/
(55) 2020 Feb 26 file:///C:/Users/holge/Downloads/RT-Annual-results-2019-slides.pdf
(54) 2020 Feb 23 https://www.irishtimes.com/business/energy-and-resources/rio-tinto-looks-to-diversify-board-with-addition-of-more-women-1.4181013
(52) 2020, Jan. 17 https://www.investegate.co.uk/rio-tinto--rio-/rns/rio-tinto-fourth-quarter-production-results/202001170700050969A/
(51) 2019, dec. 3 https://www.nsenergybusiness.com/features/la-granja-peru/
(50) 2019, nov. 27 https://seekingalpha.com/news/3522513-rio-tinto-first-quantum-talks-peru-copper-mine-ft?dr=1&utm_medium=email&utm_source=seeking_alpha#email_link
(49) 2019, nov. 22 https://seekingalpha.com/news/3521432-mongolia-approves-plan-renegotiate-mine-deal-rio-tinto
(48) 2019, nov. 5 https://seekingalpha.com/news/3514428-rio-tinto-completes-oyu-tolgoi-shaft-2-construction?dr=1#email_link
(47) 2019, oct. 16 https://www.investegate.co.uk/rio-tinto--rio-/rns/third-quarter-operations-review/201910160700060000Q/
(46) 2019, Sept. 27 https://seekingalpha.com/article/4293924-rio-tinto-plc-rio-presents-16th-annual-strategic-decisions-conference-2019-slideshow?dr=1
(45) 2019, July 19 https://seekingalpha.com/news/3479357-rio-tinto-hit-criticism-mongolia-seeks-changes-mine-deal?dr=1#email_link
(44) 2019, July 17 https://seekingalpha.com/news/3478198-turquoise-hill-plunges-time-lows-oyu-tolgoi-troubles?dr=1#email_link
(43) 2019, July 16 https://seekingalpha.com/news/3477993-rio-tintos-mongolia-project-take-longer-cost-expected
(42) 2019, July 15 https://www.miningweekly.com/article/rio-could-fast-track-key-australia-copper-find-before-us-asset-2019-07-15
(41) 2019, July 3rd https://www.investegate.co.uk/rio-tinto--rio-/rns/transaction-in-own-shares/201907021700072656E/
(40) 2019, June 25 https://seekingalpha.com/news/3473515-norways-wealth-fund-cleared-reinvest-rio-walmart-others?dr=1#email_link
(39) 2019, June 20 https://seekingalpha.com/news/3472721-rio-tinto-renews-work-simandou-iron-ore-deposit-bloomberg
(38) 2019, June 20 https://seekingalpha.com/news/3472668-china-iron-ore-price-hits-highest-since-least-2013
(37) 2019, June 19 https://seekingalpha.com/news/3472387-rio-tinto-cuts-guidance-pilbara-iron-ore-shipments
(36) 2019, June 11 https://seekingalpha.com/article/4269721-rio-tinto-poised-climb-beyond-70?dr=1
(35) 2019, May 17 https://seekingalpha.com/news/3464947-iron-ore-price-hits-five-year-high-vale-warns-dam-risk?dr=1#email_link
(34) 2019, May 15 http://www.mining.com/rio-tinto-plans-start-mining-lithium-serbia-2023/
(33) 2019, April 26 https://www.investegate.co.uk/rio-tinto--rio-/rns/transaction-in-own-shares/201904241730080078X/
(32) 2019, April 25 http://www.marketbeat.com/URL/?URL=https://steelguru.com/mining/rio-tinto-announces-production-results-for-q1-2019/538907
(31) 2019, April 16th https://seekingalpha.com/news/3450967-rio-tinto-q1-iron-ore-shipments-fall-14-percent-cuts-full-year-production-outlook
(30) 2019, April 16th https://www.australianmining.com.au/news/rio-tinto-cuts-guidance-for-pilbara-iron-ore-shipments/
(29) 2019, April 15th https://www.australianmining.com.au/news/rio-tinto-bhp-copper-project-tops-2bn-value/
(28) 2019, April 10th https://seekingalpha.com/news/3449781-rio-tinto-faces-rebellion-top-shareholder-chinalco-ft?app=1
(27) 2019, April 9th https://www.australianmining.com.au/news/rio-tinto-approves-463m-development-at-mineral-sands-project/
(26) 2019, April 5th https://seekingalpha.com/news/3448770-mongolia-lawmakers-want-scrap-2015-oyu-tolgoi-expansion-deal?app=1&dr=1#email_link
(25)2019, April 1st https://seekingalpha.com/news/3447158-rio-tinto-cuts-2019-iron-ore-output-guidance-following-cyclone-damage?app=1
(24) 2019, March 18 https://seekingalpha.com/news/3443635-rio-tinto-rejects-bid-reveal-emission-targets?app=1
(23) 2019, Feb. 11 https://www.riotinto.com/documents/190118_Rio_Tinto_releases_fourth_quarter_production_results.pdf
(22) 2019, Jan 30 https://seekingalpha.com/news/3427435-iron-ore-price-spikes-vales-production-cut-set-disrupt-market?app=1
(21) 2019, Jan 23 https://www.australianmining.com.au/news/western-australia-drives-mining-comeback/
(20) 2019, Jan 18 https://www.spglobal.com/platts/en/market-insights/latest-news/metals/011819-rio-tinto-to-raise-alumina-bauxite-output-in-2019
(19) 2019, jan 18 https://www.investegate.co.uk/rio-tinto--rio-/rns/rio-tinto-fourth-quarter-production-results/201901180700024447N/
(18) 2019, jan 18 World Nuclear News WNN News Jan 18, 2019
(17) 2019, jan 17 https://seekingalpha.com/news/3424101-rio-tinto-2018-iron-ore-production-rises-2-percent-copper-output-jumps-33-percent?app=1
(16) 2019, jan 11 https://www.australianmining.com.au/news/energy-resources-of-australia-makes-step-toward-ranger-rehabilitation/
(15) 2019, jan 09 https://seekingalpha.com/news/3421836-iron-ores-jump-75-ton-not-sustainable-goldman-warns?app=1
(14) 2019, jan 01 https://www.londonstockexchange.com/exchange/news/alliance-news/detail/1546247461458960300.html
(13) 2018, dec 24 https://seekingalpha.com/news/3419096-reuters-rio-tinto-planning-dual-list-canadian-iron-ore-unit-early-2019?app=1
(12) 2018, dec 22 http://www.stockmarketwire.com/article/6255239/Rio-Tinto-completes-sale-of-Grasberg-mine-in-Indonesia-for-3-point-5bn.html
(11) 2018, dec. 17 https://www.australianmining.com.au/news/rio-tinto-offloads-aluminium-smelter-to-liberty-house/
(10)2018, nov 29 https://www.australianmining.com.au/news/rio-tinto-inks-3-5-billion-investment-koodaideri/
(9) 2018, nov. 28 https://seekingalpha.com/news/3412995-rio-tinto-approves-2_6b-high-tech-western-australia-iron-ore-mine?app=1&dr=1#email_link
(8) 2018, nov 26 https://seekingalpha.com/news/3412020-china-iron-ore-steel-tumble-multi-month-lows-rout-continues?app=1&dr=1#email_link
(7) 2018, nov. 26 https://seekingalpha.com/news/3411988-rio-tinto-sell-african-uranium-mine-chinese-buyer-106_5m?app=1
(6) 2018, nov. 12 https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf
(5) 2018, nov. 12 http://www.riotinto.com/documents/181112_Presentation_JS_UBS_conference.pdf
(4) 2018, nov 6th https://www.marketscreener.com/RIO-TINTO-9590196/company/
3. oct. 29, 2018 https://www.australianmining.com.au/news/rio-tintos-simandou-purchase-agreement-lapses/
oct 17, 2018 http://www.mining.com/rio-tinto-delays-start-oyu-tolgoi-expansion-due-technical-issues/
1. https://seekingalpha.com/news/3393667-ft-rio-tinto-talks-sell-namibian-uranium-business?app=1