- Last 2026-11-06
- A$149.93
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$246.1B
- EV
- A$267.2B
- Cash
- US$8.9B
- Debt
- US$21.4B
4 newer ASX announcements not yet reflected in this valuation
- Appointment of Additional Company SecretaryPost Annual Leadership Change
- Rio Tinto releases third quarter 2026 production resultsLatest Four Activities Reports
- Notification of cessation of securities - RIOPost Cash Checkpoint Security Event
- Notification regarding unquoted securities - RIOPost Cash Checkpoint Security Event
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 0All sources ▸- No announcements are linked to this research.
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 2026-10-01 to 2026-12-31 | Simandou primary crusher commissioning | Construction Or Commissioning | Company Guided | High | Permanent crushing should convert mine stockpiles into consistently saleable product. |
| 2026-10-01 to 2026-12-31 | Winu feasibility expected | Study | Company Guided | High | A completed study, approvals and Traditional Owner agreements are needed before mine-development NAV. |
| 2027-01-01 to 2027-12-31 | Pilbara replacement mines first output | Production | Company Guided | High | Brockman, Hope Downs and West Angelas capacity sustains feed; it is replacement, not additive group growth. |
| 2027-01-01 to 2027-03-31 | SimFer port commissioning | Construction Or Commissioning | Company Guided | High | Port completion reduces reliance on partner facilities and validates project throughput. |
| 2027-07-01 to 2027-12-31 | Kennecott sustainable production rates | Production | Company Guided | High | Wall stabilisation completion must improve copper throughput and cost conversion. |
Executive roster
As of 2026-10-13Background checks ▸Annual executive baseline read; Trudi Charles successor announcement updates August 2026 role; July Q2 release authorization supplies company secretary. Independent management diligence is outside this valuation refresh.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Simon Trott | Chief Executive Officer · Executive Director | Chief Executive · Executive Director | 2025-08-25 | 2025 Annual Report · Half-year 2026 Results Script |
| Peter Cunningham | Chief Financial Officer · Executive Director | Finance · Executive Director | 2021-06-17 | 2025 Annual Report · Half-year 2026 Results Script |
| Bold Baatar | Chief Commercial Officer | Commercial · Senior Management | 2024-09-01 | 2025 Annual Report · Half-year 2026 Results Script |
| Georgie Bezette | Chief People Officer | Senior Management | 2025-01-01 | 2025 Annual Report · Half-year 2026 Results Script |
| Mark Davies | Chief Safety and Technical Officer | Technical · Senior Management | — | 2025 Annual Report · Half-year 2026 Results Script |
| Trudi Charles | Chief Legal Officer, Governance and Corporate Affairs | Senior Management | 2026-08-01 | Appointment of Trudi Charles |
| Katie Jackson | Chief Executive Copper | Operations · Senior Management | 2024-09-01 | 2025 Annual Report · Half-year 2026 Results Script |
| Matthew Holcz | Chief Executive Iron Ore | Operations · Senior Management | 2025-08-01 | 2025 Annual Report · Half-year 2026 Results Script |
| Jerome Pecresse | Chief Executive Aluminium and Lithium | Operations · Senior Management | 2025-08-01 | 2025 Annual Report · Half-year 2026 Results Script |
| Matthew Whyte | Group Company Secretary | Company Secretary | — | Second-quarter 2026 Operations Review |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Pilbara economic portfolio
AU
Attributable economic portfolio. Production entitlement includes all Eastern and Western Range output under purchase obligations; JV costs remain in the selected operating margin. Robe River beneficial output uses 53%, not 65% consolidation.
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- NM
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
Core asset
Escondida
CL
30% Rio Tinto interest, non-managed BHP-operated copper mine.
- Production annualised (attributable)
- 336.8k td
- Production (last FY, 100%)
- 1.3m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Core asset
Oyu Tolgoi
MN
66% interest; Hugo North underground ramp targets 500 kt gross copper annually in 2028-2036.
- Production annualised (attributable)
- 255.6k td
- Production (last FY, 100%)
- 345.0k t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Material
Kennecott and Bingham Canyon
US
100% interest; south-wall stabilisation and North Rim Skarn replacement projects; funded mine plan through 2032.
- Production annualised (attributable)
- 80.8k td
- Production (last FY, 100%)
- 125.0k t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Material
Iron Ore Company of Canada
CA
58.7% interest; pit health, reliability and ore dumper replacement constrain current throughput.
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- NM
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
Core asset
Simandou Blocks 3 and 4 with infrastructure
GN
53% of SimFer Jersey times 85% of SimFer mine = 45.05%; Rio-funded capex differs from mine economic interest.
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
Core asset
Integrated aluminium economic portfolio
AU · CA · GN · BR · IS · NZ · OM
Attributable economic portfolio of bauxite, alumina, primary and recycled aluminium; inter-segment feed sales are eliminated and constituent legal ownership is retained on asset cards.
- Production annualised (attributable)
- 3.4m td
- Production (last FY, 100%)
- 3.4m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Core asset
Lithium operating and sanctioned expansion portfolio
AR · CA · US · GB · JP · CN
Attributable economic portfolio includes Fenix 100%, Olaroz production entitlement 66.5%, Rincon 100%, Sal de Vida 100%, Nemaska 53.9% and downstream plants.
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- NM
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
Material
Iron and titanium economic portfolio
CA · ZA · MG
Attributable economic portfolio includes Quebec 100%, Richards Bay 74%, QMM 85%; commodity-cycle normalization is an analyst assumption.
- Production annualised (attributable)
- 908.0k td
- Production (last FY, 100%)
- 975.0k t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Material
Boron integrated mine and refinery
US
100% interest; borates mine and refinery cash flows, 576 kt annual B2O3 refinery nameplate.
- Production annualised (attributable)
- 548.0k td
- Production (last FY, 100%)
- 502.0k t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Other
Dampier Salt
AU
68.4% interest in Dampier and Port Hedland solar salt operations; Lake MacLeod divested December 2024.
- Production annualised (attributable)
- 4.7m td
- Production (last FY, 100%)
- 6.9m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
Material
Winu
AU
70% interest after Sumitomo Metal Mining transaction; feasibility and approvals remain investment gates.
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Material
La Granja
PE
45% interest; First Quantum owns 55% and solely funds the first US$546 million of feasibility and development expenditures.
- Contained metal (attributable)
- NM
- Resource grade
- 0.44% Cud
- % Measured + Indicated
- 48%d
- Resource tonnes
- 10,000.00 Mtd
- Our value per attrib. contained unit
- Locked
- Mining method
- NM
Material
Resolution
US
55% interest; land exchange completed March 2026, characterization drilling precedes design and investment decision.
- Contained metal (attributable)
- NM
- Resource grade
- 1.52% Cu
- % Measured + Indicated
- 38.9%d
- Resource tonnes
- 1,859.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- NM
Material
Rhodes Ridge incremental option
AU
50% interest; 40-50 Mtpa project target; feasibility expected 2029; resource overlaps Pilbara inventory and is not assigned incremental base value.
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Material
Jadar
RS
100% interest; transferred to care and maintenance with unresolved permitting and public opposition; no restart target admitted.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- —
- Last production year
- —
- Target restart
- —
Other
Mt Cattlin
AU
100% interest; care and maintenance since 2025; no funded restart plan in current evidence.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- —
- Last production year
- —
- Target restart
- —
Other
Conditional Chile lithium partnerships
CL
No current ownership admitted: proposed 49.99% Maricunga and Altoandinos partnerships remain conditional; no paid consideration or current project value assumed.
- Ownership
- 0%d
- Commodity
- Li2Or
- Country
- CLr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Diavik closure
CA
100% interest; final production completed in March 2026; rehabilitation obligations remain in group closure bridge.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- —
- Last production year
- —
- Target restart
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- primary aluminium
- Nameplate capacity
- 480.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 630.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- smelter-grade alumina
- Nameplate capacity
- 3.9m t smelter-grade alumina/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 60.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- US$25,000/(t primary aluminium/year)d
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 126.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 468.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 195.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- lithium hydroxide monohydrate
- Nameplate capacity
- 15.0k t lithium hydroxide monohydrate/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- B2O3
- Nameplate capacity
- 576.0k t B2O3/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 584.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- lithium chloride
- Nameplate capacity
- 1.4k t lithium chloride/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Contained metal (attributable)
- NM
- Resource grade
- 478 mg/L Li
- % Measured + Indicated
- 74.8%d
- Resource tonnes
- NM
- Our value per attrib. contained unit
- Locked
- Mining method
- NM
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- NM
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
- Product and spec
- primary aluminium
- Nameplate capacity
- 275 t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Ownership
- 98.4%
- Description
- —
- Book value
- —
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Contained metal (attributable)
- —
- Resource grade
- 1.25% Li2O
- % Measured + Indicated
- —
- Resource tonnes
- 74.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- NM
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- NM
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
- Product and spec
- primary aluminium
- Nameplate capacity
- 235.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- lithium chloride
- Nameplate capacity
- 9.0k t lithium chloride/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- iron ore pellets
- Nameplate capacity
- 12.5m t iron ore pellets/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 212.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- copper cathode
- Nameplate capacity
- 335.0k t copper cathode/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 432.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Product and spec
- primary aluminium
- Nameplate capacity
- 255.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Revenue
- —
- EBITDA margin
- —
- Utilisation
- —
- Order book
- —
- Top customer share
- —
- Product and spec
- Recycled aluminium billet/slab
- Nameplate capacity
- 104.0k t recycled aluminium billet/slab/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Product and spec
- Recycled aluminium billet/slab
- Nameplate capacity
- 109.0k t recycled aluminium billet/slab/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Product and spec
- Recycled aluminium billet/slab
- Nameplate capacity
- 122.0k t recycled aluminium billet/slab/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Product and spec
- Recycled aluminium billet/slab
- Nameplate capacity
- 159.0k t recycled aluminium billet/slab/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Product and spec
- Recycled aluminium billet/slab
- Nameplate capacity
- 154.0k t recycled aluminium billet/slab/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Product and spec
- Recycled aluminium billet/slab
- Nameplate capacity
- 104.0k t recycled aluminium billet/slab/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- —
- Offtake contracted
- —
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- NM
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
- Product and spec
- lithium hydroxide monohydrate
- Nameplate capacity
- 10.0k t lithium hydroxide monohydrate/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Product and spec
- smelter-grade alumina
- Nameplate capacity
- 3.7m t smelter-grade alumina/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Product and spec
- TiO2 slag
- Nameplate capacity
- 1.1m t TiO2 slag/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- NM
- Head grade
- NM
- Product and spec
- primary aluminium
- Nameplate capacity
- 395.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- TiO2 slag
- Nameplate capacity
- 1.3m t TiO2 slag/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 323.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- primary aluminium
- Nameplate capacity
- 590.0k t primary aluminium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- smelter-grade alumina
- Nameplate capacity
- 1.6m t smelter-grade alumina/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Production annualised (attributable)
- NM
- Production (last FY, 100%)
- NM
- AISC (latest quarter)
- —
- AISC margin at spot
- NM
- Delivery vs guidance
- NM
- Reserve life
- NM
- Head grade
- NM
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- US$2.0bd
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
- Product and spec
- smelter-grade alumina
- Nameplate capacity
- 3.0m t smelter-grade alumina/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
- Product and spec
- butyllithium
- Nameplate capacity
- 155 t butyllithium/year
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Integrated upstream mine/refinery feed and purchased feed where disclosedd
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Reported June cash US$8.913bn and borrowings US$21.414bn. A separate analyst interim bridge estimates October 13 cash; no later observed balance is implied. Funding tests retain stockpile investment and conditional closing calls.
Capital structure
Ownership and dilution
- Ordinary shares
- 1.6B
- Fully diluted
- 1.6B
Public plc 1,255.0m plus Limited 371.8m = 1,626.8m economic units. Diluted proxy = 1,626.8m × 409.9/406.3 = 1,641.214m using H1 EPS ratio. H1 employee share expense US$149m remains an economic cost in central expenses; existing awards are covered by the incremental denominator.
Security classes3
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Rio Tinto plc public ordinary shares | Ordinary Share | 1.3B | — | — |
| Rio Tinto Limited public ordinary shares | Ordinary Share | 371.8M | — | — |
| End-date incremental share proxy from H1 basic/diluted EPS ratio; not a reported award count | Other | 14.4M | — | — |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|
| Consolidated copper production | t | 229,000 | 204,000 | 240,000 | 229,000 | 213,000 |
Operating metric source table31
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Pilbara economic portfolio — Rio attributed wet saleable iron ore output | Pilbara | Q2 2026 | Quarter | 70,937,000 t wet saleable iron ore | Reported |
| Iron Ore Company of Canada — Rio attributed marketable iron-ore concentrate and pellets output | Ioc | Q2 2026 | Quarter | 1,714,000 t marketable iron-ore concentrate and pellets | Reported |
| Simandou Blocks 3 and 4 with infrastructure — Rio attributed wet mine-gate crushed iron ore before final crushing output | Simandou | Q2 2026 | Quarter | 297,000 t wet mine-gate crushed iron ore before final crushing | Reported |
| Escondida — Rio attributed contained copper in mine products output | Escondida | Q2 2026 | Quarter | 84,200 t contained copper in mine products | Reported |
| Oyu Tolgoi — Rio attributed contained copper in concentrates output | Oyu | Q2 2026 | Quarter | 63,900 t contained copper in concentrates | Reported |
| Kennecott and Bingham Canyon — Rio attributed contained copper in mine products output | Kennecott | Q2 2026 | Quarter | 20,200 t contained copper in mine products | Reported |
| Integrated aluminium economic portfolio — Rio attributed primary aluminium output | Aluminium | Q2 2026 | Quarter | 841,000 t primary aluminium | Reported |
| Lithium operating and sanctioned expansion portfolio — Rio attributed lithium carbonate equivalent (LCE) output | Lithium | Q2 2026 | Quarter | 14,600 t lithium carbonate equivalent (LCE) | Reported |
| Iron and titanium economic portfolio — Rio attributed titanium dioxide slag output | Rtit | Q2 2026 | Quarter | 227,000 t titanium dioxide slag | Reported |
| Boron integrated mine and refinery — Rio attributed B2O3 content output | Boron | Q2 2026 | Quarter | 137,000 t B2O3 content | Reported |
| Dampier Salt — Rio attributed salt output | Salt | Q2 2026 | Quarter | 1,176,000 t salt | Reported |
| Gove — Rio attributed marketable bauxite ore output | Company | Q2 2026 | Quarter | 3,229,000 t marketable bauxite ore | Reported |
| Weipa/Amrun/Andoom — Rio attributed marketable bauxite ore output | Company | Q2 2026 | Quarter | 9,407,000 t marketable bauxite ore | Reported |
| MRN Porto Trombetas — Rio attributed marketable bauxite ore output | Company | Q2 2026 | Quarter | 578,000 t marketable bauxite ore | Reported |
| Sangaredi CBG — Rio attributed contract-entitled marketable bauxite ore output | Company | Q2 2026 | Quarter | 1,986,000 t contract-entitled marketable bauxite ore | Reported |
| Group cash | Company | H1 2026 | Half Year | 8,913,000,000 USD | Reported |
| Group debt | Company | H1 2026 | Half Year | 21,414,000,000 USD | Reported |
| Group revenue | Company | H1 2026 | Half Year | 31,028,000,000 USD | Reported |
| Group ebitda | Company | H1 2026 | Half Year | 14,826,000,000 USD | Reported |
| Consolidated copper production | Company | Q2 2025 | Quarter | 229,000 t | Reported |
| Consolidated copper production | Company | Q3 2025 | Quarter | 204,000 t | Reported |
| Consolidated copper production | Company | Q4 2025 | Quarter | 240,000 t | Reported |
| Consolidated copper production | Company | Q1 2026 | Quarter | 229,000 t | Reported |
| Consolidated copper production | Company | Q2 2026 | Quarter | 213,000 t | Reported |
| Pilbara economic portfolio — issuer Rio attributed product output | Pilbara | FY2025 | Year | 280,277,000 t wet saleable iron ore | Source Derived |
| Iron Ore Company of Canada — issuer Rio attributed product output | Ioc | FY2025 | Year | 9,339,000 t marketable iron-ore concentrate and pellets | Reported |
| Lithium operating and sanctioned expansion portfolio — issuer Rio attributed product output | Lithium | FY2025 | Year | 46,000 t lithium carbonate equivalent (LCE) | Reported |
| Gove — issuer Rio attributed product output | Company | FY2025 | Year | 12,729,000 t marketable bauxite ore | Reported |
| Weipa/Amrun/Andoom — issuer Rio attributed product output | Company | FY2025 | Year | 39,464,000 t marketable bauxite ore | Reported |
| MRN Porto Trombetas — issuer Rio attributed product output | Company | FY2025 | Year | 2,543,000 t marketable bauxite ore | Reported |
| Sangaredi CBG — issuer Rio attributed product output | Company | FY2025 | Year | 7,665,000 t contract-entitled marketable bauxite ore | Reported |
Company guidance5
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Fy2026 Sales 100% Basis | pilbara | FY2026 | 323,000,000 | 338,000,000 t wet saleable iron ore | Current |
| Fy2026 Sales 100% Basis | ioc | FY2026 | 15,000,000 | 18,000,000 t marketable iron-ore concentrate and pellets | Current |
| Fy2026 Sales 100% Basis | simandou | FY2026 | 5,000,000 | 10,000,000 t wet mine-gate crushed iron ore before final crushing | Current |
| Fy2026 Production Rio Share | lithium | FY2026 | 61,000 | 64,000 t LCE | Current |
| Fy2026 Production Rio Share | aluminium | FY2026 | 3,250,000 | 3,450,000 t primary Al | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-24Ann. 2026-07-29 | Dividend | US$3.4B | — | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Material JV, contracted production, tolling, strategic power and conditional investment terms reviewed. Complete customer-by-customer offtake pricing, premiums, commodity hedges and plant power costs are not publicly quantified.
Rail, port and mine construction have differing funding ownership. Model remaining Rio capital on gross-equivalent basis before one 45.05% economic ownership application.
Joint Venture · Active- Counterparties
- CIOH consortium · Republic of Guinea · Winning Consortium Simandou
- Applies to
- Simandou Blocks 3 and 4 with infrastructure · Iron Ore
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Mine economic interest: 45.05 %
Remaining Rio funded capital: 1,700,000,000 USD
Full mine capacity: 60,000,000 t/year
No valuation treatment is available for this arrangement.
OT Mongolia interest, minority shareholder funding and Entrée subareas create distinctions between consolidated production, equity production, resources and distributions. Current DCF uses main mine economic equity with a disclosed limitation for extension areas.
Joint Venture · Active- Counterparties
- Government of Mongolia · Entree Resources
- Applies to
- Oyu Tolgoi · Copper · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Rio project interest: 66 %
Entrée areas effective economic interest: 56 %
No valuation treatment is available for this arrangement.
Reported Escondida earnings and equity production are already Rio share; gross project DCF applies 30% once and includes economic sustaining capital absent from consolidated PP&E cash.
Joint Venture · Active- Counterparties
- BHP · JECO consortium
- Applies to
- Escondida · Copper
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Rio interest: 30 %
No valuation treatment is available for this arrangement.
CBG output entitlement exceeds equity. Alumina QAL has 80% equity plus 20% tolling capacity. Integrated group economics use contracted output, without multiplying reported entitlement by equity again.
Offtake · Active- Counterparties
- CBG · HALCO partners
- Applies to
- Integrated aluminium economic portfolio · Bauxite
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Equity: 22.95 %
Production entitlement: 45 %
No valuation treatment is available for this arrangement.
QAL 100% operational disclosure from 2026 comprises 80% equity plus 20% additional tolling capacity; no purchase of remaining equity inferred.
Tolling Or Processing · Active- Counterparties
- QAL partners
- Applies to
- Integrated aluminium economic portfolio · Bauxite · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Equity interest: 80 %
Additional tolling capacity: 20 %
No valuation treatment is available for this arrangement.
Rio retains 70%. US$195m upfront cash was received in October 2025 and is already in the financial balance. Up to US$235m remains milestone contingent; the benchmark alternative includes that upside without recording an unconditional receivable.
Farm Out · Active- Counterparties
- Sumitomo Metal Mining
- Applies to
- Winu · Copper · Gold
- Economic direction
- Mixed
- Period
- From 2025-10-31; no end date stated
- Key terms
- Upfront cash received: 195,000,000 USD
Deferred contingent payment: 235,000,000 USD
SMM equity: 30 %
No valuation treatment is available for this arrangement.
Rio retains 45% and a funded study option; operator update has enlarged current resource but a full published executable NPV is absent.
Farm Out · Active- Counterparties
- First Quantum Minerals
- Applies to
- La Granja · Copper
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- FQM purchase price: 105,000,000 USD
FQM sole-funded initial study/development: 546,000,000 USD
No valuation treatment is available for this arrangement.
Rio increased to 53.9%; construction slowed to optimize feed from Whabouchi or Galaxy; 2028 production remains a project target, not achieved capacity.
Joint Venture · Active- Counterparties
- Investissement Quebec
- Applies to
- Lithium operating and sanctioned expansion portfolio · Lithium
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Rio economic interest: 53.9 %
Remaining Rio capital: 300,000,000 USD
No valuation treatment is available for this arrangement.
Bell Bay operating pathway extends to end-2031; undisclosed tariffs and support are qualitative. No separate subsidy NAV.
Strategic Partnership · Active- Counterparties
- Hydro Tasmania · Tasmanian Government · Commonwealth Government
- Applies to
- Integrated aluminium economic portfolio · Others
- Economic direction
- Benefit
- Period
- 2026-10-01 to 2031-12-31
- Key terms
- Power agreement end: 2031-12-31 date
Support payment terms: —
No valuation treatment is available for this arrangement.
Conditional Chile partnership closing now expected late 2026 or early 2027. No current ownership or dividend stream included. Commitments are unspent contingencies, not debt.
Joint Venture · Conditional- Counterparties
- Codelco · ENAMI
- Applies to
- Conditional Chile lithium partnerships · Lithium
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Proposed Maricunga stake: 49.99 %
Maricunga staged commitment: 900,000,000 USD
No valuation treatment is available for this arrangement.
Debt-related derivatives are included in equity bridge. No material quantified metal-price hedge is disclosed in reviewed current material; commodity revenue remains exposed. Currency cost and debt effects are modeled in bounded FX sensitivity.
Other · Active- Counterparties
- Financial institutions
- Applies to
- Company-wide
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Debt derivatives: 263,000,000 USD
No valuation treatment is available for this arrangement.
Proposed CBA acquisition and possible follow-on tenders are conditional; no acquired equity value or future tender proceeds are treated as current assets.
Joint Venture · Conditional- Counterparties
- Chalco · Votorantim
- Applies to
- Integrated aluminium economic portfolio · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- JV interest: 33 %
Target stake acquired: 68.6 %
Rio initial cash consideration: 297,800,000 USD
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This limited screening identifies extensive reported operating and governance experience and recent production progress. Two 2026 fatalities, the workplace-culture case, historical controls settlement and prior GE renewable losses are material context; individual responsibility is not inferred.
Decision-relevant facts
Material summary
Simon Trott
Chief Executive Officer and Executive Director
Experience relevant to the role
Rio Tinto reports he became chief executive on 25 August 2025 after leading Iron Ore and the commercial function; he joined in 2000 and held salt, uranium, borates and diamonds roles.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Simandou contractor fatality
A contracting-company employee died following a 14 February 2026 incident at the SimFer mine. Rio Tinto suspended work and said it would investigate with authorities and partners.
Role overlaps event; causation unproven · The relevant chief executive, group safety or iron ore remit overlapped the event; no individual fault is established.
Operating output in the first nine months
Rio Tinto reported Oyu Tolgoi copper output increased 29% year-on-year for the first nine months of 2026 and global iron ore sales rose 3%. It reported Simandou’s third-quarter production run rate at about 10 million tonnes a year on a 100% basis, a run rate rather than annual output.
Role overlaps event; causation unproven · These are corporate results affected by project teams, commissioning and market conditions, not a quantification of individual contribution.
Evidence gaps · 4
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- Final official investigation outcomes for the 2026 fatal incidents were not located in reviewed records.
- The final outcome of the representative workplace claim remains unresolved as at the evidence cutoff.
Peter Cunningham
Chief Financial Officer and Executive Director
Experience relevant to the role
Rio Tinto reports he joined in 1993, became CFO and executive director in June 2021, and held roles as group controller, head of investor relations and global head of health, safety, environment and communities.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Historic Guinea controls settlement
The SEC found Rio Tinto’s records and internal controls deficient in connection with a 2011 consultant’s attempted improper payment in Guinea. In 2023 Rio Tinto agreed a US$15 million civil penalty without admitting or denying the SEC findings.
Employer context; no individual link established · No involvement by this executive in the 2011 matter is established; the settlement concerned the company.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- The final outcome of the representative workplace claim remains unresolved as at the evidence cutoff.
Bold Baatar
Chief Commercial Officer
Experience relevant to the role
Rio Tinto reports he joined in 2013, was copper chief executive before his September 2024 commercial role, and previously spent over a decade at JPMorgan.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Oyu Tolgoi funding reset
A 2022 Turquoise Hill SEC-filed circular describes higher underground development cost estimates, delays, and a 2021–22 funding reset involving Mongolia; the 2021 agreement addressed about US$2.3 billion of remaining known funding requirements.
Role overlaps event; causation unproven · Baatar was Copper CEO in this period and commented on the financing; the sources do not isolate his personal responsibility for historic delay or cost.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- The full independent 2021 Oyu Tolgoi overrun investigation and any personal responsibility were not independently established.
Georgie Bezette
Chief People Officer
Experience relevant to the role
Rio Tinto reports she joined in 2008, held HR and people-transformation roles, and assumed her current role on 1 January 2025.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Workplace review and representative claim
An independent 2024 survey review found 39% of respondents reported bullying in the prior 12 months, compared with 31% in 2021. Rio Tinto reported a representative workplace claim commenced in December 2024. On 23 October 2026 the Federal Court struck out specified claims and pleading paragraphs, allowed some repleading, and otherwise dismissed Rio Tinto’s interlocutory application; this was a procedural ruling, not a finding on the merits.
Role overlaps event; causation unproven · Bezette became Chief People Officer on 1 January 2025, after the 2024 survey and initial court filing. Her people remit overlaps the ongoing proceeding; no personal misconduct is alleged against her in the reviewed records.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- The final outcome of the representative workplace claim remains unresolved as at the evidence cutoff.
Mark Davies
Chief Safety and Technical Officer
Experience relevant to the role
Rio Tinto reports he joined as senior mechanical engineer in 1995 and became an executive committee member in 2020. His current remit covers group-wide safety, technical, communities and major project standards.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Simandou contractor fatality
A contracting-company employee died following a 14 February 2026 incident at the SimFer mine. Rio Tinto suspended work and said it would investigate with authorities and partners.
Role overlaps event; causation unproven · The relevant chief executive, group safety or iron ore remit overlapped the event; no individual fault is established.
Kennecott contractor fatality
A contracting-company employee died following a 12 March 2026 incident at Kennecott’s Bingham Canyon mine. Rio Tinto suspended surface and underground mining and announced a joint investigation.
Role overlaps event; causation unproven · The executive’s group, safety or copper remit overlaps this event; the sources do not establish individual causation.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- Final official investigation outcomes for the 2026 fatal incidents were not located in reviewed records.
Katie Jackson
Chief Executive Copper
Experience relevant to the role
Rio Tinto announced she would join on 1 September 2024 after serving as President of National Grid Ventures; her stated earlier roles include Shell, UBS, Anadarko, Equinor and BG Group.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Kennecott contractor fatality
A contracting-company employee died following a 12 March 2026 incident at Kennecott’s Bingham Canyon mine. Rio Tinto suspended surface and underground mining and announced a joint investigation.
Role overlaps event; causation unproven · The executive’s group, safety or copper remit overlaps this event; the sources do not establish individual causation.
Operating output in the first nine months
Rio Tinto reported Oyu Tolgoi copper output increased 29% year-on-year for the first nine months of 2026 and global iron ore sales rose 3%. It reported Simandou’s third-quarter production run rate at about 10 million tonnes a year on a 100% basis, a run rate rather than annual output.
Role overlaps event; causation unproven · These are corporate results affected by project teams, commissioning and market conditions, not a quantification of individual contribution.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- Final official investigation outcomes for the 2026 fatal incidents were not located in reviewed records.
Matthew Holcz
Chief Executive Iron Ore
Experience relevant to the role
Rio Tinto reports he joined in 2007, led Pilbara Mines and became Iron Ore chief executive under the restructuring announced on 27 August 2025.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Simandou contractor fatality
A contracting-company employee died following a 14 February 2026 incident at the SimFer mine. Rio Tinto suspended work and said it would investigate with authorities and partners.
Role overlaps event; causation unproven · The relevant chief executive, group safety or iron ore remit overlapped the event; no individual fault is established.
Operating output in the first nine months
Rio Tinto reported Oyu Tolgoi copper output increased 29% year-on-year for the first nine months of 2026 and global iron ore sales rose 3%. It reported Simandou’s third-quarter production run rate at about 10 million tonnes a year on a 100% basis, a run rate rather than annual output.
Role overlaps event; causation unproven · These are corporate results affected by project teams, commissioning and market conditions, not a quantification of individual contribution.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- Final official investigation outcomes for the 2026 fatal incidents were not located in reviewed records.
Jerome Pecresse
Chief Executive Aluminium and Lithium
Experience relevant to the role
Rio Tinto reports that he joined in 2023 to lead Aluminium; previously he led GE Renewable Energy and held Alstom, Imerys and Credit Suisse First Boston roles. The combined Aluminium and Lithium group was announced on 27 August 2025.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
GE Renewable Energy reported losses
GE reported a US$1.786 billion renewable-energy segment loss for the nine months ended September 2022, including US$934 million in the third quarter; it cited warranty reserves, lower US volume and inflation. A French regulator-hosted corporate declaration says Pécresse left the segment CEO role at the end of September 2022.
Role overlaps event; causation unproven · The prior CEO role overlaps the reporting period, but individual responsibility and the effect of market and other external factors are not established.
Evidence gaps · 2
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
Matthew Whyte
Group Company Secretary and Company Secretary of Rio Tinto plc
New group and plc company secretary
Rio Tinto appointed Whyte group and plc company secretary effective 18 May 2026. His prior career and qualifications could not be independently linked with sufficient confidence; the available record limits a role-fit assessment.
Responsibility not applicable · The appointment is documented; the role-fit judgment is limited because earlier experience is not established.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- Prior career and education cannot be confidently linked from same-name results; no prior-employer role is asserted.
Tim Paine
Company Secretary of Rio Tinto Limited
Experience relevant to the role
Rio Tinto identifies him as company secretary of Rio Tinto Limited and reports that he joined in 2012; it says he became joint company secretary in January 2013. Prior roles included Mayne Group, Symbion Health, Skilled Group and ANZ Bank.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Evidence gaps · 2
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
Trudi Charles
Chief Legal, Governance and Corporate Affairs Officer
Experience relevant to the role
Rio Tinto announced she would join on 1 August 2026 from BP, where she had spent over 20 years in senior legal roles, following almost eight years with Herbert Smith Freehills Kramer.
Responsibility not applicable · Career claims are sourced to issuer accounts; their relevance to current duties is an analytical inference, not a measured contribution.
Workplace review and representative claim
An independent 2024 survey review found 39% of respondents reported bullying in the prior 12 months, compared with 31% in 2021. Rio Tinto reported a representative workplace claim commenced in December 2024. On 23 October 2026 the Federal Court struck out specified claims and pleading paragraphs, allowed some repleading, and otherwise dismissed Rio Tinto’s interlocutory application; this was a procedural ruling, not a finding on the merits.
Role overlaps event; causation unproven · Charles joined as Chief Legal Officer on 1 August 2026, after the 2024 survey and initial court filing. Her current legal remit overlaps the ongoing proceeding; the sources do not allege personal misconduct by her.
Evidence gaps · 3
- Independent credential and membership verification remains incomplete.
- Prior-employer and person-specific court, regulator, fraud, environment and safety searches are incomplete; documented screening is not a clearance.
- The final outcome of the representative workplace claim remains unresolved as at the evidence cutoff.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-02-05 · 371,346,214 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 25.46% | 94,540,269 | |
| 2 | 17.61% | 65,380,821 | |
| 3 | 15.14% | 56,225,999 | |
| 4 | 3.13% | 11,634,065 | |
| 5 | 2.20% | 8,155,483 | |
| 6 | 0.83% | 3,082,967 | |
| 7 | 0.82% | 3,046,663 | |
| 8 | 0.71% | 2,635,917 | |
| 9 | 0.63% | 2,345,139 | |
| 10 | 0.61% | 2,246,987 | |
| 11 | 0.56% | 2,064,553 | |
| 12 | 0.53% | 1,961,230 | |
| 13 | 0.42% | 1,558,248 | |
| 14 | 0.29% | 1,060,864 | |
| 15 | 0.27% | 998,941 | |
| 16 | 0.22% | 810,542 | |
| 17 | 0.18% | 672,271 | |
| 18 | 0.16% | 595,905 | |
| 19 | 0.16% | 582,432 | |
| 20 | 0.16% | 579,403 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 8.63%Voting power | 2026-06-26 | |
| 7.03%Voting power | 2026-04-30 | |
| 6.70%Voting power | 2023-12-31 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The separate Rio Tinto plc register and plc ordinary-share holdings are not included in this Rio Tinto Limited snapshot.
- JPMorgan ceased substantial status on 5 October 2026; its later cessation supersedes an earlier entry and does not establish zero ownership.
- BlackRock’s identified SEC position is as of December 2023; newer issuer or SEC filings may supersede it.
- State Street relevant interest can include lending or custody and can overlap other groups.
- Registered nominee accounts do not identify beneficial owners and may overlap group interests; do not sum the two views.
Sources
- Rio Tinto 2025 Annual Report
Rio Tinto via ASX · Published 2026-02-19 · Accessed 2026-10-31
Rio Tinto Limited top-20 register as of 5 February 2026 and historical SEC disclosure.
downloads/RIO/2026/2026-02-19_2025 Annual Report_9fffa004b7ffb08b.pdf, PDF pages 339–340
- State Street change in substantial holding
State Street via ASX · Published 2026-06-30 · Accessed 2026-10-31
32,091,198 votes and 8.63% voting power on 26 June 2026.
downloads/RIO/2026/2026-06-30_Change in substantial holding_74b499ec42fc80d6.pdf, page 1, visually reviewed
- Vanguard change in substantial holding
Vanguard Group via ASX · Published 2026-05-06 · Accessed 2026-10-31
26,128,644 Rio Tinto Limited shares and 7.027% voting power on 30 April 2026.
downloads/RIO/2026/2026-05-06_Change in substantial holding_c4a291c691fb1ab6.pdf, page 1
- JPMorgan ceasing to be a substantial holder
JPMorgan Chase via ASX · Published 2026-10-08 · Accessed 2026-10-31
JPMorgan ceased substantial status on 5 October 2026; no zero holding is inferred.
downloads/RIO/2026/2026-10-08_Ceasing to be a substantial holder_65d5afa37f7fa325.pdf, page 1
Disclosed activity
Insider transactions
Trading activity3 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-09-17 | Ben Wyatt
Details & evidence for Ben Wyatt on 2026-09-17Notice gives $165.884 per share, without explicit currency code. As disclosed: Acquisition by way of on-market trade; $165.884 per share.
Appendix 3Y - Ben Wyatt ↗ | PurchaseRio Tinto Limited ordinary shares | 200 | —Not Disclosed | — | 1,800 |
| 2026-07-30 | Ben Wyatt
Details & evidence for Ben Wyatt on 2026-07-30Notice gives $166.795 per share, without explicit currency code. As disclosed: Acquisition by way of on-market trade; $166.795 per share.
Appendix 3Y - Ben Wyatt ↗ | PurchaseRio Tinto Limited ordinary shares | 300 | —Not Disclosed | — | 1,600 |
| 2026-06-09 | Ben Wyatt
Details & evidence for Ben Wyatt on 2026-06-09Notice gives $181.37 per share, without explicit currency code. As disclosed: Acquisition by way of on-market trade; $181.37 per share.
Appendix 3Y - Ben Wyatt ↗ | PurchaseRio Tinto Limited ordinary shares | 300 | —Not Disclosed | — | 1,300 |
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory13 documents
Local eligible ASX RIO closeMarket Data · MediumExtracted
Latest eligible raw ASX RIO close from local price database, 13 October 2026; not an October 24 quote.
- Document ID
- market-close
- Published UTC
- 2026-10-13T06:00:00+00:00
- Projects
- —
- Commodities
- —
Independent commodity normalization counterargumentEconomic Arrangement · MediumExtracted
Morningstar primary analyst commentary describes stronger copper/aluminium, but argues that long-run demand and China steel normalize. External fair value was visible but is not an input to this independently built model. Publication date verified; timestamp fields normalize date-only metadata because actual release time was unavailable. No event-return timing is inferred.
- Document ID
- independent-commodity-debate
- Published UTC
- 2026-10-13T00:00:00+00:00
- Projects
- —
- Commodities
- —
Bell Bay operating and power agreementEconomic Arrangement · MediumExtracted
Hydro Tasmania power and government support provide an operating pathway to end-2031; price of power and quantified government payments are not disclosed. No separate subsidy value booked.
- Document ID
- bell-bay-agreement
- Published UTC
- 2026-10-01T00:00:00+00:00
- Projects
- —
- Commodities
- —
Government Bell Bay support cap transcriptEconomic Arrangement · MediumExtracted
Five-year A$200m support cap, no more than A$50m/year between both governments; new package begins 1 January 2027. Amount depends on metal price and is distinct from commercial power deal. Publication date verified; timestamp fields normalize date-only metadata because actual release time was unavailable. No event-return timing is inferred.
- Document ID
- bell-support-cap
- Published UTC
- 2026-10-01T00:00:00+00:00
- Projects
- —
- Commodities
- —
2026 Half-year ResultsResults · HighExtracted
Latest eligible earnings, cash, debt, project updates, sensitivities, ownership and capital commitments reviewed.
- Document ID
- hy2026-results
- Published UTC
- 2026-07-29T00:00:00+00:00
- Projects
- —
- Commodities
- iron_ore · copper · lithium · bauxite · others
Half-year 2026 Results ScriptPresentation · HighExtracted
CEO and CFO investment, productivity and capital-allocation discussion read in full.
- Document ID
- hy2026-remarks
- Published UTC
- 2026-07-29T00:00:00+00:00
- Projects
- —
- Commodities
- iron_ore · copper · lithium · bauxite · others
Half-year 2026 Australia Q&APresentation · HighExtracted
Sell-side questions on capital efficiency, tax disputes, Kennecott extension and Resolution read in full.
- Document ID
- hy2026-questions
- Published UTC
- 2026-07-29T00:00:00+00:00
- Projects
- —
- Commodities
- iron_ore · copper · lithium · bauxite · others
Second-quarter 2026 Operations ReviewOperations · HighExtracted
Production and guidance, revised cost outlook, commissioning and project gates reviewed.
- Document ID
- q2-2026-operations
- Published UTC
- 2026-07-15T00:00:00+00:00
- Projects
- —
- Commodities
- iron_ore · copper · lithium · bauxite · others
Appointment of Trudi CharlesLeadership · MediumExtracted
Trudi Charles succeeded Isabelle Deschamps from 1 August 2026 as Chief Legal Officer, Governance & Corporate Affairs.
- Document ID
- executive-change
- Published UTC
- 2026-05-14T00:00:00+00:00
- Projects
- —
- Commodities
- —
First-quarter 2026 Operations ReviewOperations · HighExtracted
Previous operating period and revised construction and ownership terms reviewed.
- Document ID
- q1-2026-operations
- Published UTC
- 2026-04-21T00:00:00+00:00
- Projects
- —
- Commodities
- iron_ore · copper · lithium · bauxite · others
2025 Annual ReportResults · HighPartial
Financial statements, executive baseline, interests and resource/reserve tables reviewed; extensive non-material remuneration and ESG appendices not reproduced.
- Document ID
- fy2025-evidence
- Published UTC
- 2026-02-19T00:00:00+00:00
- Projects
- —
- Commodities
- iron_ore · copper · lithium · bauxite · others
Conditional CBA acquisition with ChalcoOther · MediumExtracted
RIO proposes 33% of a JV acquiring Votorantim 68.596% CBA stake; pro rata consideration US$297.8m, plus contingent tender obligations; regulatory and customary conditions remain. No closed ownership or acquired cash flow assumed.
- Document ID
- conditional-cba
- Published UTC
- 2026-01-30T00:00:00+00:00
- Projects
- —
- Commodities
- —
Binding ENAMI lithium partnership termsEconomic Arrangement · MediumExtracted
Rio 51% interest; up to US$425m cash and non-cash contributions, staged studies subject to investment gates. Not an all-cash unconditional closing liability. Publication date verified; timestamp fields normalize date-only metadata because actual release time was unavailable. No event-return timing is inferred.
- Document ID
- enami-terms
- Published UTC
- 2025-07-24T00:00:00+00:00
- Projects
- —
- Commodities
- —
Evidence facts95
8872000000.0 USD
2025-12-3121931000000.0 USD
2025-12-311586000000.0 USD
2025-12-3162203000000.0 USD
2025-12-311625502000.0 shares
2025-12-3157638000000.0 USD
2025-12-3125363000000.0 USD
2025-12-319966000000.0 USD
2025-12-3116832000000.0 USD
2025-12-3112335000000.0 USD
2025-12-31280277000 t wet saleable iron ore
2025-12-319339000 t marketable iron-ore concentrate and pellets
2025-12-3146000 t lithium carbonate equivalent (LCE)
2025-12-3112729000 t marketable bauxite ore
2025-12-3139464000 t marketable bauxite ore
2025-12-312543000 t marketable bauxite ore
2025-12-317665000 t contract-entitled marketable bauxite ore
2025-12-3195747400.0 t Cu
2025-12-312964000.0 t Cu
2025-12-3128256800.0 t Cu
2025-12-3112115800.0 t Cu
2025-12-311162800.0 t Cu
2025-12-31578507999.9999999 t Fe
2025-12-31809725000.0 t Fe
2025-12-3110910373209.0 t Fe
2025-12-311120000 t in-situ Li metal
2025-12-312210000 t in-situ Li metal
2025-12-315070000 t in-situ Li metal
2025-12-312190000 t in-situ Li metal
2025-12-311350000 t in-situ Li metal
2025-12-3133539400.0 t Cu
2025-12-312808200.0 t Cu
2025-12-31690000 t recoverable LCE
2025-12-314110000 t recoverable LCE
2025-12-311080000 t recoverable LCE
2025-12-312250000 t recoverable LCE
2025-12-311720000 t recoverable LCE
2025-12-319300000.0 t B2O3
2025-12-318224000.0 t Ti minerals
2025-12-3126975000.0 t Ti minerals
2025-12-31117576000.0 t Ti minerals
2025-12-315834400.0 t Cu
2025-12-3112000000.0 t B2O3
2025-12-318913000000.0 USD
2026-06-3021414000000.0 USD
2026-06-301438000000.0 USD
2026-06-3065461000000.0 USD
2026-06-301626800000.0 shares
2026-06-301641214176.7167115 shares
2026-06-3031028000000.0 USD
2026-06-3014826000000.0 USD
2026-06-306664000000.0 USD
2026-06-309173000000.0 USD
2026-06-305947000000.0 USD
2026-06-3018882000000.0 USD
2026-06-30411000000.0 USD
2026-06-30141000000.0 USD
2026-06-30263000000.0 USD
2026-06-3011000000000.0 USD
2026-07-291700000000.0 USD
2026-06-301900000000.0 USD
2026-06-30300000000.0 USD
2026-06-3025 USD/wmt saleable iron ore
2026-06-30323000000.0 t wet saleable iron ore/year
2026-12-3115000000.0 t marketable iron-ore concentrate and pellets/year
2026-12-315000000.0 t wet mine-gate crushed iron ore before final crushing/year
2026-12-3161000.0 t lithium carbonate equivalent (LCE)/year
2026-12-3143700000.0 t Cu
2025-12-31138703000.0 t
2026-06-306366269.165247019 t
2026-06-301229744.728079911 t
2026-06-30576666.6666666667 t
2026-06-30198484.84848484848 t
2026-06-3054900.0 t
2026-06-301676000.0 t
2026-06-3027300.0 t
2026-06-30445000.0 t
2026-06-30265000.0 t
2026-06-303109649.1228070175 t
2026-06-306338000.0 t
2026-06-3017309000.0 t
2026-06-305004545.454545454 t
2026-06-3016261437.908496734 t
2026-06-3070937000 t wet saleable iron ore
2026-06-301714000 t marketable iron-ore concentrate and pellets
2026-06-30297000 t wet mine-gate crushed iron ore before final crushing
2026-06-3014600 t lithium carbonate equivalent (LCE)
2026-06-303229000 t marketable bauxite ore
2026-06-309407000 t marketable bauxite ore
2026-06-30578000 t marketable bauxite ore
2026-06-301986000 t contract-entitled marketable bauxite ore
2026-06-30161 AUD/share
2026-10-132031-12-31 date
2026-10-012026-08-01 date
2026-05-14297800000.0 USD
2026-01-30Conflicts requiring judgment2
- ownership basis
Gross operating and resource bases are explicitly converted before economic ownership; portfolio aggregates already at equity economic scope are not multiplied again.
- Eastern Range current legal interest
Annual property narrative page 318 says Eastern Range reverted to 100% in 2025; July 2026 QOR page 25 still states 54%. Select the latest dated operations footnote for current legal-interest card, retain both histories as an unresolved disclosure inconsistency. Production entitlement is 100% under offtake in either cited QOR footnote, so portfolio cash flows are unaffected.