RIO Rio Tinto plc

$RIO Rio's Q3 was flat where it is biggest and growing where it is smaller. Pilbara iron ore production was 83.4 million tonnes, down 1% YoY and flat vs Q2, though sales rose 2% to 85.7 million tonnes. Oyu Tolgoi copper rose 27% YoY and ran at about a 450kt annualised rate, but total copper production was still flat at 205kt. So far the growth asset is mostly offsetting declines elsewhere. Simandou hit a roughly 10 Mtpa run rate, on track for 60 Mtpa in H2 2028. Lithium guidance stayed at 61 to 64kt, now expected at the lower end after weather hit Q3 output. Capital releases are past 2 billion dollars year to date, with the announced total expected to reach about 5 billion dollars by year end.