In its third quarter, Rio Tinto reported a record 99.4 million tonnes of Pilbara iron ore shipments, up 8% year-on-year, driven by higher output at Gudai-Darri and improved efficiency at Yandicoogina. Strong seaborne demand from China’s steel mills and tightening global supply tightened benchmarks, lifting benchmark fines by 12% sequentially. This volume expansion and firmer pricing underpin management’s guidance for 5% to 7% growth in full-year earnings before interest and tax.

Rio Tinto and Amazon Web Services have launched a two-year collaboration to scale Nuton Technology’s bioleaching process at the Johnson Camp copper mine in Arizona. Using AWS analytics to optimize microorganism-driven extraction, the venture targets 30,000 tonnes of 99.99% pure, low-carbon copper over four years. By eliminating smelters and reducing water use by 20%, management expects this modular approach to accelerate domestic supply of critical metals for U.S. data centers.

With a trailing dividend yield near 7% and a payout ratio below 60% of free cash flow, Rio Tinto maintains one of the most sustainable distributions in the sector. Consensus forecasts project free cash flow growth of 10% annually through 2025, funding both capex and shareholder returns. Separately, board discussions with Glencore on potential asset swaps in base metals could create synergies worth up to $2 billion in EBITDA, positioning Rio for further portfolio optimization.