When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Rio Tinto (RIO) . Rio Tinto currently has an average brokerage recommendation (ABR) of 1.77, o ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Rio Tinto (RIO) . Rio Tinto currently has an average brokerage r ...

BJP7images/iStock via Getty Images Investment Thesis Rio Tinto's (NYSE:RIO) share price is down 14 percent year-to-date, off the back of a declining iron ore price and demand uncertainty. Could this be a time to add to my long position in Rio Tinto? Chinese demand for iron ore has likely plateaued, and emerging economies (like India) will be unable to pick up the slack in the short term. Due to changes in the steelmaking process, the demand profile for iron ore is expected to shift to high-grade ore. Goals ...

Sloot Article Thesis Rio Tinto Group (NYSE:RIO) is a leading mining company that has recently seen its shares come under pressure due to some macro concerns. With shares being inexpensively priced right now, RIO could be a good investment for long-term-oriented investors. Past Coverage I have covered Rio Tinto Group here on Seeking Alpha in the past. My most recent article is from June 2023, a little more than a year ago. I gave the company a Buy rating back then, with shares returning 8% so far. At the beg ...

Group 1: Auditor Change - The company has changed its auditors from Grant Thornton LLP to PricewaterhouseCooper LLP, effective August 8, 2024 [1] - The resignation of the former auditor and the appointment of the successor auditor were approved by the company's board of directors and audit committee, with no reservations or reportable events noted [2] Group 2: ESG Report - The company published its 2023 ESG Report, which reviews Environmental, Social, and Governance factors related to its Fenix Gold Project in Chile for the year 2023 [4] - The company is committed to responsible mining principles and best practices in corporate governance [4] Group 3: Company Overview - The company focuses on development and mining operations, particularly the Fenix Gold Project in Chile, aiming for production in the shortest possible timeframe [5] - The company emphasizes high environmental standards and responsible development, aligning with the three pillars of Social, Environment, and Economics [5]

[2024 Half Year Results](index=2&type=section&id=2024%20half%20year%20results) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) Rio Tinto reported a **stable financial performance** for the first half of 2024, with **Underlying EBITDA of $12.1 billion**, a **3% increase** year-over-year, **Net earnings attributable to owners rose by 14% to $5.8 billion**, and despite a **25% decrease in free cash flow to $2.8 billion** due to increased capital expenditure, the company maintained its **interim ordinary dividend at 177 US cents per share**, reflecting a **50% payout ratio** Key Financial Metrics - H1 2024 vs H1 2023 | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Net cash from operating activities (US$M) | 7,056 | 6,975 | 1% | | Free cash flow (US$M) | 2,843 | 3,769 | (25)% | | Consolidated sales revenue (US$M) | 26,802 | 26,667 | 1% | | Underlying EBITDA (US$M) | 12,093 | 11,728 | 3% | | Net earnings (US$M) | 5,808 | 5,117 | 14% | | Underlying EPS (US cents) | 354.3 | 352.9 | —% | | Ordinary dividend per share (US cents) | 177.0 | 177.0 | —% | | Underlying ROCE | 19% | 20% | | - The CEO highlighted that the company is at an **inflection point in its growth**, driven by **disciplined investments**, a **step change in the aluminium business**, **consistent production in Pilbara iron ore**, and **growing cash flow from the Oyu Tolgoi copper mine**[8](index=8&type=chunk) - The company's **copper equivalent production** is projected to grow by **approximately 2% in 2024**, with an ambition for **around 3% compound annual growth from 2024 to 2028** from existing operations and projects[8](index=8&type=chunk) [Progress Against Four Objectives](index=3&type=section&id=Progress%20against%20our%20four%20objectives) The company reported progress across its four key objectives: being the best operator, impeccable ESG, excelling in development, and maintaining its social licence, with key achievements including stable safety rates, increased production in copper and bauxite through the Safe Production System (SPS), advancements in major growth projects like Simandou and Rincon, and significant investments in decarbonisation and community partnerships - **Best Operator:** The **Safe Production System (SPS)** is now deployed at **26 sites**, contributing to a **15% increase** in mined copper production at Oyu Tolgoi and a **10% increase** in bauxite production compared to H1 2023[12](index=12&type=chunk) - **Impeccable ESG:** The company is advancing its goal to reduce **Scope 1 and 2 GHG emissions by 50% by 2030**, with H1 2024 capital expenditure on decarbonisation at **$69 million**, and key initiatives including developing **Australia's largest solar farm** and signing a **major wind power deal** for its Gladstone operations[12](index=12&type=chunk) - **Excel in Development:** Significant progress was made on key growth projects, including the ramp-up of the **Oyu Tolgoi underground mine**, advancing construction of the **Simandou iron ore project**, and nearing first production at the **Rincon lithium starter plant** in Argentina[18](index=18&type=chunk) - **Social Licence & People:** **Gender diversity increased to 25.0%**, with **female senior leaders reaching 31.0%**, and the company launched a global community perception monitoring program, "**Local Voices**", to improve community engagement[14](index=14&type=chunk)[18](index=18&type=chunk) [Financial Performance Analysis](index=5&type=section&id=Financial%20performance) The Group's financial performance remained robust, with **Underlying EBITDA increasing by $0.4 billion to $12.1 billion**, driven by favorable exchange rates, lower energy costs, and controlled operating cash unit costs, which offset lower commodity prices and general inflation, while **Net earnings rose to $5.8 billion from $5.1 billion**, benefiting from a significant positive swing in impairment charges, and **Cash flow from operations was stable at $7.1 billion**, while **free cash flow decreased due to a 34% rise in capital expenditure to $4.0 billion**, reflecting increased investment in growth projects, and **Net debt increased by $0.8 billion to $5.1 billion** Underlying EBITDA Movement (H1 2023 to H1 2024) | Factor | Impact (US$bn) | | :--- | :--- | | 2023 first half underlying EBITDA | 11.7 | | Prices | (0.2) | | Exchange rates | 0.2 | | Volumes and mix | (0.1) | | General inflation | (0.4) | | Energy | 0.1 | | Operating cash unit costs | 0.2 | | Exploration and evaluation | 0.2 | | Non-cash costs/other | 0.4 | | **2024 first half underlying EBITDA** | **12.1** | Net Earnings Movement (H1 2023 to H1 2024) | Factor | Impact (US$bn) | | :--- | :--- | | 2023 first half net earnings | 5.1 | | Changes in underlying EBITDA | 0.4 | | Increase in depreciation & amortisation | (0.4) | | Decrease in interest & finance items | 0.3 | | Increase in tax on underlying earnings | (0.1) | | Increase in underlying earnings attr. to outside interests | (0.3) | | Changes in items excluded from underlying earnings | 0.7 | | **2024 first half net earnings** | **5.8** | Cash Flow Summary (H1 2024 vs H1 2023) | Item | 2024 US$bn | 2023 US$bn | | :--- | :--- | :--- | | Net cash from operating activities | 7.1 | 7.0 | | Purchases of property, plant and equipment | (4.0) | (3.0) | | Free cash flow | 2.8 | 3.8 | | Dividends paid to equity shareholders | (4.1) | (3.7) | | **Movement in net debt** | **(0.8)** | **(0.2)** | - **Net debt increased by $0.8 billion to $5.1 billion** at 30 June 2024, with a **net gearing ratio of 8%** (up from **7% at year-end 2023**)[40](index=40&type=chunk) [Shareholder Returns Policy](index=11&type=section&id=Shareholders%20returns%20policy) [Dividend Policy and Declaration](index=11&type=section&id=Dividend%20Policy%20and%20Declaration) Rio Tinto maintains its shareholder returns policy, targeting **total cash returns of 40% to 60% of underlying earnings** through the cycle, and in line with this, the Board declared an **interim ordinary dividend of 177.0 US cents per share**, identical to the prior year, representing a **50% payout ratio of underlying earnings** for the first half of 2024, with the **total interim dividend amounts to $2.9 billion** - The **Board's policy** is to return **40% to 60% of underlying earnings** to shareholders in aggregate through the cycle, with potential for additional returns during periods of strong earnings[49](index=49&type=chunk) H1 2024 Interim Dividend | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Interim Ordinary Dividend (US cents per share) | 177.0 | 177.0 | | Total Interim Dividend (US$bn) | 2.9 | 2.9 | | Payout Ratio | 50% | 50% | [Capital Projects](index=12&type=section&id=Capital%20projects) [Ongoing Projects](index=12&type=section&id=Ongoing%20Projects) The company is advancing several major capital projects, with the **Simandou iron ore project in Guinea progressing at pace**, with a total Rio Tinto share cost of **$6.2 billion**, the **Oyu Tolgoi underground copper-gold mine in Mongolia ramping up**, with a remaining spend of **$0.7 billion**, the AP60 smelter expansion in Quebec underway, and the **Western Range project 70% complete**, with first ore expected in **2025** Key Ongoing Capital Projects Status | Project | Total Capital Cost (Rio Tinto Share) | Capital Remaining (from 1 July 2024) | Status/Milestones | | :--- | :--- | :--- | :--- | | **Iron Ore: Western Range** | $1.3bn | $0.5bn | 70% complete, first ore on plan for 2025. | | **Iron Ore: Simandou** | $6.2bn | $5.3bn | First production expected in 2025, ramping up over 30 months. | | **Aluminium: AP60 Expansion** | $1.1bn | $0.9bn | Commissioning expected in H1 2026. | | **Copper: Oyu Tolgoi Underground** | $7.06bn (100%) | $0.7bn | First sustainable production achieved March 2023; ramp-up on target. | [Future Options](index=15&type=section&id=Future%20options) Rio Tinto is progressing a portfolio of future growth options, with the **Rincon lithium starter plant in Argentina on track for first production by the end of 2024**, the **Jadar lithium project's spatial plan reinstated by the government** in Serbia, allowing for continued stakeholder consultation, and the **Rhodes Ridge iron ore pre-feasibility study ongoing and expected to be completed in 2025**, while other key projects under evaluation include Resolution Copper (US), Winu (Australia), and La Granja (Peru) - **Rincon Lithium (Argentina):** The **3,000 tonne per annum starter plant** is progressing to plan, with first production expected by the end of 2024, and the feasibility study for the full-scale operation is expected in **Q3 2024**[56](index=56&type=chunk)[82](index=82&type=chunk) - **Jadar Lithium (Serbia):** The Government of Serbia reinstated the **project's spatial plan**, enabling a public dialogue supported by the release of draft Environmental Impact Assessment studies[82](index=82&type=chunk) - **Rhodes Ridge Iron Ore (Australia):** A **$77 million pre-feasibility study** is progressing, targeting an initial capacity of up to **40 million tonnes per year**, with completion expected in **2025**[55](index=55&type=chunk)[82](index=82&type=chunk) [Review of Operations](index=16&type=section&id=Review%20of%20operations) [Iron Ore](index=17&type=section&id=Iron%20Ore) The Iron Ore segment's **underlying EBITDA decreased by 10% to $8.8 billion**, primarily due to a **1% lower realised price** and a **2% drop in Pilbara shipments**, which were affected by a **train collision**, while the **Pilbara underlying FOB EBITDA margin remained strong at 67%**, and unit costs for H1 2024 were **$23.2 per tonne**, with full-year guidance unchanged Iron Ore Financial and Operational Metrics (H1 2024 vs H1 2023) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Pilbara Production (Mt, 100%) | 157.4 | 160.5 | (2)% | | Pilbara Shipments (Mt, 100%) | 158.3 | 161.7 | (2)% | | Underlying EBITDA (US$M) | 8,807 | 9,792 | (10)% | | Pilbara underlying FOB EBITDA margin | 67% | 69% | | - Lower shipments were impacted by a **train collision** in May, which resulted in approximately **six days** of lost rail capacity[62](index=62&type=chunk)[86](index=86&type=chunk) [Aluminium](index=19&type=section&id=Aluminium) The Aluminium segment delivered a strong performance, with **underlying EBITDA increasing by 38% to $1.6 billion** and the **margin rising to 27%**, driven by higher production volumes and moderating costs for key raw materials, which offset a **4% decline in the average realised aluminium price**, while **Bauxite production rose 10%**, and **aluminium production was up 3%** Aluminium Financial and Operational Metrics (H1 2024 vs H1 2023) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Bauxite Production ('000 tonnes) | 28,142 | 25,581 | 10% | | Aluminium Production ('000 tonnes) | 1,650 | 1,598 | 3% | | Underlying EBITDA (US$M) | 1,577 | 1,140 | 38% | | Underlying EBITDA margin | 27% | 21% | | - **Bauxite production increased** due to the implementation of the **Safe Production System**, particularly at Weipa, leading to higher plant utilisation and feed rates[89](index=89&type=chunk) [Copper](index=21&type=section&id=Copper) The Copper segment's financial results improved significantly, with **underlying EBITDA rising 67% to $1.8 billion**, driven by a **13% increase in mined copper production** and a **32% increase in refined copper**, supported by the steady ramp-up at Oyu Tolgoi and the **Kennecott smelter's return to normal operations**, while **Free cash flow turned positive**, aided by higher volumes and a stronger LME copper price Copper Financial and Operational Metrics (H1 2024 vs H1 2023) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Mined Copper Production ('000 tonnes) | 327 | 290 | 13% | | Refined Copper Production ('000 tonnes) | 125 | 95 | 32% | | Underlying EBITDA (US$M) | 1,804 | 1,082 | 67% | | Free Cash Flow (US$M) | 127 | (512) | - | | C1 Unit Cost (US cents/lb) | 147 | 184 | (20)% | - The **Oyu Tolgoi underground mine ramp-up is on track**, with **27 new drawbells** opened during the half, and the mine is expected to produce **500 thousand tonnes of copper per year from 2028 to 2036**[67](index=67&type=chunk)[68](index=68&type=chunk) [Minerals](index=23&type=section&id=Minerals) The Minerals segment's **underlying EBITDA was flat at $0.7 billion** compared to H1 2023, as lower volumes for titanium dioxide and diamonds, along with a lower iron ore price, offset higher production at the Iron Ore Company of Canada (IOC), while **Net cash from operations increased significantly to $0.3 billion**, benefiting from insurance proceeds related to 2023 incidents Minerals Financial and Operational Metrics (H1 2024 vs H1 2023) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | IOC Production (Mt) | 4.8 | 4.6 | 4% | | Titanium Dioxide Slag Production ('000 t) | 492 | 589 | (16)% | | Diamonds Production ('000 carats) | 1,441 | 1,924 | (25)% | | Underlying EBITDA (US$M) | 687 | 689 | —% | | Underlying Earnings (US$M) | 77 | 179 | (57)% | - **Underlying EBITDA** and **net cash from operations** included **$0.2 billion in insurance proceeds** related to process safety incidents at RTIT and forest fires at IOC in 2023[115](index=115&type=chunk) [Directors' Report](index=23&type=section&id=Directors'%20report%20for%20the%20half%20year%20ended%2030%20June%202024) [Important Events](index=24&type=section&id=Important%20Events) The Directors' Report highlights key events in the first half of 2024, including the **tragic plane crash** involving Diavik team members, the **agreement to sell the Lake MacLeod salt operation**, and **significant steps in decarbonization through large-scale renewable power purchase agreements** for Gladstone operations, while also noting the **payment of $8.5 billion in global taxes and royalties for 2023** and the **installation of carbon-free aluminium smelting cells** using ELYSIS technology - A **tragic plane crash** near Fort Smith, Canada, in **January 2024** resulted in the deaths of four **Diavik diamond mine team members** and two airline crew[99](index=99&type=chunk) - The company signed two major **renewable Power Purchase Agreements (PPAs)** to supply its Gladstone operations, including for Australia's largest solar farm (**1.1GW**) and a **1.4GW** wind energy project[119](index=119&type=chunk) - An **agreement was made to sell the Lake MacLeod salt and gypsum operation** for **A$375 million (US$251 million)** to Leichhardt Industrials Group[98](index=98&type=chunk) - The company will install **carbon-free aluminium smelting cells** at its Arvida smelter in Quebec, using the first technology licence from the **ELYSIS joint venture**[120](index=120&type=chunk) [Unaudited Condensed Consolidated Interim Financial Statements](index=25&type=section&id=Unaudited%20condensed%20consolidated%20interim%20financial%20statements) [Financial Statements Overview](index=26&type=section&id=Financial%20Statements%20Overview) The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024, show a **profit after tax of $5.9 billion, up from $4.9 billion** in the prior period, with **Net earnings attributable to owners were $5.8 billion**, resulting in basic earnings per share of **357.9 cents**, and **Total assets stood at $101.9 billion**, with **total equity at $57.2 billion**, prepared in accordance with IAS 34 Interim Financial Reporting Income Statement Summary (H1 2024 vs H1 2023) | Metric (US$M) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Consolidated sales revenue | 26,802 | 26,667 | | Operating profit | 8,259 | 7,247 | | Profit before taxation | 8,115 | 6,930 | | Profit after tax for the period | 5,890 | 4,947 | | Net earnings (attributable to owners) | 5,808 | 5,117 | Balance Sheet Summary (As of June 30, 2024) | Metric (US$M) | 30 June 2024 | 31 Dec 2023 | | :--- | :--- | :--- | | Total assets | 101,887 | 103,549 | | Total liabilities | (44,723) | (47,208) | | **Net assets** | **57,164** | **56,341** | | Equity attributable to owners | 55,253 | 54,586 | [Segmental Information](index=35&type=section&id=Segmental%20information) The Group's performance is reported across four main segments: Iron Ore, Aluminium, Copper, and Minerals, with **Iron Ore remaining the largest contributor with $8.8 billion in underlying EBITDA** in H1 2024, followed by **Copper ($1.8 billion)** and **Aluminium ($1.6 billion)**, and the report provides a detailed reconciliation from profit after tax to **underlying EBITDA, which stood at $12.1 billion for the group** Underlying EBITDA by Reportable Segment (H1 2024 vs H1 2023) | Segment (US$M) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Iron Ore | 8,807 | 9,792 | | Aluminium | 1,577 | 1,140 | | Copper | 1,804 | 1,082 | | Minerals | 687 | 689 | | **Reportable segments total** | **12,875** | **12,703** | - **Greater China remains the largest geographical market**, accounting for **58.1% of consolidated sales revenue**, consistent with the prior year[177](index=177&type=chunk) [Impairment](index=39&type=section&id=Impairment) For the first half of 2024, the Group recognized a **net impairment reversal of $55 million (post-tax)**, primarily driven by a **$78 million pre-tax reversal** for the **Tiwai Point aluminium smelter** in New Zealand, following the signing of new **20-year power arrangements**, which contrasts with a **net impairment charge of $828 million in H1 2023**, mainly related to the Gladstone alumina refineries in Australia - A pre-tax impairment reversal of **$78 million ($41 million post-tax)** was recognized for the **Tiwai Point aluminium smelter**, triggered by new long-term power agreements securing its future[178](index=178&type=chunk)[208](index=208&type=chunk) - A pre-tax impairment charge of **$35 million ($23 million post-tax)** related to the Group's share in the **Porto Trombetas (MRN) bauxite mine** in Brazil was included[178](index=178&type=chunk)[182](index=182&type=chunk) - In the prior period (H1 2023), a **significant pre-tax impairment charge of $1,175 million** was recognized for the **Gladstone alumina refineries** (Yarwun and QAL) due to challenging market conditions and the anticipated costs of decarbonisation[185](index=185&type=chunk)[211](index=211&type=chunk) [Alternative Performance Measures (APMs)](index=55&type=section&id=Alternative%20performance%20measures) [Definition and Reconciliation of APMs](index=55&type=section&id=Definition%20and%20Reconciliation%20of%20APMs) This section defines and reconciles non-IFRS measures used by management to assess business performance, with key APMs including **Underlying EBITDA**, **Underlying Earnings**, **Free Cash Flow**, **Net Debt**, and **Underlying Return on Capital Employed (ROCE)**, and **Underlying earnings for H1 2024 were $5.75 billion, slightly up from $5.72 billion in H1 2023**, after excluding items like impairment charges and certain foreign exchange and derivative movements from net earnings Reconciliation of Net Earnings to Underlying Earnings (H1 2024) | Item (US$M) | Pre-tax | Taxation | Non-controlling interests | Net amount | | :--- | :--- | :--- | :--- | :--- | | **Net earnings** | **8,115** | **(2,225)** | **(82)** | **5,808** | | Impairment (reversals)/charges | (18) | (37) | — | (55) | | Foreign exchange and derivative losses/(gains) | 28 | 9 | (1) | 36 | | Change in closure estimates | (44) | 3 | — | (41) | | **Underlying earnings** | **8,081** | **(2,250)** | **(81)** | **5,750** | Key APM Results | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Free Cash Flow (US$M) | 2,843 | 3,769 | | Net Debt (US$M) | 5,077 | 4,350 | | Underlying ROCE | 19% | 20% |

Rio Tinto Group (NYSE:RIO) Q2 2024 Earnings Conference Call July 30, 2024 9:30 PM ET Company Participants Tom Gallop - Head of Investor Relations Jakob Stausholm - Chief Executive Officer Peter Cunningham - Chief Financial Officer Mark Davies - Chief Technical Officer Conference Call Participants Paul Young - Golden Sachs James Redfern - Bank of America Lyndon Fagan - JPMorgan Rob Stein - Macquarie Glyn Lawcock - Barrenjoey Rahul Anand - Morgan Stanley Tim Gerrard - Janus Henderson Kaan Peker - RBC Lachlan ...

Core Viewpoint - Rio Tinto Group is experiencing a positive operational performance with a focus on production growth and strategic projects, despite facing challenges in certain areas such as copper production and alumina outlook [1][5][6]. Production Results - Pilbara iron ore shipments reached 80.3 million tonnes (Mt), a 2% increase year-over-year, while production was slightly down at 79.5 Mt, a 2% decrease [13]. - Bauxite production was reported at 14.7 Mt, an 8% increase, and mined copper output reached 171,000 tonnes (kt), an 18% increase [13]. - The company faced a train collision in May that impacted Pilbara operations, but no casualties occurred due to the automated nature of the train [5]. 2024 Guidance - Rio Tinto has adjusted its alumina production outlook from 7.6-7.9 Mt to 7.0-7.3 Mt due to gas supply constraints [6]. - The company anticipates top-line sales of $26.4 billion and EBITDA of $11.9 billion for 2024, reflecting a downward revision due to weak iron ore prices and disappointing performance at the Kennecott mine [18]. Strategic Developments - The Simandou facility has received all necessary regulatory approvals, with first production expected in 2025, targeting over 30 million tonnes by 2028 [4]. - The Jadar lithium project in Serbia is nearing government approval, which could provide significant organic growth opportunities for Rio Tinto [4]. Financial Metrics - The updated EBITDA estimate for Rio Tinto is approximately $24 billion, with a valuation of $76 per share based on a 5x EV/EBITDA multiple [8]. - The company currently trades at a 4.5 EV/EBITDA, which is below its five-year historical average [8]. Market Context - Analysts project a top-line sales figure of $27.9 billion and an EBITDA of $12.5 billion, with net debt expected to reach $6.1 billion by the end of the period [7]. - The iron ore price has declined to $108 per tonne due to weak fundamentals in China and elevated port inventories [14].

Rio Tinto (RIO) reported iron ore shipments (on a 100% basis) of 80.3 million tons (Mt) for the second quarter of 2024, which rose 2% year over year, attributed to the drawdown of port stocks. The company's iron ore production dipped 2% to 79.5 Mt as ore depletion offset productivity gains. A train had derailed in mid-May at its Western Australia iron ore operations, which led to six days of lost rail capacity and full stockpiles at some mines, impacting shipment and production numbers for the quarter. Tita ...

Core Viewpoint - Rio Tinto is advancing its position in low-carbon aluminum production by installing carbon-free aluminum smelting cells at its Arvida smelter in Québec, utilizing the ELYSIS technology, which aims to eliminate direct greenhouse gas emissions from aluminum smelting [1][12]. Group 1: ELYSIS Technology and Environmental Impact - The ELYSIS technology is designed to produce aluminum without direct greenhouse gas emissions, generating oxygen as a byproduct and enhancing production efficiency [1][12]. - In Canada, the implementation of ELYSIS technology could potentially reduce greenhouse gas emissions by 6.5 million metric tons, equivalent to removing 1.8 million cars from the roads [3]. - The plant will have an annual production capacity of up to 2,500 tons of commercial-quality aluminum without direct greenhouse gas emissions, with the first production targeted by 2027 [7]. Group 2: Investment and Financial Performance - Rio Tinto has formed a joint venture with Québec's government to design and build a demonstration plant, requiring a total investment of $285 million, with Rio Tinto contributing $179 million [11]. - Over the past year, shares of Rio Tinto have increased by 1.7%, while the industry has seen a decline of 3.1% [4]. - In the first quarter of 2024, Rio Tinto produced 826 kilotons of aluminum, a 5% increase year-over-year, and expects total aluminum production for 2024 to be between 3.2 million tons and 3.4 million tons [13].