Key Takeaways Rio Tinto's copper production rose 10% year over year in Q3 2025 on strong asset performance.RIO produced its first copper at Arizona's Johnson Camp using Nuton technology for cleaner production.Rio Tinto expects 2025 copper output near the top of its 780-850 kt guidance range.Rio Tinto Group (RIO) has been benefiting from an increase in the production of copper, supported by strong performance across its assets. In the third quarter of 2025, the company’s copper production (on a consolidated ...

Core Insights - Rio Tinto Group has successfully produced its first copper from the Johnson Camp mine in Arizona using its innovative Nuton Technology, which allows for cleaner, faster, and more efficient copper production at an industrial scale [1][7] Technology Overview - Nuton Technology employs a combination of biology, chemistry, engineering, and digital tools, enabling rapid scaling and customization for different ore bodies, thus unlocking previously uneconomic resources [2] - The technology can transition from concept to production in just 18 months, significantly faster than the industry standard of 18 years [2] Environmental Impact - The innovative copper processing method eliminates the need for concentration, smelting, and refining, thereby shortening supply chains and allowing for on-site production of copper cathode [3] - Nuton Technology is expected to outperform conventional copper processing in terms of environmental performance, using up to 80% less water and reducing carbon emissions by up to 60% compared to traditional methods [3] Production Goals - At the Johnson Camp mine, Rio Tinto aims to produce approximately 30,000 tons of refined copper over a four-year demonstration period while validating the long-term performance of Nuton Technology [4][7] - The company is focused on producing copper with the lowest carbon footprint in the United States at this site [4] Future Plans - Rio Tinto will conduct multi-year testing and independent third-party verification to validate the long-term technical performance of Nuton [5] - The company is exploring deployment potential in North and South America and is collaborating with U.S. customers to enhance domestic copper supply [5] Stock Performance - Over the past year, Rio Tinto's shares have increased by 26%, outperforming the industry average growth of 23.6% [6]

Core Insights - Gunnison Copper Corp. announced that Rio Tinto successfully produced the first copper using its Nuton® Technology at the Johnson Camp mine in Arizona, marking a significant advancement in copper processing technology [1][2][3] Technology Development - After over 30 years of research, the first copper cathode was produced using Rio Tinto's bioleaching technology, which utilizes microorganisms grown on-site [2] - The technology package is designed for a heap leach pad with a target production of approximately 30,000 tonnes of refined copper over a four-year demonstration period [2] Efficiency and Environmental Impact - Nuton technology allows for cleaner, faster, and more efficient copper production, achieving recovery rates of up to 85% from primary sulphides [5][6] - The environmental performance of Nuton is expected to surpass traditional methods, with up to 80% less water usage and up to 60% lower carbon emissions compared to conventional processes [6] Carbon Footprint - At Johnson Camp, Nuton aims to produce copper with the lowest carbon footprint in the U.S., with a projected mine-to-metal carbon footprint of 0.82 kg CO₂-e per kg of copper, significantly lower than the global average of 3.4 kg CO₂-e per kg [7] Production Capacity and Future Plans - The Johnson Camp asset is fully funded by Nuton LLC, with a production capacity of up to 25 million lbs of finished copper cathode annually [14] - The next phase will focus on validating long-term technical performance through multi-year testing and independent verification [9]

Core Viewpoint - Aldebaran Resources Inc. has filed an updated Technical Report and Preliminary Economic Assessment for the Altar copper-gold project, indicating a strong economic outlook for the project with significant production potential and attractive financial metrics [1][3]. Group 1: Project Details - The Altar Preliminary Economic Assessment (PEA) has an effective date of September 1, 2025, and was prepared by SRK Consulting Inc. with Knight Piesold as a subcontractor [1]. - The PEA indicates a base case scenario with a Net Present Value (NPV) of US$2 billion and an Internal Rate of Return (IRR) of 20.5%, highlighting the project's long-term viability and profitability [3]. - Aldebaran holds an 80% interest in the Altar project, which is located in San Juan Province, Argentina, and is part of a cluster of world-class porphyry copper deposits [6]. Group 2: Joint Venture Update - Nuton Holdings Ltd., a venture of Rio Tinto, has terminated its option to joint venture agreement to acquire a 20% interest in the Altar project, citing a shift in focus to later-stage projects [2]. - Despite the termination, there remains the potential for a licensing agreement between Nuton and Aldebaran to utilize Nuton Technology at the Altar project [2]. Group 3: Management Commentary - The CEO of Aldebaran expressed confidence in the Altar project, emphasizing its significance for both the company and Argentina, and acknowledged Nuton's participation while understanding their strategic shift [3].

Core Viewpoint - Aldebaran Resources Inc. announced the results of a Preliminary Economic Assessment (PEA) for the Altar copper-gold project in Argentina, indicating strong potential for a long-life, high-quality copper operation with significant production and cash flow generation [1][6][8]. Economic Highlights - The PEA outlines a 48-year mine life with an average annual production of 101,413 tonnes of copper equivalent (CuEq) over the life of the mine (LOM) [7][10]. - The project has an after-tax Net Present Value (NPV) of $2.0 billion at an 8% discount rate, an Internal Rate of Return (IRR) of 20.5%, and a payback period of 4 years based on base-case metal prices [7][11]. - Total LOM gross revenue is projected at $44.7 billion, with free cash flow estimated at $10.7 billion [7][11]. Production and Cost Metrics - Initial capital expenditure (capex) is estimated at $1.59 billion, with a capital intensity of $15,713 per tonne of average annual CuEq produced [7][12]. - Cash costs (C1) are projected at $1.71/lb payable Cu for the first 20 years, increasing to $2.02/lb for the LOM [7][12]. - All-in Sustaining Costs (AISC) are estimated at $2.25/lb payable Cu for the first 20 years, rising to $2.59/lb for the LOM [7][12]. Mining and Processing Overview - The mining method combines open-pit and underground block caving, with a processing capacity of 60,000 tonnes per day [10][21]. - The project anticipates a recovery rate of 87.76% for copper, 57% for gold, and 50% for silver over the LOM [12][26]. Strategic Partnerships and Future Plans - Aldebaran is collaborating with Nuton, a Rio Tinto venture, to explore alternative processing technologies that could enhance economic viability and reduce environmental impact [8][38]. - The company plans to focus on a Pre-Feasibility Study (PFS) and resource updates in the next 12 to 18 months, aiming to unlock additional value from the Altar project [8][46]. Mineral Resource Estimate - The PEA is based on an updated mineral resource estimate, with approximately 80% of the resources categorized as Measured and Indicated [7][14]. Infrastructure and Environmental Considerations - The project includes comprehensive on-site infrastructure and plans for water management, with a focus on minimizing environmental impact [35][36]. Market Context - The political environment in Argentina is shifting towards pro-business policies, which may benefit the advancement of the Altar project amid rising global demand for copper [8].

Core Insights - McEwen Copper Inc. announced positive results from the independent Feasibility Study (FS) for its Los Azules copper project, confirming it as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability [1][2][3] Economic Metrics - The FS indicates an after-tax Net Present Value (NPV) of $2.9 billion and an Internal Rate of Return (IRR) of 19.8% with a payback period of 3.9 years [9][74] - Initial capital costs are estimated at $3.17 billion, with average annual copper production projected at 148,200 tonnes (327 million lbs) over a 21-year mine life [9][72] - C1 cash cost is $1.71 per pound, and All-In Sustaining Costs (AISC) are $2.11 per pound [9][74] Mineral Resources and Reserves - The project has a measured and indicated mineral resource of 5.4 billion lbs of copper and an inferred resource of 20 billion lbs [9][47] - Proven and probable mineral reserves are estimated at 10.2 billion lbs of copper [9][51] Environmental and Sustainability Aspects - The project is designed to have a 72% lower mine-to-metal carbon intensity compared to the industry average and aims for carbon neutrality by 2038 [15][24] - It will utilize 100% renewable power and has a water consumption rate 74% lower than conventional milling [15][48] Strategic Partnerships and Financing - A strategic collaboration agreement with the International Finance Corporation (IFC) aims to align with ESG standards and support potential financing of over $1.1 billion for equipment and infrastructure [16][9] - The project has been accepted into Argentina's Large Investment Incentive Regime (RIGI), providing tax and legal stability for 30 years [15][48] Development Timeline - Construction is targeted to begin in 2026, with the first copper expected by 2030 [15][9] - Exploration of four nearby porphyry targets is set to commence in Q4 2025, which could extend the mine life [9][37]