In today’s briefing:
- Rio Tinto: Production in Q3/25 Robust, Metal Price Risks Remain
Rio Tinto: Production in Q3/25 Robust, Metal Price Risks Remain
- The Q3/25 production update was taken well by the market, with iron ore output near flat yoy, copper jumping 10%, and moderate growth for aluminum, alumina and bauxite
- Some reorganization has started under new CEO Simon Trott, with IOC reported with the core iron ore segment, and two divisions, Borates and Iron and Titanium, placed under review
- We see risks from major iron ore market shifts and a potential cyclical downturn hitting copper and aluminum, and it could be fully valued on our below-consensus metal price estimates
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