Rio TintoRIO

Rio Tinto approved a new round of spending to move the Resolution Copper project in Arizona into its next phase. This follows a land exchange earlier this year that cleared a major hurdle for the site. While the company's share of this specific investment is $79 million, the project represents a massive long-term bet on domestic copper production in the United States.

Copper is a central part of the company's plan to grow beyond iron ore, as the metal is essential for electric vehicles and power grids. This project has faced years of regulatory and local challenges, so continued investment suggests the company sees a clear path toward eventually opening the mine.

Source: Business Wire

The company has officially opened its Fénix 1B and Sal de Vida sites in Argentina. Both projects reached their first production ahead of schedule earlier this year and are now increasing their output. Lithium is a key metal used in electric vehicle batteries.

This move is part of the company's plan to grow beyond its traditional iron ore business and into metals needed for the energy transition. By getting these sites running early, the company can start generating cash from its lithium investments sooner than expected, which helps justify the high price of building new mines.

Source: Business Wire

Rio Tinto will spend about 1.9 billion dollars to develop the Kangwinan project in Queensland, Australia. This new mine is designed to replace aging production at its existing Weipa operations, ensuring it can keep supplying its own refineries and international customers with bauxite. Bauxite is the essential ore used to produce aluminum.

This is a move to protect a core part of the business rather than a sudden expansion. By investing in a "brownfield" site, meaning an area where it already has infrastructure, the company can keep its costs lower than building from scratch. For long-term owners, this shows a commitment to maintaining its scale in the aluminum market, which is a key part of the global shift toward lighter, more efficient materials.

Source: Business Wire

The company is making progress on its shift toward metals needed for the green energy transition. Production at the Oyu Tolgoi copper mine in Mongolia reached an annual rate of 450,000 tons this quarter, which is a key milestone for the business. Copper is essential for electric vehicles and power grids, and growing this arm helps the company rely less on the steel industry.

Iron ore remains the biggest part of the business, and sales there rose 3 percent so far this year. The company also reached a steady production rate at its new Simandou mine in Africa. These results show the company is successfully growing its output even as it manages the high costs of building these massive new mining projects.

Source: Business Wire

Rio Tinto kept its full-year production and cost targets unchanged after a strong third quarter. The standout was the Oyu Tolgoi mine in Mongolia, where copper output rose 27 percent compared to last year. The mine is now producing at a rate of roughly 450,000 tonnes per year.

This growth is a key part of the company's plan to rely less on iron ore and more on metals needed for green energy. While iron ore still pays the bills, copper is the growth engine that makes the business more valuable over the long term. Seeing this mine scale toward its 500,000-tonne goal suggests that the shift is on track.

Source: Proactive Investors

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