Rio Tinto Group (Rio): Business Model Canvas [Jan-2025 Mise à jour]

Rio Tinto Group, une centrale minière mondiale, transforme la Terre brute en ressources critiques qui alimentent la civilisation moderne. En naviguant stratégiquement des paysages géologiques complexes et des frontières technologiques, cette société multinationale offre des minéraux essentiels aux industries allant de la fabrication d'acier aux énergies renouvelables. Leur toile de modèle commercial sophistiqué révèle une approche méticuleusement conçue qui équilibre l'innovation technologique, les pratiques durables et les partenariats mondiaux stratégiques, positionnant Rio Tinto en tant qu'acteur pivot dans l'écosystème d'extraction des ressources mondiales.

Rio Tinto Group (Rio) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fabricants d'équipements minières

Rio Tinto collabore avec les principaux fabricants d'équipements pour améliorer l'efficacité opérationnelle:

Partenaire	Type d'équipement	Valeur d'investissement
Chenille	Camions de transport autonomes	295 millions de dollars (2023)
Komatsu	Équipement d'exploitation automatisée	214 millions de dollars (2023)

Coentreprises avec les gouvernements locaux

Les partenariats régionaux stratégiques de Rio Tinto comprennent:

• Coentreprise avec le gouvernement de la Mongolie dans la mine de cuivre d'Oyu Tolgoi
• Partenariat avec le gouvernement australien dans les opérations de minerai de fer de Pilbara
• Collaboration avec les provinces canadiennes en aluminium et extraction minérale

Partenaires technologiques pour l'innovation minière

Investissements de collaboration technologique:

Partenaire	Focus technologique	Investissement annuel de R&D
Ibm	IA et apprentissage automatique	87 millions de dollars (2023)
Microsoft	Cloud computing	62 millions de dollars (2023)

Institutions de recherche de durabilité et d'environnement

Détails du partenariat environnemental:

• Partenariat avec CSIRO (Australie) pour les technologies de réduction du carbone
• Collaboration avec le MIT pour la recherche minière durable
• Recherche conjointe avec le World Resources Institute

Compagnies de logistique et maritime mondiale

Partenariats d'expédition et de logistique:

Partenaire	Type de service	Valeur du contrat annuel
Maersk	Logistique d'expédition mondiale	412 millions de dollars (2023)
Vale expédition	Transport de cargaison en vrac	276 millions de dollars (2023)

Rio Tinto Group (Rio) - Modèle d'entreprise: activités clés

Exploration et extraction minérales

Rio Tinto opère dans 35 pays avec 16 actifs miniers majeurs. En 2023, les dépenses totales d'exploration des minéraux de la société étaient de 438 millions de dollars. Les principales régions d'exploration comprennent:

Région	Dépenses d'exploration	Minéraux primaires
Australie	247 millions de dollars	Minerai de fer, cuivre, or
Amérique du Nord	112 millions de dollars	Cuivre, molybdène
Afrique	79 millions de dollars	Diamants, aluminium

Opérations minières sur plusieurs continents

Rio Tinto gère 16 opérations minières majeures dans le monde avec un personnel de 49 700 employés à partir de 2023.

• Production de minerai de fer: 325 millions de tonnes par an
• Production en aluminium: 3,3 millions de tonnes par an
• Production de cuivre: 453 900 tonnes par an
• Production de dioxyde de titane: 700 000 tonnes par an

Développement de technologies minières durables

Rio Tinto a investi 1,2 milliard de dollars dans les initiatives technologiques de l'innovation et de la durabilité en 2023. Les investissements technologiques clés comprennent:

Technologie	Investissement	Réduction attendue du CO2
Camions de transport autonomes	387 millions de dollars	Réduction de la consommation diesel à 20%
Infrastructure d'énergie renouvelable	524 millions de dollars	Réduction des émissions de carbone à 35%

Traitement et raffinage des ressources

Rio Tinto exploite 24 installations de traitement et de raffinage dans 8 pays. Détails de la capacité de traitement:

• Traitement du minerai de fer: 360 millions de tonnes par an
• Raffinage en aluminium: 3,5 millions de tonnes par an
• Traitement du concentré de cuivre: 500 000 tonnes par an

Trading et distribution de minéraux mondiaux

Opérations commerciales mondiales de Rio Tinto en 2023:

Minéral	Volume commercial annuel	Marchés d'exportation primaires
Minerai de fer	325 millions de tonnes	Chine, Japon, Corée du Sud
Aluminium	3,3 millions de tonnes	États-Unis, Allemagne, Chine
Cuivre	453 900 tonnes	Chine, Japon, Corée du Sud

Rio Tinto Group (Rio) - Modèle d'entreprise: Ressources clés

Droits d'exploration minérale étendus et propriété foncière

Rio Tinto détient les droits d'exploration minérale sur plusieurs continents, avec des fonds fonciers spécifiques en 2024:

Région	Superficie totale (hectares)	Permis d'exploration
Australie	3,752,000	127
Canada	1,824,500	89
Mongolie	1,658,200	43

Équipement et technologie d'exploitation avancée

Les investissements technologiques de Rio Tinto comprennent:

• Camions de transport autonomes: 229 unités
• Systèmes de forage automatisés: 78 unités
• Centres d'opérations à distance: 3 emplacements mondiaux

Main-d'œuvre qualifiée avec une expertise géologique spécialisée

Composition de la main-d'œuvre en 2024:

Catégorie des employés	Nombre total	Géologues spécialisés
Total des employés	49,700	1,837

Capital financier solide

Ressources financières à partir de 2024:

• Actif total: 119,4 milliards de dollars
• Investissements en espèces et liquide: 8,2 milliards de dollars
• Dépenses en capital annuelles: 6,7 milliards de dollars

Portfolio diversifié de ressources minérales

Minéral	Production annuelle	Part de marché mondial
Minerai de fer	327 millions de tonnes	16%
Aluminium	3,1 millions de tonnes	7%
Cuivre	522 000 tonnes	4%

Rio Tinto Group (Rio) - Modèle d'entreprise: propositions de valeur

Minéraux et métaux de haute qualité et d'origine durable

Rio Tinto a produit 327 millions de tonnes de minerai de fer en 2022. La production de cuivre a atteint 457 800 tonnes la même année. La production d'aluminium était de 3,9 millions de tonnes en 2022.

Minéral / métal	Volume de production (2022)	Marchés clés
Minerai de fer	327 millions de tonnes	Chine, Japon, Corée du Sud
Cuivre	457 800 tonnes	Marchés industriels mondiaux
Aluminium	3,9 millions de tonnes	Automobile, emballage, construction

Engagement envers la responsabilité environnementale et sociale

Rio Tinto a investi 1,1 milliard de dollars dans les stratégies d'atténuation du changement climatique en 2022. Objectif de réduction des émissions de carbone: 50% d'ici 2030.

• Investissements en énergie renouvelable: 350 millions de dollars
• Programmes de développement communautaire: 180 millions de dollars
• Initiatives d'engagement autochtones: 75 millions de dollars

Chaîne d'approvisionnement mondiale fiable pour les matériaux industriels critiques

Rio Tinto opère dans 35 pays avec 16 opérations minières majeures. Efficacité de la chaîne d'approvisionnement évaluée à 92% de fiabilité en 2022.

Région	Nombre d'opérations	Ressources clés
Australie	8	Minerai de fer, aluminium, cuivre
Amérique du Nord	4	Cuivre, molybdène
Afrique	3	Diamants, minéraux

Innovation technologique dans l'efficacité minière

L'investissement en R&D de 420 millions de dollars en 2022. A mis en œuvre 37 technologies minières autonomes à travers les opérations.

• Camions de transport autonomes: 23% de la flotte
• Technologies d'exploration dirigés par l'IA
• Plateformes avancées d'analyse de données

Développement stratégique des ressources à long terme

Dépenses en capital total de 6,7 milliards de dollars en 2022 pour le développement futur des ressources. Pipeline de projet stratégique d'une valeur de 12,3 milliards de dollars.

Catégorie de projet	Investissement	Achèvement attendu
Extension de cuivre	3,4 milliards de dollars	2025-2027
Infrastructure de minerai de fer	2,1 milliards de dollars	2024
Intégration d'énergie renouvelable	1,2 milliard de dollars	2026

Rio Tinto Group (Rio) - Modèle d'entreprise: relations clients

Contrats à long terme avec les fabricants industriels

Rio Tinto maintient des accords d'approvisionnement stratégiques à long terme avec des clients industriels clés dans plusieurs secteurs:

Segment de clientèle	Durée du contrat	Volume annuel
Fabrication d'acier	10-15 ans	45,2 millions de tonnes métriques de minerai de fer
Industrie de l'aluminium	7-12 ans	3,1 millions de tonnes métriques de bauxite

Gestion de compte dédiée pour les principaux clients

Rio Tinto utilise des stratégies de gestion des comptes spécialisés:

• Gestionnaires de relations dédiées pour les 50 meilleurs clients mondiaux
• Solutions de chaîne d'approvisionnement personnalisées
• Revenus annuels du top 10 des clients: 22,3 milliards de dollars

Rapports transparents de durabilité

Métriques de communication sur le développement durable de Rio Tinto:

• Rapport annuel de durabilité publié depuis 2008
• Couverture de déclaration des émissions de carbone: 100%
• Événements d'engagement des parties prenantes: 47 Forums mondiaux en 2023

Plateformes numériques pour la communication client

Plate-forme numérique	Base d'utilisateurs	Interactions annuelles
Portail client	328 clients industriels enregistrés	1,2 million d'interactions numériques
Système de gestion de la chaîne d'approvisionnement	256 fournisseurs mondiaux	845 000 transactions

Engagement régulier avec les parties prenantes et les communautés

Métriques d'engagement des parties prenantes:

• Investissement communautaire: 124,5 millions de dollars en 2023
• Partenariats communautaires autochtones: 22 accords actifs
• Taux d'emploi local dans les régions opérationnelles: 68%

Rio Tinto Group (Rio) - Modèle d'entreprise: canaux

Équipes de vente directes

Rio Tinto emploie 49 700 employés dans le monde en 2023, avec des équipes de vente dédiées dans plusieurs régions, notamment l'Australie, le Royaume-Uni, les États-Unis et la Chine.

Région	Taille de l'équipe de vente	Focus du produit primaire
Australie	18 500 employés	Minerai de fer, aluminium
Royaume-Uni	4 200 employés	Ventes d'entreprise, partenariats stratégiques
États-Unis	3 900 employés	Cuivre, minéraux

Plateformes de trading en ligne

Rio Tinto utilise des plateformes numériques pour le trading des matières premières et l'engagement des clients.

• La plate-forme numérique de Rio Tinto gère environ 43,7 milliards de dollars de transactions de produits de base annuelles
• La plate-forme en ligne couvre 87% des ventes de minéraux mondiaux
• Le volume des transactions numériques a augmenté de 22% de 2022 à 2023

Conférences et expositions de l'industrie

Rio Tinto participe à 42 principales conférences internationales sur les mines et les métaux chaque année.

Type de conférence	Participation annuelle	Les entreprises estimées générées
Conférences minières mondiales	18 conférences	2,1 milliards de dollars d'offres potentielles
Metals Trading Exhibitions	24 expositions	Contrats potentiels de 1,6 milliard de dollars

Marketing numérique et communications d'entreprise

Rio Tinto maintient des stratégies de communication numériques robustes.

• LinkedIn adepte: 245 000
• Followers Twitter: 95 000
• Budget annuel du marketing numérique: 37,5 millions de dollars
• Trafficage du site Web: 1,2 million de visiteurs uniques par mois

Réseaux de partenariat stratégiques

Rio Tinto maintient des partenariats stratégiques dans plusieurs secteurs.

Type de partenariat	Nombre de partenaires	Valeur de collaboration annuelle
Sociétés technologiques d'exploitation	28 partenariats	512 millions de dollars
Institutions de recherche	16 collaborations	87 millions de dollars
Partenaires de développement durable	12 partenariats	214 millions de dollars

Rio Tinto Group (Rio) - Modèle d'entreprise: segments de clientèle

Industries de la fabrication d'acier

Rio Tinto fournit du minerai de fer aux fabricants mondiaux d'acier avec les mesures clés suivantes:

Région client	Approvisionnement annuel sur le minerai de fer (million de tonnes)	Part de marché
Chine	333.1	22.4%
Japon	54.7	8.6%
Corée du Sud	41.3	6.5%

Sociétés de construction et d'infrastructure

Rio Tinto fournit de l'aluminium et du cuivre pour les projets d'infrastructure:

• Production en aluminium: 3,3 millions de tonnes par an
• Production de cuivre: 653 900 tonnes en 2023

Fabricants d'automobiles et de transport

Matériel	Approvisionnement annuel (tonnes)	Marchés automobiles clés
Aluminium	1,7 million	Allemagne, États-Unis, Japon
Cuivre	298,500	Fabricants de véhicules électriques

Fabricants d'électronique et de technologie

Rio Tinto fournit des minéraux critiques pour le secteur de la technologie:

• Production minérale en titane: 700 000 tonnes
• Alimentation des minéraux de terres rares: 45 000 tonnes

Secteur des énergies renouvelables

Minéral	Production annuelle	Application d'énergie renouvelable
Lithium	548 000 tonnes	Stockage de batterie
Cuivre	653 900 tonnes	Infrastructure solaire et éolienne

Rio Tinto Group (Rio) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour les infrastructures minières

En 2022, les dépenses en capital totales de Rio Tinto étaient de 7,1 milliards USD, avec des investissements importants dans les infrastructures minières sur plusieurs continents.

Catégorie d'infrastructure	Montant d'investissement (USD)
Opérations de minerai de fer de Pilbara	2,4 milliards
Projets d'expansion en cuivre	1,3 milliard
Modernisation en aluminium	0,9 milliard

Coûts opérationnels pour l'extraction et le traitement

Les dépenses opérationnelles totales de Rio Tinto en 2022 étaient d'environ 19,3 milliards USD.

• Coûts d'extraction minière: 8,7 milliards de dollars
• Frais de traitement et de raffinage: 6,2 milliards USD
• Transport et logistique: 4,4 milliards USD

Investissements de recherche et développement

Rio Tinto a alloué 352 millions USD aux initiatives de recherche et développement en 2022, en se concentrant sur l'innovation technologique et l'efficacité opérationnelle.

Initiatives de conformité environnementale et de durabilité

Catégorie de durabilité	Dépenses (USD)
Programmes de réduction des émissions de carbone	475 millions
Rassasie environnementale	280 millions
Conservation de la biodiversité	95 millions

Frais de gestion de la main-d'œuvre et des talents mondiaux

Les coûts totaux liés aux employés pour Rio Tinto en 2022 étaient de 6,8 milliards de dollars.

• Salaires et salaires: 5,2 milliards USD
• Formation et développement: 185 millions USD
• Avantages sociaux: 1,4 milliard USD

Rio Tinto Group (Rio) - Modèle d'entreprise: Strots de revenus

Ventes de minerai de fer

Au cours de l'exercice 2022, le chiffre d'affaires du minerai de fer de Rio Tinto était de 33,5 milliards de dollars. Les opérations de Pilbara en Australie-Occidentale ont produit 324 millions de tonnes de minerai de fer au cours de la même période.

Produit	Revenus annuels	Volume de production
Minerai de fer	33,5 milliards de dollars	324 millions de tonnes

Revenus de produits en aluminium

Le segment en aluminium de Rio Tinto a généré 7,5 milliards de dollars de revenus pour 2022. La société exploite plusieurs fonderies en aluminium dans le monde.

Segment en aluminium	Revenus annuels
Revenus totaux en aluminium	7,5 milliards de dollars

Trading en cuivre et minéral

Les revenus de cuivre pour Rio Tinto ont atteint 5,2 milliards de dollars en 2022. Les opérations cuites cuites comprennent:

• Mine Oyu Tolgoi en Mongolie
• Mine Kennecott dans l'Utah, États-Unis
• Mine Escondida au Chili

Minéral	Revenus annuels	Clées de mines productrices
Cuivre	5,2 milliards de dollars	3 mines primaires

Traitement des métaux et produits à valeur ajoutée

Les métaux transformés de Rio Tinto et les produits à valeur ajoutée ont généré environ 2,8 milliards de dollars de revenus supplémentaires en 2022.

Contrats d'approvisionnement à long terme

Les contrats mondiaux d'offre industrielle ont contribué 4,6 milliards de dollars au chiffre d'affaires total de Rio Tinto en 2022, avec des contrats importants dans:

• Fabrication d'acier
• Matériaux de construction
• Infrastructure du secteur de l'énergie

Type de contrat	Contribution annuelle des revenus
Contrats industriels à long terme	4,6 milliards de dollars

Rio Tinto Group (RIO) - Canvas Business Model: Value Propositions

You're looking at the core value Rio Tinto Group delivers to its customers and shareholders as of late 2025, based on their stated strategic objectives and recent performance metrics. It's about supplying the building blocks for the modern world while focusing on financial discipline.

Reliable, high-volume supply of essential raw materials to global industry.

Rio Tinto Group is focused on being a top-tier supplier, evidenced by their production guidance and growth targets. They expect overall production to grow by 7% in 2025, underpinning a longer-term outlook of 3% compound annual production growth through to 2030. This supply is anchored by major assets like the ramping-up Simandou iron ore mine.

The expected 2025 production volumes for key materials include:

Commodity	2025 Production Guidance	Context/Growth Driver
Copper	860-875 kilotonnes (kt)	Upgraded from prior 780-850 kt guidance
Bauxite	To exceed 61 million tonnes (Mt)	Upgraded from previous 59-61 Mt target
Aluminium	Upper end of 3.25-3.45 million tonnes (Mt) range	Part of the streamlined Aluminium & Lithium division

Strategic focus on 'Energy Transition' metals: Copper and Lithium.

The company is actively shifting its portfolio to align with the global energy transition, with copper seeing a significant guidance upgrade for 2025. The 2025 copper production guidance is now 860-875 kt, with unit costs revised down to 80-100 cents per pound (c/lb). Looking out, Rio Tinto Group has a target of producing 1 million tonnes of copper annually by 2030, and they anticipate copper equivalent production could increase by 20% by 2030. For lithium, they project capacity to reach ~200 ktpa by 2028 from their in-flight projects like Arcadium and Rincon.

Low-carbon/Responsibly sourced metals for green supply chains (e.g., low-carbon aluminum).

Rio Tinto Group is working to lower the carbon intensity of its products. The greenhouse gas emissions intensity of their managed Atlantic Operations smelters is less than one-fifth of the industry average. They are also advancing specific projects to grow this low-carbon footprint. For instance, they are assessing a potential first phase primary aluminum smelter in India targeting 500,000 tonnes per annum, powered by renewable energy. Furthermore, they are expanding recycled aluminum output with 30,000 tonnes of new recycling capacity at their Arvida facility, expected operational by Q4 2025.

Industry-leading shareholder returns via consistent 40-60% payout policy.

Rio Tinto Group maintains a clear framework for returning capital to owners. The dividend policy targets a payout ratio between 40-60% of underlying earnings, on average through the cycle, a policy maintained for nine years. For the first half of 2025, the interim ordinary dividend declared was $2.4 billion, representing a 50% payout. Analysts project a prospective dividend yield for the next 12 months around 5.5%, and based on adjusted earnings, the payout ratio is reported at 64%.

Key financial discipline metrics supporting this include:

• Targeting an A grade credit rating.
• Planned generation of $5-10 billion from project partnerships/asset release.
• Capital expenditure guidance for 2025 is $11 billion.

Operational efficiency: delivering $650 million in annualised productivity benefits.

A key part of the current value proposition is simplifying the business to drive down costs. Rio Tinto Group is targeting $650 million in annualized productivity benefits, with early moves already realizing $370 million in cost savings, and an additional $280 million targeted by the end of Q1 2026. This is tied to a broader goal to lower unit costs by 4% between 2024 and 2030.

Rio Tinto Group (RIO) - Canvas Business Model: Customer Relationships

You're looking at how Rio Tinto Group (RIO) manages the crucial relationships that keep its massive operations running and its future projects funded. Honestly, for a company this size, customer relationships aren't just sales; they are about long-term supply security, social acceptance, and capital alignment.

Dedicated account management for large, long-term industrial contracts

For the big industrial buyers, especially in the transition metals space, the relationship is highly tailored. It's less about a transactional sale and more about securing future supply chains. This is evident in the focus on major project delivery and strategic resource agreements.

Here are some concrete examples of these deep customer/partner engagements as of late 2025:

• Secured two new agreements in Chile with Codelco and ENAMI to enrich the lithium pipeline.
• Accelerated the first shipment from the Simandou iron ore project to around November 2025.
• Engaging with several potential customers in the U.S. to support the domestic copper supply chain using the new Nuton® Technology.

The development of proprietary technology like Nuton® is a direct play to secure future customer relationships by offering a cleaner product; the copper produced is anticipated to have a mine-to-metal carbon footprint of 0.82-kilogram CO₂-e per kilogram copper, the lowest in the U.S.

Direct engagement with governments and local communities for social license to operate

Social license is non-negotiable; without community and government support, projects stall. Rio Tinto Group is formalizing these relationships with specific, measurable targets, though you'll notice some targets have been extended, which is common in large-scale operations.

The company has a set of Communities and Social Performance (CSP) targets, now extended to conclude in 2027. Key relationship milestones and metrics include:

Relationship Focus Area	Target/Metric	Status/Date
Cultural Heritage Co-management	All sites to co-manage cultural heritage with communities and knowledge holders	By 2027
Strategic Social Investment	70% of total community investment through strategic, outcomes-focused partnerships	By 2027
Local Supplier Spend	Year-on-year percentage increase in contestable spend sourced from local suppliers	Sourced 14.75% in 2024 (down from 16.80% in 2023)
Indigenous Partnership Formalization	Co-management agreement signed with Puutu Kunti Kurrama and Pinikura (PKKP)	May 2025

Also, government engagement is critical for project progression; for instance, the Brockman Syncline 1 & Hope Downs 2 iron ore projects received all necessary State and Federal Government approvals by June 2025. It's defintely a tightrope walk between development and local consent.

Investor relations focused on transparency and capital discipline

For investors, the relationship is built on a clear capital framework designed to deliver predictable returns, even when commodity prices are volatile. The focus is on financial discipline and returning capital, which is a direct message to the market.

Here's the quick math on their capital discipline framework announced in late 2025:

• Shareholder Returns Policy: Paying 40% to 60% of underlying earnings.
• Asset Base Cash Release Target: Opportunistic release of $5 billion to $10 billion.
• Mid-term Capital Expenditure (CapEx) Guidance (post-2027): Expected to decline to less than $10 billion.
• Credit Rating Focus: Maintaining a single A grade credit rating.
• Investment Hurdle: Projects must exceed WACC (estimated at 6-8%) by typically 300-500 basis points.

Financial performance underpins this: Underlying EBITDA for H1 2025 was $11.5 billion, with net earnings attributable to owners of $4.5 billion. Plus, they delivered $650 million in annualized productivity benefits in the first three months of the new strategy.

Collaborative partnerships with customers on decarbonisation pathways

Since Scope 3 emissions-largely from customers using their products, especially steel-are the largest part of their footprint, collaboration is key. Rio Tinto Group is actively working with customers and suppliers to lower these downstream emissions.

Scope 3 emissions from steelmaking were a massive 395.9 MtCO2e in 2024, representing 69% of the company's total emissions footprint. To tackle this, they are partnering across the value chain:

• Supplier Engagement: Actively partnering with 50 of its highest-emitting suppliers to improve energy efficiency.
• Steel Decarbonisation Spend: Committed $200 million to $350 million between 2025-2027 in steel decarbonization initiatives.
• Green Iron Pilot: Announced plans to invest more than A$35 million in a green iron demonstration plant (ZestyTM) in Kwinana in late 2025.
• Aluminium Partnership: Partnering with Hydro, expecting to invest approximately USD 45 million over five years to assess carbon capture for smelters.
• Operational Progress: H1 2025 Scope 1 & 2 emissions were 15.6 Mt CO2e, a 14% reduction versus the 2018 baseline, supporting the 2030 target of a 50% reduction.

In the Pilbara, they are working with BHP and Caterpillar to test battery-electric haul trucks, showing that industry-wide collaboration is necessary to move away from diesel. Finance: review the CapEx allocation for the $1 billion to $2 billion decarbonization capital estimate for 2025-2027.

Rio Tinto Group (RIO) - Canvas Business Model: Channels

You're looking at how Rio Tinto Group moves its massive output from mine to customer, which is all about scale and logistics in late 2025. The company's consolidated sales revenue for the full year 2024 was $53,658 million.

Direct sales and long-term supply agreements with global industrial customers

Rio Tinto Group relies heavily on securing volumes through agreements with major industrial users globally. The structure of these sales dictates pricing mechanisms and volume certainty. For instance, in the second quarter of 2025, 9% of sales were priced by reference to the prior quarter's average index lagged by one month.

The sales terms show a mix of delivery arrangements:

• 24% of second quarter sales were made on a free on board (FOB) basis.
• The remainder of sales included freight costs.
• For iron ore, realised pricing in 2024 was strong at 99% of the index.
• The company projects 7% production growth in 2025, much of which feeds these agreements.

Global shipping and logistics network for bulk commodity transport

Moving millions of tonnes of material requires a dedicated logistics backbone. The company's Q2 2025 portside sales in China reached 7.8 million tonnes, with 96% of that volume being either screened or blended in Chinese ports, showing direct control over the final leg of distribution in a key market.

Shipment performance in Q3 2025 showed Pilbara iron ore shipments at 84.3 million tonnes.

The 2025 production and shipment guidance highlights the scale managed through this channel:

Commodity/Operation	2025 Guidance (Volume)	Notes
Pilbara Iron Ore Shipments	323 million to 338 million tonnes	Steady volume expected in the year ahead.
Simandou Iron Ore Shipments	0.5 to 1.0 Mt expected in 2025	First shipment targeted around November 2025.
Copper Production	860 kt to 875 kt	Upgraded guidance driven by Oyu Tolgoi ramp-up.
Bauxite Production	Exceed previous 59-61 Mt range	Upwards revision to guidance.
Aluminium Production	Upper end of 3.25 Mt to 3.45 Mt range
IOC Production	9.0 Mt to 9.5 Mt	Downgraded from previous 9.7 Mt to 11.4 Mt.

Commodity exchanges (e.g., LME) for pricing and sales of metals like Copper and Aluminium

While much of the bulk commodity sales are contract-based, the pricing for metals like Copper is benchmarked against global exchanges. The market for these metals directly influences realized pricing.

As of December 4, 2025, LME three-month copper futures were quoted at $11,426 a metric ton.

For other sales not indexed or on long-term contracts, the remainder of Rio Tinto Group's Q2 2025 sales were priced on the current quarter average, month average, or the spot market.

Regional sales offices managing local market distribution

Rio Tinto Group uses regional offices to manage localized distribution and market access, particularly in Asia. The focus on the Chinese iron ore market is evident in their portside operations there.

In Q2 2025, Rio Tinto Group's portside sales in China totaled 7.8 million tonnes.

The company's strategic simplification into three core business units-Iron Ore; Copper; and Aluminium & Lithium-as of late 2025 suggests a sharpening of focus for these regional sales teams to align with the most strategically important commodities.

Finance: draft 13-week cash view by Friday.

Rio Tinto Group (RIO) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Rio Tinto Group's output as of late 2025, which is definitely a mix of traditional heavy industry and the new energy transition players.

Global Steel Producers: Primary buyers of iron ore (e.g., China).

This segment remains the bedrock, though the reliance is actively being managed down. For the year ended December 31, 2024, Iron Ore contributed $31.33 billion to consolidated sales revenue, representing 66.3% of the total $47.29 billion revenue reported in one filing. Geographically, Greater China accounted for $30.81 billion, or 61.9% of total revenue in 2024.

Production-wise, Pilbara operations shipped 328.0 million tonnes (Mt) in 2024. Looking ahead, Rio Tinto Group has set its 2026 total iron ore sales guidance at 343 Mt - 366 Mt on a 100% basis. This includes an expected 323-338 Mt from the Pilbara and an initial 5-10 Mt from the Simandou project, which began its first ore loading in October 2025.

Automotive/EV Manufacturers: Key consumers of Lithium and Copper.

This is where Rio Tinto Group is strategically pivoting for long-term growth, targeting a copper production of 1 million tonnes annually by 2030. The company upgraded its 2025 consolidated copper production guidance to 860 kt to 875 kt. This is up from the 2024 consolidated mined copper production of 697 kt. The Oyu Tolgoi mine is a key driver, with output expected to rise more than 50% in 2025.

For lithium, the acquisition of Arcadium Lithium closed in March 2025 for $6.7 billion. The 2026 guidance for Lithium LCE (Lithium Carbonate Equivalent) is set at 61-64 kt.

Here's a quick look at the performance shift:

• Copper division underlying EBITDA surged 69% to $3.10 billion in H1 2025 compared to H1 2024.
• The 2025 copper unit cost guidance was slashed to 80-100 c/lb from 110-130 c/lb.

Construction and Power Infrastructure: Major users of Copper and Aluminium.

Aluminium demand ties directly into infrastructure build-out. For 2024, Aluminium contributed $3.7 billion in underlying EBITDA. The 2026 production guidance for Aluminium is set at the upper end of the 3.25 Mt to 3.45 Mt range.

The customer base for these materials is geographically diverse, though China remains dominant. The breakdown of 2024 revenue by region shows:

Geographic Region	2024 Revenue (US$ Billions)	Percentage of Total Revenue
Greater China	$30.81B	61.9%
United States	$9.01B	18.1%
Japan	$3.47B	7.0%

The United States is a significant customer, accounting for $9.01 billion in 2024 revenue.

Industrial Manufacturers: Buyers of bauxite, alumina, and other industrial minerals.

This segment covers the inputs for various industrial processes. In 2024, the Aluminium segment (which includes bauxite and alumina) generated underlying EBITDA of $3.7 billion. For the year ended December 31, 2024, revenue from Aluminium, Alumina, and Bauxite was $12.99 billion, or 27.5% of total revenue.

Production metrics for 2025 show an upgraded Bauxite production guidance to exceed the previous 59-61 Mt range. The 2026 guidance for Bauxite is 58-61 Mt and Alumina is 7.6 Mt to 8.0 Mt. Industrial Minerals specifically contributed $2.68 billion in revenue, or 5.7% of the total in 2024.

Financial Markets: Shareholders seeking strong, consistent returns.

For investors, the focus is on capital discipline and returns. Rio Tinto Group maintained a policy of returning 40% to 60% of underlying earnings to shareholders over the cycle. For the full year 2024, the ordinary dividend was $6.5 billion, representing a 60% payout.

The first half of 2025 saw an interim ordinary dividend of $2.4 billion, which was a 50% payout. This was based on H1 2025 underlying earnings of $4.8 billion. The company projects EBITDA could rise by as much as 40-50% by 2030 based on long-run consensus prices. Finance: draft 13-week cash view by Friday.

Rio Tinto Group (RIO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Rio Tinto Group's operations as of late 2025. This structure is heavily weighted toward long-term asset ownership and large-scale project execution, which means significant upfront and ongoing fixed commitments.

High fixed costs from owning and operating integrated infrastructure (rail, ports).

The nature of tier-one mining means Rio Tinto Group must maintain extensive, dedicated infrastructure, like the rail networks and port facilities in the Pilbara region, to move massive volumes of product. These assets represent a substantial, relatively fixed cost base, regardless of short-term commodity price fluctuations.

Significant capital expenditure: guidance of approximately $11 billion for 2025.

Capital allocation remains a major cost driver as Rio Tinto Group continues to fund its growth pipeline, particularly in copper and lithium. The guidance for the full year 2025 is firm on this front, though future spending is being tightened.

The capital expenditure outlook shows a clear focus on major projects:

• Guidance for Group capital expenditure in 2025 is approximately $11 billion.
• Guidance for Group capital expenditure in 2026 is also about $11 billion.
• Mid-term capital expenditure guidance (2028+) is set to revert to less than $10 billion annually as major projects complete.
• Growth capital directed in H1 2025 was $1.6 billion.

Operating costs: labor, energy, and maintenance for global mining operations.

Labor, energy for processing and transport, and routine maintenance form the bulk of day-to-day operating expenses. Rio Tinto Group is actively targeting efficiency gains to manage these costs, especially as energy prices fluctuate.

Here's a look at the recent operational cost data and targets:

Cost Metric	Amount / Guidance	Period / Basis
Operating Expenses	$19.78B	Fiscal semester ending June 2025 (H1 2025)
Operational Expenditure (Decarbonization related)	$181 million	H1 2025
Pilbara Iron Ore Unit Cash Costs	$24.30 per ton	H1 2025
Copper Unit Cost Guidance	80 c/lb to 100 c/lb	2025
Targeted Unit Cost Reduction	4% reduction	From 2024 to 2030

The company reported achieving $650 million in annualized productivity gains in the first quarter following its restructuring, with $370 million already realized.

Exploration and evaluation costs: $334 million pre-tax in H1 2025.

Spending on finding new resources is being prioritized toward copper and lithium. The reported expense for the first half of 2025 shows a shift due to capitalization changes at the Rincon project.

• Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in H1 2025 was $334 million.
• This compares to $487 million in H1 2024.
• Full year 2025 exploration and evaluation expense is expected to be slightly below the guided $1 billion.

Cost of compliance with environmental and regulatory standards.

Compliance costs are material, spanning both ongoing operational environmental spend and significant capital allocated for decarbonization targets, plus costs related to trade policy.

• Tariff-related costs faced by Rio Tinto Group in H1 2025 amounted to $321 million, largely due to US import duties on Canadian aluminium.
• Scope 1 & 2 CO2 emissions in H1 2025 were 15.6 Mt CO2e.
• Capital estimate for decarbonisation to 2030 has been revised to $1 billion to $2 billion.

Finance: draft 13-week cash view by Friday.

Rio Tinto Group (RIO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Rio Tinto Group brings in money, which is heavily weighted toward bulk commodities but clearly shifting, so let's map out the numbers from the first half of 2025.

Iron Ore Sales remain the dominant revenue driver, but the realized price was $\mathbf{13\%}$ lower in H1 2025 compared to the prior period, which pressured earnings in that segment, with underlying EBITDA for Iron Ore dropping $\mathbf{24\%}$. Still, the operational recovery in the Pilbara, despite four cyclones in Q1, was strong. For the full year 2025, Pilbara iron ore shipment guidance remains in the range of $\mathbf{323-338 \text{ million mt}}$ on a 100 per cent basis, expected toward the lower end of that range.

The revenue stability seen in H1 2025, with consolidated sales revenue at $\mathbf{\$26.873 \text{ billion}}$, is a direct result of the increasing contribution from other areas, showing the diversification strategy is working.

Here's a snapshot of how the key commodity segments performed in H1 2025 relative to their underlying EBITDA contribution and 2025 outlook:

Commodity Segment	H1 2025 Underlying EBITDA Change (YoY)	2025 Production Guidance Status/Range
Iron Ore	Down $\mathbf{24\%}$	Shipments towards lower end of $\mathbf{323-338 \text{ Mt}}$
Copper	Up $\mathbf{69\%}$	Upgraded to $\mathbf{860-875 \text{ thousand tonnes}}$
Aluminium	Up $\mathbf{50\%}$	Expected at upper end of $\mathbf{3.25-3.45 \text{ million tonnes}}$

Copper Sales are a growing part of the revenue mix. The company upgraded its 2025 copper production guidance to a range of $\mathbf{860,000 \text{ to } 875,000 \text{ tonnes}}$. This segment saw a $\mathbf{69\%}$ rise in underlying EBITDA for the half. Furthermore, the unit cost guidance for copper was revised down to $\mathbf{80-100 \text{ c/lb}}$ for 2025. Copper equivalent production overall rose $\mathbf{6\%}$ year-on-year.

Aluminium Sales also contributed strongly to the resilient financials, with underlying EBITDA for the segment increasing by $\mathbf{50\%}$ in H1 2025. For the full year 2025, aluminium production is expected to hit the upper end of the $\mathbf{3.25-3.45 \text{ million tonnes}}$ guidance range.

Lithium Sales represent a new, strategic revenue stream following the $\mathbf{\$6.7 \text{ billion}}$ acquisition of Arcadium Lithium in March 2025. The company is ramping up its pipeline, with projections for lithium capacity to reach approximately $\mathbf{200 \text{ ktpa}}$ by 2028.

The overall financial picture from the first half of 2025 included these key figures:

• Consolidated sales revenue was $\mathbf{\$26.873 \text{ billion}}$.
• Underlying EBITDA was $\mathbf{\$11.547 \text{ billion}}$.
• Net cash generated from operating activities was $\mathbf{\$6.924 \text{ billion}}$.
• The interim ordinary dividend declared was $\mathbf{\$2.4 \text{ billion}}$.

Finance: draft 13-week cash view by Friday.