Rio Tinto is one of the world's largest mining companies, extracting and selling bulk commodities and metals to industrial customers primarily in China, Japan, Europe, and North America. Rio Tinto operates through three core segments: Iron Ore, Copper, and Aluminium & Lithium. Iron Ore, the dominant profit driver at roughly 60% of segment EBITDA, centers on Pilbara operations in Western Australia producing around 327 Mt per year, with additional operations at the Iron Ore Company of Canada and the Simandou project in Guinea. Copper, at roughly 27% of segment EBITDA, includes Oyu Tolgoi in Mongolia, an equity stake in Escondida in Chile, and Kennecott in Utah. Aluminium & Lithium accounts for the remainder, combining an integrated bauxite-to-aluminium value chain with a nascent lithium business built through the 2025 acquisition of Arcadium Lithium. Rio Tinto is a price-taker across its products, so profitability moves directly with commodity prices — iron ore, LME copper, and LME aluminium — and is heavily influenced by production volumes and unit cost management. Rio Tinto's growth strategy targets roughly 1 million tonnes of annual copper production by 2030, primarily through the Oyu Tolgoi underground ramp-up, and 200 kt of lithium carbonate equivalent capacity by 2028 through brine and hard rock projects in Argentina and Canada. Rio Tinto returns 40-60% of underlying earnings to shareholders as dividends, and plans to release $5-10B in cash through divestiture of non-core assets.