Rio Tinto

Rio Tinto is dual-listed in London and Melbourne. The Pilbara iron-ore system, its own rail and ports in Western Australia, is the business that sets the company's cash flow, and it sells that ore mainly to Chinese, Japanese, and Korean steelmakers.

Aluminum includes Canadian smelters that need power contracts, and copper includes Kennecott, Oyu Tolgoi, and a minority stake beside BHP at Escondida. Lithium, under the Rio Tinto Lithium name after Arcadium and including the Rincon project, sells to battery makers rather than to steel mills.

Iron-ore competition is about grade, freight, and port capacity against BHP, Vale, and Fortescue. A steel mill's annual contract or spot purchase can shift tons, but the rail and port slots in the Pilbara are the physical limit on what Rio can ship.

Pilbara rail and port capacity cap iron-ore shipments regardless of how many mines are open.

Escondida is a shared copper asset operated by BHP, so Rio's tons there depend on that joint operation.

Lithium sales go to battery manufacturers on offtake terms different from iron-ore spot sales.

Chinese steel mills that rely on Pilbara ore plan blast furnaces around Rio and BHP shipments.

Battery makers signing lithium offtake with Rio are securing carbonate supply years ahead.