Rio Tinto (NYSE:RIO) 주식

Rio Tinto

Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, gold, and industrial minerals. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

West,Bangal,,India,-,October,09,,2021,:,Rio,Tinto

VALE

세계 최대 광산 기업 두 곳인 리오 틴토 PLC(NYSE:RIO)와 발리 SA(NYSE:VALE)는 수요일에 4분기 실적을 보고할 예정이다. 이들 두 주식 모두 낙관적인 기술적 신호를 보였지만 투자자들은 어느 주식이 더 강력한 실적 후 궤적을 가지고 있는지 면밀히 관찰할 것이다.

리오 틴토 vs 발리: 두 광산주 모두 4분기 실적을 앞두고 낙관적인 기술적 신호를 암시

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바이킹 펀드 매니지먼트(Viking Fund Management)의 최근 13F 공시를 보면, 2024년 대선을 앞두고 일부 석유 기업 주식을 매도하는 등 3분기에 어떤 회사를 사고 팔았는지 확인할 수 있다. 13F 공시를 통해 보고한 포지션은 다음과 같다.

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아칸소주가 전기차 배터리 수요 증가에 따라 1천 9백만 톤의 리튬을 보유 중으로 예상

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Shares of metals stocks are trading higher amid overall market strength after the US and China agreed to a temporary reduction in most tariffs on each other's goods. A decrease of trade tensions could reduce demand uncertainty for base metals.

Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) shares are trading higher premarket on Monday after it finalized joint venture agreements with Sumitomo Metal Mining (SMM) to advance the Winu copper-gold project <a target="_blank" href="https://www.businesswire.com/news/home/20250511288741/en/Rio-Tinto-and-Sumitomo-Metal-Mining-sign-Definitive-Agreement-for-Winu-Project-joint-venture" rel="noreferrer noopener">in</a> Western Australia&#8217;s Great Sandy Desert.
According to the deal, Rio Tinto will remain responsible for the ongoing development and operation of the Winu project.
In return, Sumitomo Metal Mining will pay Rio Tinto up to $430.4 million for a 30% ownership stake in the project.
This includes an upfront payment of $195 million, with the potential for up to an additional $235.4 million in deferred payments contingent on achieving future project milestones.
Also Read: <a href="https://www.benzinga.com/news/management/25/05/45163353/rio-tinto-stops-activist-campaign-explores-critical-minerals-opportunities" target="_blank" rel="noreferrer noopener">Rio Tinto Stops Activist Campaign, Explores Critical Minerals Opportunities</a>
The transaction is anticipated to be finalized in 2025, pending regulatory approvals and standard closing conditions.
The Winu project, discovered by Rio Tinto in 2017, is described as an attractive, low-risk, long-life copper-gold deposit with significant potential for expansion beyond its initial development plans.
Rio Tinto is maintaining its focus on partnerships with the Nyangumarta and Martu Traditional Owners, including ongoing Project Agreement negotiations.
The pre-feasibility study for the Winu project, outlining an initial processing capacity of up to 10 million tonnes per annum (mtpa), is expected to be finalized in 2025.
Rio Tinto Copper Chief Executive Katie Jackson said, &#8220;Our relationship with SMM began in 2000 with our partnership at the Northparkes mine in New South Wales and we look forward to bringing our combined experience and expertise to deliver the Winu project.&#8221;
&#8220;This partnership is an excellent fit for Rio Tinto and will strengthen the project as we continue to prioritize the strong and enduring partnerships built to date with the land&#8217;s Traditional Owners, the Nyangumarta and the Martu.&#8221;
Last week, Rio Tinto disclosed that it entered into a Memorandum of Understanding (MoU) with&nbsp;AMG Metals &amp; Materials to explore the development of a large-scale,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/contracts/25/04/44869614/why-is-rio-tinto-betting-on-india-a-green-aluminium-gamble-could-reshape-supply-chains" rel="noreferrer noopener">low-carbon aluminum project in India</a>.
Investors can gain exposure to the stock via&nbsp;VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and iShares Copper and Metals Mining ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>).
Price Action: RIO shares are up 2.90% to $61.72 premarket at the last check on Monday.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45163691/global-tensions-to-drive-a-two-year-copper-surplus-study-group-warns" target="_blank" rel="noreferrer noopener">Global Tensions To Drive Two-Year Copper Surplus, Study Group Warns</a></li>
</ul>
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Rio Tinto, Sumitomo Partner On $430 Million Copper-Gold Project In Australia

U.S. District Judge Steven Logan has temporarily blocked the controversial transfer of federal land in Arizona to mining firms Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>). Logan cited the need for the <a target="_blank" href="https://www.benzinga.com/topic/u-s-supreme-court" rel="noreferrer noopener">U.S. Supreme Court</a> to deliberate on an appeal filed by Native American groups opposing the project.
The decision halts progress on the Resolution Copper project, a planned large-scale underground copper mine near Superior, Arizona. The project sits atop more than 40 billion pounds (18.1 million metric tons) of copper, a metal critical to electric vehicles and clean energy infrastructure. However, it also lies beneath Oak Flat, a site sacred to the San Carlos Apache people.
In an 18-page ruling, Judge Logan clarified the risk of irreparable harm to Apache religious rights if the land transfer were permitted before the Supreme Court makes its decision.
"It is abundantly clear that the balance of equities tips sharply in [Apache Stronghold's] favor," he wrote, according to Reuters. "They have established a likelihood of irreparable harm should the transfer proceed."
The project can potentially produce over 25% of anticipated domestic copper demand for several decades, but it would create a 3-kilometer-wide, 300-meter-deep crater, effectively destroying the Oak Flat site.
Logan dismissed Rio's arguments that their $2.7 billion investment and monthly maintenance costs of $11 million warranted urgency, stating these were a "voluntary choice."
The project's legal history is complex. Though Congress and then-President Barack Obama approved the land swap enabling the project in 2014, President Donald Trump moved to expedite the land transfer during his first term. President Joe Biden reversed that action, pending further court review. Yet Trump recently restarted the process, aiming for a final transfer by June 16, driving the emergency request that led to Logan's ruling.
If built, Resolution would be one of Rio Tinto's most significant future copper assets, offering decades of domestic supply at a time when the U.S. seeks to <a target="_blank" href="https://in.benzinga.com/25/02/43492445/critical-metal-demand-to-triple-by-2030-but-demographics-pose-risks" rel="noreferrer noopener">reduce reliance on mineral imports</a>. However, the project faces the same kind of local backlash that led to the halt of Rio Tinto's Jadar lithium project in Serbia.
Rio Tinto has been mitigating development risk through strategic partnerships. Today, it <a target="_blank" href="https://www.riotinto.com/en/news/releases/2025/rio-tinto-and-sumitomo-metal-mining-sign-definitive-agreement-for-winu-project-joint-venture" rel="noreferrer noopener">announced</a> a joint venture with Japan's Sumitomo Metal Mining to develop the Winu copper and gold project in Western Australia. Under the deal, Sumitomo will pay up to $430.4 million for a 30% stake, with $195 million upfront and further payments based on milestones.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45284809/barricks-world-class-mining-project-proceeds-as-planned-building-not-only-buying-ceo-says" target="_blank" rel="noreferrer noopener">Barrick's World-Class Mining Project Proceeds As Planned, ‘Building Not Only Buying' CEO Says</a></li>
</ul>
Photo by TimBrew via Shutterstock

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Judge Halts Arizona Land Transfer To Rio Tinto Citing Native Appeal

U.S. stock futures jumped on Monday after a muted day of trade on Friday. Futures of major benchmark indices were trading over 2% in premarket.
U.S. and China announced a <a href="https://www.benzinga.com/markets/equities/25/05/45341884/apple-amazon-nvidia-rise-in-monday-premarket-as-us-china-agree-to-90-day-tariff-truce-neither-side-wants-a-decoupling">90-day truce</a> to pause the reciprocal tariffs on Monday and revised it from 125% to 10%.&nbsp;This comes after the White House and Chinese officials signaled significant <a href="https://www.benzinga.com/news/global/25/05/45337811/trump-announces-total-reset-as-us-china-trade-talks-aim-to-end-tariff-war">headway in trade negotiations</a> held in Geneva over the weekend.
The U.S. will maintain its 20% tariffs on Chinese imports linked to fentanyl, keeping the overall tariff level on China at 30%. "We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,&#8221; said the Treasury Secretary Scott Bessent after the talks.
The U.S.-China joint statement also indicated Beijing&#8217;s agreement to suspend or remove all non-tariff countermeasures implemented since April 2, including sanctions on specific U.S. firms and export limits on crucial minerals, according <a href="https://www.scmp.com/economy/global-economy/article/3309975/china-us-reduce-majority-tariffs-after-first-round-trade-talks?module=top_story&amp;pgtype=homepage">to</a> the South China Morning Post.
Meanwhile, the 10-year Treasury bond yielded 4.44% and the two-year bond was at 3.98%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 92.1% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting. 
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>2.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>2.76%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>3.68%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>3.16%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Monday. The SPY was up 2.74% to $579.80, while the QQQ advanced 3.81% to $506.54, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From Last Session:
Energy, real estate, consumer discretionary, and materials sectors advanced on Friday. While health care, communication services, consumer staples, and information technology sectors declined.
On the company-specific front, EchoStar Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SATS#NASDAQ">SATS</a>) rose 1.43% on Friday after reporting quarterly sales of $3.87 billion, down 3.6% year-over-year, in line with the Street view.
Plains All American Pipeline LP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAA#NASDAQ">PAA</a>) fell nearly 3% after it reported first-quarter revenue of $12.011 billion, missing the consensus of $14.26 billion. Adjusted EPS was 39 cents, missing the consensus of 43 cents.
The Dow Jones index declined 119 points or 0.29% to 41,249.38, whereas the S&amp;P 500 index fell 0.071% to 5,659.91. Nasdaq Composite ended 0.004% higher at 17,928.92, and the small-cap gauge, Russell 2000, dropped 0.16% to 2,023.07.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>0.004%</td>
<td>17,928.92</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.071%</td>
<td>5,659.91</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.29%</td>
<td>41,249.38</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.16%</td>
<td>2,023.07</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
After last week, 90% of the S&amp;P 500 companies have reported quarterly results, and the performance has been strong relative to expectations, said Brian Therien, the investment strategist at Edward Jones.
Seventy-eight percent have beaten analyst estimates, with an average upside surprise of 8.6%, he highlighted. Forecasts for first-quarter earnings growth of S&amp;P 500 companies have been revised higher to 13.2%, from 6.7% at the end of the quarter.
Performance has been broad, with eight of the 11 sectors forecast to report higher earnings year-over-year.
&#8220;Wider earnings growth should drive more balanced market performance across sectors, strengthening the case for portfolio diversification, in our view,&#8221; Therien added.
Charles Schwab said in a note that they are maintaining a neutral &#8220;marketperform&#8221; rating on all sectors, a shift it made in April after the White House announced broad-reaching tariffs on imports.
&#8220;Uncertainty about the ultimate level and timing of the tariffs has made it difficult to assert a view on which sectors might outperform or underperform the S&amp;P 500 index, so we are holding all sector ratings at Marketperform until we have more clarity on trade policy,&#8221; the note stated.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>
Upcoming Economic Data
Here&#8217;s what investors will keep an eye on this week:
<ul class="wp-block-list">
<li>On Monday, Fed Governor Adriana Kugler will speak at 10:20 a.m., and April&#8217;s monthly U.S. federal budget data will be released by 2:00 p.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Tuesday, April&#8217;s NFIB optimism index will be out by 6:00 a.m., whereas headline and core CPI data for April will be released by 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Wednesday, Fed Governor Christopher Waller will speak at 5:15 a.m., Fed Vice Chair Philip Jefferson will speak at 9:10 a.m., and San Francisco Fed President Mary Daly will speak at 5:40 p.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Thursday, the initial jobless claims data for the week ended May 10 will be out by 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>April&#8217;s U.S. retail sales, core and headline producer price index, May&#8217;s Empire State manufacturing survey, and Philadelphia Fed manufacturing survey will also be announced at 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>Fed Chairman Jerome Powell will speak at 8:40 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>April&#8217;s industrial production and capacity utilization will be out by 9:15 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>March&#8217;s business inventories data and May&#8217;s home builder confidence index will be released by 10:00 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>Fed Governor Michael Barr will speak at 2:05 p.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Friday, April&#8217;s import price index, housing starts, and building permit data will be released by 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>The preliminary consumer sentiment for May will be released by 10:00 a.m. ET.</li>
</ul>
Stocks In Focus:
<ul class="wp-block-list">
<li>Fox Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) rose 0.52% in premarket on Monday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of 91 cents per share on the revenue of $4.18 billion.</li>
</ul>
<ul class="wp-block-list">
<li>NRG Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) jumped 3.08% as Wall Street expects it to report earnings of $1.49 per share on revenue of $7.83 billion. before the opening bell.</li>
</ul>
<ul class="wp-block-list">
<li>Southwest Gas Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWX#NYSE">SWX</a>) dropped 4.85% ahead of its earnings. Analysts expect earnings of $1.50 per share on revenue of $1.50 billion.</li>
</ul>
<ul class="wp-block-list">
<li>Davita Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>) was up 2.94% as Wall Street expects it to report earnings of $1.95 per share on revenue of $3.21 billion after the closing bell.</li>
</ul>
<ul class="wp-block-list">
<li>Hawaiian Electric Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) was 0.095% above the flatline after it reported first-quarter earnings of 23 cents per share, in line with market estimates. The company reported $744.07 million in sales during the quarter.</li>
</ul>
<ul class="wp-block-list">
<li>Rio Tinto PLC ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) was up 2.93% after it signed a definitive agreement for the Winu project joint venture with Sumitomo Metal Mining.</li>
</ul>
<ul class="wp-block-list">
<li>Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>) slumped 6.65% after announcing an agreement to acquire MAG Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAG#NYSE">MAG</a>), which was up 6.62% in premarket.</li>
</ul>
<ul class="wp-block-list">
<li>Alibaba Group Holding Ltd. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) was up 7.18%, JD.Com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) jumped 6.05%, Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) advanced 4.64%, whereas PDD Holdings Inc. ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) gained 8.24% along with other Chinese peers amid the ongoing U.S.-China talks on tariff reductions.</li>
</ul>
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 2.85% to hover around $62.76 per barrel.
Gold Spot US Dollar fell 2.74% to hover around $3,233.54 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 1.10% at the 101.4460 level.
Asian markets ended higher on Monday as India's S&amp;P BSE Sensex, South Korea's Kospi, China&#8217;s CSI 300, Japan's Nikkei 225, Australia's ASX 200, and Hong Kong's Hang Seng index rose. European markets were also higher in early trade.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/government/regulations/25/05/45340465/bill-ackman-slams-subsidies-for-contributing-to-37-trillion-national-debt-hails-trumps-drug-price-order">Bill Ackman Slams Subsidies For Contributing To $37 Trillion National Debt, Hails Trump&#8217;s Drug Price Order </a></li>
</ul>
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US Stock Futures Rise As US, China Agree To 90-Day Tariff Pause: 'Wider Earnings Growth Should Drive More Balanced Market Performance,' Says Expert

The global copper market could experience a notable surplus over the next two years, as analysts anticipate rising production and weakening demand owing to<a target="_blank" href="https://www.benzinga.com/topic/trade-war" rel="noreferrer noopener"> rising international trade tensions</a>.
The International Copper Study Group (ICSG) concluded its biannual meeting in Lisbon this week, revising the projections. It now expects a <a target="_blank" href="https://icsg.org/press-releases/#" rel="noreferrer noopener">surplus of 289,000 metric tons</a> in 2025, more than double the 138,000 surplus in 2024. For 2026, it forecasts a smaller but elevated surplus of 209,000 tons owing to concerns over the economic fallout from U.S. tariffs and reduced copper usage in key global markets.
ICSG attributes the widening surplus primarily to increasing mine and smelter output. Global copper mine production is forecast to grow by 2.3% next year to 23.5 million tons, with major contributions from the ramp-up of the Ivanhoe's (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/IVPAF#OTCQX">IVPAF</a>) Kamoa-Kakula Complex in the Democratic Republic of Congo (DRC), Rio Tinto's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) Oyu Tolgoi in Mongolia, and the new Malmyz project in Russia.
In 2026, ICSG expects mine supply to grow by a further 2.5%, bolstered by new or expanded capacity in China, Chile, and Zambia and a recovery in Indonesian output. A wave of smaller operations in countries like Iran, Brazil, Eritrea, Greece, and Angola will also contribute.
The Group anticipates refined copper output will increase by 2.9% in 2025, driven by smelting expansions in China and new capacity in India, Indonesia, and the DRC.
However, 2026 could see a contraction of 1.5% in refined output due to tighter concentrate availability, particularly for primary electrorefining. Secondary refined production, which could grow by 6.4%, will partially offset that decline, as countries invest in recycling capacity to reduce dependency on mined copper.
ICSG also downgraded its copper usage growth forecasts, citing weaker global economic prospects exacerbated by trade policy uncertainty. Refined copper usage is expected to grow by 2.4% in 2025, down from a previous forecast of 2.7%, and slow further to 1.8% in 2026.
China, the world's largest copper consumer, is forecast to see demand growth fall from 2% this year to just 0.8% next year. Other major markets, including Europe, Japan, and the United States, are expected to remain subdued, leaving broader Asia as the main driver.
While structural trends such as energy transition technology and digital infrastructure support the long-term demand for copper, the ICSG believes that current trade disruptions dampen near-term consumption.
Copper inventories on global exchanges rose by 25% in the first quarter of 2025, primarily due to a surge in holdings on the Shanghai Futures Exchange, further reinforcing the oversupply trend.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44988722/freeport-mcmoran-exceeds-q1-copper-sales-estimates-expects-lower-copper-costs-amid-tariff-concerns" target="_blank" rel="noreferrer noopener">World's Largest Copper Producer Freeport Estimates Proposed Tariffs Could Raise US Cost Of Goods Purchased By 5%</a></li>
</ul>
Photo by TimBrew via Shutterstock

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JJNTF

Global Tensions To Drive Two-Year Copper Surplus, Study Group Warns

Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), the second-largest global miner, has fended an activist investor campaign to abandon its long-standing <a target="_blank" href="https://www.benzinga.com/news/legal/25/03/44223819/activist-renews-calls-for-listing-unification-as-rio-tinto-abandons-5-billion-equity-offering" rel="noreferrer noopener">dual listing structure</a>.
U.K.-based hedge fund Palliser Capital, which has campaigned for the effort, required a 75% majority but fell short, reaching only 19.35%, below the 20% threshold that would have mandated further shareholder engagement.
Palliser, which owns around $88 million worth of Rio shares, has criticized the existing structure as an "unmitigated failure" that has led to $50 billion in value destruction and constrained Rio's ability to execute large-scale mergers and acquisitions. The group argued that a simplified structure could better align Rio with global peers and boost investor returns.
However, Rio's board countered that restructuring would come at a steep cost. Chair Dominic Barton noted the board had already conducted a thorough review with input from five external consultants.
"All of this work showed that a unification of the DLC would be value destructive for the group and its shareholders," he<a target="_blank" href="https://www.afr.com/companies/mining/rio-tinto-on-tenterhooks-ahead-of-hedge-fund-s-unification-vote-20250430-p5lvgr" rel="noreferrer noopener"> said</a> per AFR. The miner cited potential tax implications and significant legal complexities to maintain the status quo.
Rio operates as two entities — one listed in London and the other in Sydney — but functions as a unified business, sharing profits and costs. Under Palliser's alternative structure, Rio would remain UK-listed through a secondary listing while governed by a new parent company domiciled in Australia.
At Rio Tinto's annual general meeting in Perth on Tuesday, CEO Jakob Stausholm also addressed broader strategic themes, including the role of critical minerals in the company's future portfolio. Rio already produces scandium and is exploring options to extract gallium from its aluminum operations. But both Stausholm and Barton expressed caution, citing limited market scale and uncertain demand.
"That's why you don't typically see the top five [miners] in this space," Barton<a target="_blank" href="https://www.mining.com/rio-tinto-weighing-up-rare-earths-market/" rel="noreferrer noopener"> said</a>, according to Mining.com, explaining that while Rio has opportunities, it must carefully assess scalability and market conditions before proceeding.
Management reaffirmed its long-term investment strategy, confirming a $13.3 billion commitment to new mines and equipment in Australia's Pilbara region over the next three years. Key projects include expansions at Western Range, West Angelas, Hope Downs 1, Greater Nammuldi, and Brockman 4, alongside ongoing studies at Rhodes Ridge. This development could become Australia's <a href="https://www.benzinga.com/25/02/43827954/mitsui-to-acquire-a-53-billion-stake-in-major-australian-iron-ore-project" target="_blank" rel="noreferrer noopener">largest iron ore mine</a>, potentially producing more than 100 million tons annually.
Price Action: RIO shares are trading higher by 1.96% to $59.70 premarket at the last check on Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45154011/gold-leaves-sp-500-in-the-dust-with-biggest-outperformance-in-14-years" target="_blank" rel="noreferrer noopener">Gold Leaves S&amp;P 500 In The Dust With Biggest Outperformance In 14 Years</a></li>
</ul>
Photo by Adwo via Shutterstock

Hedge Funds

Management

Rio Tinto Stops Activist Campaign, Explores Critical Minerals Opportunities

MTAL

Shares of copper-related companies are trading lower ahead of China's Labour Day. The material may also be experiencing weakness due to a contraction in Q1 US GDP.

The U.S. is accelerating the permitting process for 10 critical mineral production projects under the FAST-41 program following President Donald Trump's <a target="_blank" href="https://www.benzinga.com/government/regulations/25/03/44471105/trumps-executive-order-fuels-investor-speculation-over-alaskan-resources" rel="noreferrer noopener">executive order</a> to reduce the country's reliance on foreign mineral imports.
The initiative seeks to remove bureaucratic hurdles, secure essential minerals, and strengthen domestic supply chains.
"This is the first use of the Permitting Council's transparency authority, and we look forward to showcasing the many benefits the Federal Permitting Dashboard can bring to critical infrastructure projects," <a target="_blank" href="https://www.whitehouse.gov/articles/2025/04/trump-administration-advances-first-wave-of-critical-mineral-production-projects/" rel="noreferrer noopener">said</a> Manisha Patel, Acting Executive Director at the Permitting Council. "It's a vital tool for interagency coordination and efficient decision-making," he added.
The newly designated projects include major proposals across the country such as Perpetua Resources' (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPTA#NASDAQ">PPTA</a>) Stibnite Gold and Antimony Project in Idaho, Rio Tinto's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) Resolution Copper Project in Arizona, Hecla Mining's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) copper and silver mine in Montana, and Albemarle's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>) expansion of the Silver Peak lithium mine in Nevada. Also included are Standard Lithium's direct lithium extraction site in Arkansas, Warrior Met Coal's metallurgical coal mine in Alabama, and the McDermitt Lithium Project in Oregon. Others include the Caldwell Canyon Phosphate Mine in Idaho, Lisbon Valley Copper in Utah, and Michigan Potash.
These projects are now subject to the FAST-41 framework, which provides enhanced interagency coordination and a centralized online dashboard for monitoring permitting progress. While the program doesn't waive environmental laws, it significantly improves process transparency and helps enforce clearer timelines.
The U.S. depends heavily on foreign sources, particularly China, for critical minerals such as lithium, copper, and rare earth elements, crucial for electric vehicles, military equipment, and consumer electronics. Lengthy permitting processes, which can take anywhere from <a target="_blank" href="https://www.benzinga.com/news/24/07/39870803/us-mine-development-delays-among-worlds-longest-second-only-to-zambia" rel="noreferrer noopener">10 to 29 years</a>, have hindered domestic production, forcing reliance on geopolitical competitors. By comparison, countries like Canada and Australia approve mines in two to five years, giving them a significant advantage in attracting investment and securing supply chains.
Even in Canada, where permitting is relatively faster, both leading candidates for prime minister—Mark Carney and Pierre Poilievre—have campaigned on promises to <a target="_blank" href="https://www.benzinga.com/25/04/44732611/canadian-politicians-promise-faster-project-approvals-ahead-of-april-28-elections" rel="noreferrer noopener">reduce mining bureaucracy</a> further.
"For too long, duplicative processes and regulatory paralysis have delayed the development of the minerals America needs," <a target="_blank" href="https://www.doi.gov/pressreleases/trump-administration-adds-key-mining-projects-fast-41" rel="noreferrer noopener">said</a> Adam Suess, Acting Assistant Secretary for Land and Minerals Management. "By cutting red tape and increasing accountability, we're making it clear that under President Trump, the United States is serious about being a global leader in critical minerals."
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44891559/chinas-gold-stash-soars-to-2292-tonnesand-its-still-buying" target="_blank" rel="noreferrer noopener">China's Central Bank's Gold Stash Spikes To 2,292 Tonnes And Beijing Is Still Buying</a></li>
</ul>
Photo by Juan Roballo via Shutterstock

Politics

PPTA

Trump Administration Fast-Tracks Ten Domestic Critical Mineral Projects

Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) disclosed that it entered into a Memorandum of Understanding (MoU) with AMG Metals &amp; Materials to explore the development of a large-scale, <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">low-carbon aluminium project in India</a>.
The initiative aims to leverage renewable energy—specifically wind and solar, supported <a target="_blank" href="https://www.businesswire.com/news/home/20250416657643/en/Rio-Tinto-and-AMG-Metals-Materials-to-assess-low-carbon-aluminium-project-in-India" rel="noreferrer noopener">by </a>pumped hydro storage to power the operations.
The partnership will assess the feasibility of establishing an integrated facility with a capacity for up to 1 million tonnes per annum (Mtpa) of primary aluminium and 2 Mtpa of alumina.
As a first step, the study will focus on a potential 500,000 tpa primary aluminium smelter at a strategically chosen location in India.
Rio Tinto Aluminium Chief Executive Jérôme Pécresse said, "This study is an important step in our ambition to grow our global, low-carbon aluminium footprint while exploring new project delivery approaches and opportunities in emerging markets.&#8221;
&#8221;With its rapid economic growth and strategic position, India is a compelling location for this potential project and aligns with our long-term vision for a globally more diverse and resilient aluminium business."
Group President of AMG Metals &amp; Materials and Greenko Mahesh Kolli added, "This MOU could deliver much needed low-carbon metal at scale to propel decarbonization initiatives in global supply chains across auto, construction, consumer packaging and many more segments."
On Wednesday, the company reported a decline in Pilbara iron ore production of 10%<a href="https://www.benzinga.com/news/earnings/25/04/44836973/cyclones-impact-rio-tinto-q1-pilbara-production-and-shipment-by-13-millions-tonnes-trigger-95-million-recovery-plan" target="_blank" rel="noreferrer noopener"> year-over-year (Y/Y) to 69.8Mt</a>.
Severe weather conditions impacted both production and shipment, with four cyclones collectively causing an estimated loss of&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">approximately 13 million tonnes</a>.
Investors can gain exposure to the stock via&nbsp;VanEck Steel ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and&nbsp;NEOS ETF Trust Mast Global Battery Recycling &amp; Production ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EV#NYSE">EV</a>).
Price Action: RIO shares are up 1.77% at $58.17 at last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44636869/jp-morgan-turns-to-europe-sees-value-in-emea-mining-equities" target="_blank" rel="noreferrer noopener">JPMorgan Turns Bullish On European Miners, Sees Copper Rally As Key Catalyst</a></li>
</ul>
Photo: Rahul Sapra/Shutterstock

Contracts

Why Is Rio Tinto Betting On India? A Green Aluminium Gamble Could Reshape Supply Chains

U.S. stock futures rose on Thursday ahead of the long weekend, with Good Friday falling on April 18 and Easter Sunday on April 20. Futures of major benchmark indices were higher in premarket.
<a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44848474/fed-chair-powell-says-tariffs-lead-to-temporary-rise-in-inflation">Federal Reserve</a> Chairman Jerome Powell dismissed the possibility of a &#8220;Fed put&#8221; in the near term while speaking in Chicago on Wednesday.
&#8220;We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension. If that were to occur, we would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close,&#8221; said Powell.
U.S. export restrictions on Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://benzinga.com/25/04/44844084/nvidias-h20-chip-ban-could-lead-to-manageable-sales-drop-bank-of-america-says">H20 GPUs</a> pulled the stock market down on Wednesday.
The 10-year Treasury bond yielded 4.32% and the two-year bond was at 3.82%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing an 86.4% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>0.75%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.83%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>1.02%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>0.66%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 1.03% to $531.05, while the QQQ advanced 1.04% to $448.78, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From Last Session:
U.S. stocks closed sharply lower on Wednesday, driven by a significant sell-off in the semiconductor sector and broader tech weakness.
The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) experienced a steep decline, with Nvidia Corp. and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) both falling approximately 7% following new export restrictions on Nvidia chips to China.
This news heavily impacted the information technology sector, which, along with consumer discretionary and communication services, recorded the largest losses. In contrast, energy stocks defied the overall downward trend, closing higher.
Among individual companies, Travelers Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) reported better-than-expected first-quarter results, and Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>) posted upbeat first-quarter adjusted EPS.
On the economic front, U.S. industrial production fell by 0.3% in March, slightly more than anticipated. However, U.S. retail sales surged 1.4% month-over-month in March, exceeding both the previous month&#8217;s gain and market expectations.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-3.07%</td>
<td>16,307.16</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-2.24%</td>
<td>5,275.70</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-1.73%</td>
<td>39,669.39</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.03%</td>
<td>1,863.48</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
According to Scott Wren, the senior global market strategist at Wells Fargo, &#8220;current equity levels offer an attractive entry opportunity even with the bounce higher off the recent lows.&#8221;
Wren further emphasized the importance of having a &#8220;plan of action or at least be happy with where you currently stand,&#8221; regardless of individual perspectives on the implemented tariffs.
&#8220;Over the course of the last couple of weeks, we have seen the administration go from an aggressive reciprocal tariff strategy that involved meaningful universal tariffs on virtually all of our trading partners to a pause that suspends most reciprocal tariffs but leaves a 145% levy on imports from China,&#8221; Wren notes.
Despite the tariff uncertainty, Wren&#8217;s firm maintains a view that the U.S. economy was already heading for a slowdown in the first half of the year, even before the current trade strategies were implemented. &#8220;From our perspective, even before the current tariff strategies were deployed, our analysis suggested the economy was going to hit a bump in the road and slow in the first half of this year. That line of thought is still intact,&#8221; Wren states.
Wren also suggests a strategic shift in fixed income, advising investors to &#8220;move money from bonds, specifically the intermediate portion of the yield curve, into mid-cap U.S. equities in an effort to take advantage of the fall in stocks and the rally in bond prices (yields fell).&#8221;
Meanwhile, the <a href="https://www.benzinga.com/government/regulations/25/04/44858165/policy-push-vs-market-pull-dollar-under-pressure-as-reserve-currency-may-be-called-into-question-amid-tariff-turmoil">U.S. dollar is facing pressure</a>, with its &#8220;reserve currency&#8221; status. A recent study titled &#8216;Dollar Upheaval: This Time is Different&#8217; noted a 3.6% depreciation between April 4th and 14th, an unusual move as the dollar typically gains during global volatility.
This suggests a break from traditional market behavior, raising concerns that U.S. Treasuries lose their safe-haven appeal.
"If U.S. Treasuries are no longer viewed as the world's preferred safe asset, then the status of the dollar as the world's reserve currency may be called into question,&#8221; stated the note.
Investors are now <a href="https://www.benzinga.com/news/treasuries/25/04/44857989/gold-nears-3400-mark-experts-point-to-likely-correction-amid-bull-market-rates-will-drop-like-rock">flocking to Gold</a>, which has been hitting fresh highs as it trades above $3,300 per ounce. According to data shared by Charlie Bilello of Creative Planning, the inflation-adjusted gold prices were back at an all-time high, after 45 years, surpassing the prior peak from 1980.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It took 45 years to get there, but inflation-adjusted Gold prices are back at an all-time high, surpassing the prior peak from 1980. <a href="https://twitter.com/search?q=%24GOLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOLD</a><a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/bXWisvrl3c">pic.twitter.com/bXWisvrl3c</a>
&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1912558536573268362?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Economist Mohamed El-Erian attributed the increasing price of gold to a gradual shift away from the U.S. dollar by some foreign central banks and other entities seeking diversification.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The price of gold registered another record high today, overcoming yet another periodic round of profit-taking by some tactical traders — this as it benefits from the tailwind of slow and steady diversification away from the dollar by some foreign central banks and others.<a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a>… <a href="https://t.co/MKDnxZddv0">pic.twitter.com/MKDnxZddv0</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1912523089557987357?ref_src=twsrc%5Etfw">April 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>
Upcoming Economic Data
Here&#8217;s what investors will keep an eye on Thursday and Friday:
<ul>
<li>On Thursday, initial jobless claims data for the week ending April 12 and March&#8217;s housing starts, building permits, and April&#8217;s Philadelphia Fed manufacturing survey data will be released by 8:30 a.m. ET.</li>
</ul>
<ul>
<li>On Friday, San Francisco Fed President Mary Daly will speak at 8:00 a.m. ET.</li>
</ul>
Stocks In Focus:
<ul>
<li>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) fell 0.64% in premarket on Thursday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $7.29 per share on revenue of $111.60 billion.</li>
</ul>
<ul>
<li>DR Horton Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) rose 0.39% as Wall Street expects it to report earnings of $2.65 per share on revenue of $8.03 billion before the opening bell.</li>
</ul>
<ul>
<li>Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) was up 1.38% as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $5.72 per share on revenue of $10.52 billion.</li>
</ul>
<ul>
<li>FNB Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNB#NYSE">FNB</a>) was up 1.14% as it posted better-than-expected earnings for its first quarter on Wednesday.</li>
</ul>
<ul>
<li>Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) jumped 3.45% after reporting a 60% surge in its net profit for the first quarter, topping market expectations.</li>
</ul>
<ul>
<li>Rio Tinto Plc ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) climbed 1.68% after it announced the assessment of the low-carbon aluminum project in India along with AMG Metals &amp; Materials.</li>
</ul>
<ul>
<li>Woodside Energy Group Ltd. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDS#NYSE">WDS</a>) advanced 2.73% after signing LNG supply agreements with Uniper.</li>
</ul>
<ul>
<li>BP PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) gained 1.08%, and Kosmos Energy Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOS#NYSE">KOS</a>) was 4.22% higher after BP completed loading the first cargo from the Greater Tortue Ahmeyim LNG project.</li>
</ul>
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 1.02% to hover around $63.11 per barrel.
Gold Spot US Dollar declined 0.57% to hover around $3,324.20 per ounce. Its fresh record high stood at $3,357.81 per ounce. The U.S. Dollar Index spot was higher by 0.10% at the 99.4760 level.
Asian markets advanced on Wednesday, except China&#8217;s CSI 300 index. India's S&amp;P BSE Sensex, Hong Kong's Hang Seng, Japan's Nikkei 225, Australia's ASX 200, and South Korea's Kospi index ended higher. European markets were lower in early trade.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44858165/policy-push-vs-market-pull-dollar-under-pressure-as-reserve-currency-may-be-called-into-qu">Policy Push vs. Market Pull: Dollar Under Pressure As &#8216;Reserve Currency May Be Called Into Question&#8217; Amid Tariff Turmoil</a></li>
</ul>
Photo courtesy: Shutterstock

NFLX

NVDA

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

US Stocks Likely To Open Higher Ahead Of Festive Weekend: 'Current Equity Levels Offer An Attractive Entry Opportunity'

Rio Tinto And AMG Metals & Materials Signed A Memorandum Of Understanding To Jointly Assess The Feasibility Of Developing An Integrated Low-carbon Aluminium Project Powered By Renewable Energy In India

Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) on Wednesday reported a decline in Pilbara iron ore production of 10% <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">year-over-year (Y/Y) to 69.8Mt</a>.
Pilbara iron ore shipments (consolidated basis) decreased 8% Y/Y to 62.5Mt in the quarter.
Severe weather conditions impacted both production and shipment, with four cyclones collectively causing an estimated loss of <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">approximately 13 million tonnes</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/legal/25/03/44223819/activist-renews-calls-for-listing-unification-as-rio-tinto-abandons-5-billion-equity-offering" rel="noreferrer noopener">Activist Renews Calls For Listing Unification As Rio Tinto Abandons $5 Billion Equity Offering</a>
Meanwhile, <a target="_blank" href="https://www.riotinto.com/en/news/releases/2025/rio-tinto-releases-first-quarter-2025-production-results" rel="noreferrer noopener">production</a> of Bauxite rose 12% Y/Y to 15.0MT and Alumina upped 3% Y/Y to 1.9Mt in the quarter.
Outlook: For FY25, Rio reiterated guidance for Bauxite production of 57 to 59MT and Alumina production of 7.4 to 7.8MT.
The company now projects Pilbara iron ore shipments to reach the lower end of the previously issued guidance of 323-338MT, primarily due to the losses sustained from four cyclones in the first quarter.
To address about half of this shortfall, the company has implemented mitigation strategies that will require an additional investment of roughly A$150 million ($95.5 million), covering rectification efforts and contracted mining services.
Moreover, the company continues to anticipate its share of capital investment of ~$11 billion in 2025.
Chief Executive Jakob Stausholm said, "We continued to see strong operational improvement with the Oyu Tolgoi copper mine and our bauxite operations delivering record months for production in March. Production was affected, however, by extreme weather events that impacted our Pilbara iron ore operations."
"We achieved first iron ore at Western Range in the Pilbara and the Simandou high-grade iron ore project in Guinea remains on track. After successful completion of the Arcadium acquisition in March, we are advancing to establish a world-class lithium business."
Last month, the company invested $1.8 billion to develop the Brockman Syncline&nbsp;1&nbsp;(BS1) mine<a target="_blank" href="https://www.benzinga.com/news/large-cap/25/03/44161401/rio-tintos-1-8-billion-iron-ore-expansion-ramps-up-in-australia-details" rel="noreferrer noopener"> in Western Australia's West Pilbara</a>.
Investors can gain exposure to the stock via&nbsp;VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and NEOS ETF Trust Mast Global Battery Recycling &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EV#NYSE">EV</a>).
Price Action: RIO shares are up 0.45% to $57.52 premarket at the last check Wednesday.
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Shares of metals stocks are trading higher as stocks rebound amid overall market volatility as investors assess this week's tariff developments.

Shares of metals companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

Mining may be down, but not out. The sector has been the worst hit since the <a href="https://www.benzinga.com/topic/tariffs">new U.S. tariffs</a> were announced.
JPMorgan analyst Dominic O'Kane says, "<a href="https://www.benzinga.com/markets/commodities">mining was best performing sector</a> exiting last 3 recessions," and he expects another sharp recovery to unfold after the slide.
With the sector already pricing in a worst-case scenario, the setup for a V-shaped bounce is taking shape.
<h2 class="wp-block-heading">Extreme Weakness, But What's Priced In?</h2>
Metals and mining have been the worst-performing sector since new U.S. tariffs were announced, shedding 13% just last week. That adds to an eye-watering 50% underperformance versus MSCI Europe since January 2023. But O'Kane argues the damage is largely in the price: mining stocks already discount a recession scenario, with commodity prices 15–20% below current levels—such as iron ore at $80/ton and copper at $7,500/ton.
Still, fair value estimates suggest that miners have a serious upside even if metal prices stay flat. JPMorgan sees more than 50% total shareholder return over a two-year horizon. Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), for example, offers >65% upside, Antofagasta plc (OTCPK: ANFGF) >50% upside and BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) >65% upside from current price levels.
Read Also: <a href="https://www.benzinga.com/25/04/44682458/coppers-rout-sees-a-massive-intraday-price-swing-fundamentals-havent-changed-expert-says">Copper&#8217;s Rout Sees A Massive Intraday Price Swing, &#8216;Fundamentals Haven&#8217;t Changed,&#8217; Expert Says</a>
<h2 class="wp-block-heading">What Could Flip The Switch? China Stimulus In Q3</h2>
In the past three global downturns &#8211; 2009, 2016 and 2020 &#8211; miners bottomed ahead of the broader market and went on to outperform by roughly 100% in the next 12 months. This time, the catalyst could once again be China.
JPMorgan economists expect a RMB one trillion fiscal stimulus to be unveiled in the third quarter, which would align with the historical bottoming pattern of ~four months post-selloff.
In 2020, that timeline shrank to just one month as stimulus arrived fast and hard.
That said, this time is different: the expected 0.7% of GDP stimulus is far smaller than 2008's massive ~12% package, and no China property rescue is on the horizon.
Still, the setup remains favorable.
<h2 class="wp-block-heading">How To Play The Rebound: Stocks, ETFs</h2>
O'Kane's top stock picks are copper and gold-centric: Antofagasta and Lundin Mining Corp (OTCPK: LUNMF) lead his copper recommendations, while Rio Tinto offers a diversified bet with a high free cash flow yield.
On the gold side, Fresnillo plc (OTCPK: FSNPF), Hochschild plc (OTCPK: HCHDF) and Anglogold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) are rated Overweight.
Several ETFs offer targeted exposure to this thesis for US-based investors. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) and the iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>) give broad access to copper and diversified miners.
Those seeking gold exposure can look to the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) or the iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>).
These vehicles provide exposure to many of the stocks JPMorgan favors and may be well-positioned for a recovery trade.
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JPMorgan's Mining Stock Picks For A 'V-Shaped Recovery,' Analyst Sees 50% Returns Over Two Years

JPMorgan Research has upgraded its outlook for <a href="https://www.benzinga.com/topic/mining">European mining equities</a>, shifting more positive in February and then upgrading the outlook to Overweight in March. The research team cited a pattern of the sector outperforming through economic turbulences, believing a historical pattern could repeat.
Yet analysts acknowledge that the prediction hinges on the timing of China&#8217;s policy response—an important factor since its economy accounts for over 50% of global demand for most industrial metals. JPMorgan forecasts the reaction will focus on fiscal and monetary easing rather than property sector stimulus.
Owing to U.S. tariff policies, the bank now sees a <a href="https://www.benzinga.com/25/04/44608617/jp-morgan-hikes-us-recession-odds-to-40-tariffs-create-a-dilemma-for-the-fed">40% chance of a domestic recession</a> this year, and China's GDP slowdown to 3% in Q2, down from 6.6% in Q1.&nbsp; With reciprocal tariffs, the effective rate on Chinese goods has now jumped to 54%, close to the bank's base case scenario of 60%.
Analysts have pointed out that European miners face limited direct exposure, although Rio Tinto's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) Canadian aluminum operations are affected. Still, the sector's upside depends on copper price stability. A sustained copper rally could present a multi-year entry point, but downside risks include demand destruction from a global recession and a weaker Chinese yuan, which historically correlates with lower metal prices.
The bank highlights Antofagasta (OTCPK: ANFGF) as its Overweight pick, citing its 15–30% volume growth through 2027–28 and attractive valuation as its Centinela expansion ramps up. It also favors Lundin Mining (OTCPK: LUNMF), arguing it trades at a discount, close to 5X EV/EBITDA, compared to peers, which trade at 9-10X. Furthermore, it faces reduced governance risks <a href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition">following Vicuña transactions</a>. Regarding the sector leaders, they're Overweight Rio Tinto (citing inexpensive valuation and high copper upside) and Neutral on Anglo American and BHP.
On the downside, the bank is Underweight Boliden, pointing to lower treatment and refining charges, exposure to zinc, and integration challenges after acquiring Lundin's two European mines for <a href="https://www.benzinga.com/24/12/42385859/lundin-exits-europe-for-15-billion-turns-focus-to-south-america">$1.5 billion last year</a>.
The bank remains bullish on EMEA gold miners, projecting a 30% rise in gold prices to ~$4,000/oz amid geopolitical and macroeconomic uncertainty. The top pick is Fresnillo (OTCPK: FNLPF), which it sees benefiting from potential Mexican peso weakness.
European steel equities are less favored due to direct tariff exposure, particularly in auto-dependent firms like ThyssenKrupp and Voestalpine (~30–40% revenue exposure). Furthermore, the bank sees ArcelorMittal facing $400 million in annual EBITDA headwinds from tariffs, but clarifies that SSAB stands out with 45% of EBITDA from the U.S. infrastructure and defense sectors, insulating it from broader tariff risks.
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JPMorgan Turns Bullish On European Miners, Sees Copper Rally As Key Catalyst

U.S. tariffs on copper imports could arrive within weeks. In February, President Donald Trump directed the U.S. Commerce Department to<a href="https://www.benzinga.com/25/03/44414283/copper-surges-as-arbitrage-opportunity-drives-us-imports"> conduct an investigation</a>, giving this executive department a nine-month deadline.
Per a Bloomberg<a href="https://www.bloomberg.com/news/articles/2025-03-26/trump-may-implement-copper-import-tariffs-within-weeks"> report</a>, the investigation is seen as "little more than a formality.&#8221; An announcement is likely to come well ahead of the November deadline.
The proposed tariffs, which could reach as high as 25%, would shift the global copper market. The US is a major copper consumer, needing between 1.7 and 1.9 million metric tons annually. Yet, it produces less than half of that, relying on Chile, Canada, and Peru for 90% of its imports.
Rising copper costs would boost domestic producers like Freeport McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>). They could also be a catalyst for resolving the standstill in Arizona. Recall how Native American opposition stalled Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and BHP's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) Resolution Copper mine located in the southern part of the Tonto National Forest—a $64 billion flagship project that could supply 25% of projected future domestic copper demand.
The looming tariffs have triggered a surge in U.S. copper imports, as traders rush to front-run potential duties. According <a href="https://www.reuters.com/markets/commodities/us-copper-imports-soar-500000-tons-amid-tariff-threats-says-bloomberg-2025-03-24/">to</a> Mercuria, around 500,000 metric tons of copper are en route to the U.S. That far exceeds the usual monthly average of 70,000 tons, Reuters noted.
This situation has driven up prices on New York's COMEX exchange, where copper trades at a record $1,400 premium over the London Metal Exchange (LME) benchmark. Unforeseen circumstances further tightened the supply, as Glencore paused its major Chilean copper smelter after experiencing furnace issues.
Investment banks and commodity traders expect further price increases if tariffs are imposed. Goldman Sachs and Citigroup have both forecast that a 25% duty could be in place<a href="https://www.benzinga.com/news/guidance/25/03/44271394/goldman-sachs-sees-copper-imports-increasing-tariffs-as-fcx-positions-to-benefit"> by year-end</a>, while Trafigura has projected that copper prices could climb to $12,000 per ton from the current level of around $10,000, as reported<a href="https://www.ft.com/content/e4f4a52c-9449-4b2a-887d-540e37f7b9bc"> by</a> The Financial Times.
Trump, however, has remained vague on the timing of the tariff announcement. On March 5, he mistakenly implied that copper tariffs were already in effect, saying, "I imposed a 25% tariff on foreign aluminum, steel, lumber, and copper."
Besides this slip, he remained vague about potential tariff exceptions ahead of the April 2 announcement, touted as a "Liberation Day" for US trade policy. First, he took a strict tone against tariff exceptions, before softening the stance in a Tuesday interview for Newsmax,
"I'll probably be more lenient than reciprocal because if I was reciprocal, that would be very tough for people," he said, according<a href="https://www.cnbc.com/2025/03/26/trump-says-tariffs-coming-in-april-will-probably-be-more-lenient-than-reciprocal.html"> to</a> CNBC.
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Image: Shutterstock

Trump's Copper Tariffs Might Come Sooner Rather Than Later, Insiders Warn

Experts urge the U.S. to collaborate with the European Union to secure assets in Ukraine&#8217;s <a href="https://www.benzinga.com/25/03/44435337/trump-administration-pushes-for-revised-terms-to-access-ukraines-critical-resources-amid-peace-talks-report">critical minerals</a>, arguing that a joint partnership would be the best solution for everyone involved.
Dr. Patrick Schroder and Armida van Rij, senior research fellows at Chatham House, advocate for a transatlantic approach.
&#8220;A joint U.S.-EU approach would enhance supply chain security, accelerate investments and provide geopolitical stability,&#8221; they <a href="https://www.chathamhouse.org/2025/03/trump-may-not-listen-us-should-cooperate-eu-ukraines-minerals?">wrote</a>. &#8220;This isn't just about extraction — it's about building resilient value chains that benefit all parties.&#8221;
Last Thursday, President Donald Trump said his administration was close to finalizing a deal with Ukraine, calling the negotiations "pretty well" after recent talks with Russian and Ukrainian leaders.
"One of the things we are doing is signing a deal very shortly with respect to rare earths with Ukraine," Trump said during an event at the White House, <a href="https://www.theguardian.com/world/2025/mar/21/ukraine-war-briefing-trump-says-minerals-deal-with-kyiv-to-be-signed-very-shortly">per</a> The Guardian.
Many of Ukraine&#8217;s most valuable resources, including lithium and rare earth elements, are <a href="https://www.benzinga.com/news/global/25/02/44057033/this-is-something-that-president-trump-does-over-and-over-again-geopolitical-strategist-says-about-failed-rare-minerals-deal-with-ukraine-president-zelenskyy">in occupied areas</a>, making extraction and processing challenging. Even without these issues, the U.S. still faces logistical and regulatory hurdles in developing Ukraine's mining sector.
Europe's established infrastructure and proximity make it a natural partner in developing mining and refining operations. The EU&#8217;s well-integrated regulatory framework could help streamline the process, ensuring efficient resource extraction and exporting to every market.
Regional leaders who have the know-how include Boliden ADR (OTCPK: BDNNY) and Glencore PLC (OTCPK: GLCNF), which operate some of the continent&#8217;s best refineries, like Nikkelverk nickel refinery in Norway and Rönnskär copper smelter in Sweden. Even global mining giant Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), which maintains a headquarters in London, has been expanding its footprint in Europe, exploring a major <a href="https://www.benzinga.com/government/24/10/41289306/serbian-parliament-doesnt-pass-lithium-ban-keeps-rio-tintos-major-project-alive">lithium operation in Serbia</a>.
A joint effort would dissipate financial and geopolitical risks. Both parties rely on imports, while the main supplier, China, has been increasing its export restrictions. By pooling resources, both can reduce dependency on China and secure stable supplies.
Beyond logistical advantages, the EU has laid the groundwork for deeper cooperation with Ukraine through the Ukraine-EU Strategic Partnership on Raw Materials, signed in 2021. It also collaborates with the U.S. through the <a href="https://www.state.gov/minerals-security-partnership">Minerals Security Partnership</a> from 2022. A trilateral deal could expand this framework, aligning with the EU's Critical Raw Minerals Act.
Still, to achieve this, three administrations would have to find a common ground. So far, Trump's transactional approach favors quick wins, while the EU prioritizes long-term integration. Experts point out that cooperation, not competition, will yield the greatest rewards.&nbsp;
As researchers noted, "The minerals race shouldn't be a zero-sum game. Ukraine's recovery depends on sustainable investment, not short-term exploitation."
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