Rio Tinto Group is a British-Australian multinational mining company headquartered in London, England, and Melbourne, Australia. It was founded in 1873 when a group of British investors purchased a mine complex on the Río Tinto, in Huelva, Spain, from the Spanish government. It has grown through a long series of mergers and acquisitions and is today a major producer of commodities such as copper, iron ore, aluminium and lithium.

Rio Tinto is a dual-listed company, traded on both the London Stock Exchange, where it is a component of the FTSE 100 Index, giving it listings on three major stock exchanges. In the 2020 Forbes Global 2000, it was ranked the world's 114th-largest public company. It was ranked the world's 274th largest company in the 2025 Fortune Global 500.

Rio Tinto has faced criticism by environmental groups as well as the government of Norway for the environmental impacts of its mining activities. Around 3000 BC, Iberians and Tartessians began mining the site, followed by the Phoenicians, Greeks, Romans, Visigoths and Moors. After a period of abandonment, the mines were rediscovered in 1556 and the Spanish government began operating them once again in 1724. leading the government to sell the mines in 1873 at a price later determined to be well below actual value. The purchasers of the mine were led by Hugh Matheson's Matheson & Company, which ultimately formed a syndicate consisting of Deutsche Bank (56% ownership), Matheson (24%) and the civil engineering firm Clark, Punchard and Company (20%). At an auction held by the Spanish government to sell the mine on 14 February 1873, the group won with a bid of £3.68 million (ESP 92.8 million). The bid also specified that Spain would permanently relinquish any right to claim royalties on the mine's production. Following purchase of the mine, the syndicate launched the Rio Tinto Company, registering it on 29 March 1873. The toxic fumes released by this process had a negative impact on the farmland and the local agriculturists, which led to the company's workers and some local anarchists coming together to protest against this practice. On 4 February 1888, several thousand rank and file—agriculturalists, anarchists and mineworkers—marched to the Río Tinto town hall (ayuntamiento) to deliver their petitions to the mayor. The civil guards, under perceived threat of mob violence, fired on the crowd, killing at least 13 and injuring 35.

From 1877 to 1891, the Río Tinto Mine was the world's leading producer of copper.

thumb|The open-pit [[Corta Atalaya mine was part of Rio Tinto's original operations in Spain.]] From 1870 through 1925, the company was inwardly focused on fully exploiting the Río Tinto Mine, with little attention paid to expansion or exploration activities outside of Spain. The company enjoyed strong financial success until 1914, colluding with other pyrite producers to control market prices. However, World War I and its aftermath effectively eliminated the United States as a viable market for European pyrites, leading to a decline in the firm's prominence.

Rio Tinto's investment in Rhodesian copper mines did much to support the company through troubled times at its Spanish Rio Tinto operations spanning the Spanish Civil War, World War II and Franco's nationalistic policies. In the 1950s, the political situation made it increasingly difficult for mostly British and French owners to extract profits from Spanish operations, and the company decided to dispose of the mines from which it took its name. The sale of the mines financed extensive exploration activities over the following decade.

The company's exploration activities presented the company with an abundance of opportunities, but it lacked sufficient capital and operating revenue to exploit those opportunities. This situation precipitated the next, and perhaps most significant, merger in the company's history. In 1962, Rio Tinto Company merged with the Australian firm Consolidated Zinc to form the Rio Tinto – Zinc Corporation (RTZ) and its main subsidiary, Conzinc Riotinto of Australia (CRA). The merger provided Rio Tinto the ability to exploit its new-found opportunities, and gave Consolidated Zinc a much larger asset base. The other cartel members were based in Australia, France, and South Africa.]]

right|thumb|The wordmark of Alcan after its purchase by Rio Tinto in 2007: The acquisition made Rio Tinto the largest aluminium producer in the world.

In 2000, Rio Tinto acquired North Limited, an Australian company with iron ore and uranium mines, for $2.8 billion. The takeover was partially motivated as a response to North Limited's 1999 bid to have Rio Tinto's Pilbara railway network declared open access. The Australian Competition & Consumer Commission regulatory body approved the acquisition in August 2000, and the purchase was completed in October of the same year. That year, Rio Tinto also bought North Limited and Ashton Mining for US$4 billion, adding additional resources in aluminium, iron ore, diamonds and coal.

On 14 November 2007, Rio Tinto completed its largest acquisition to date, , "the largest mining deal ever completed".

Activity in 2008 and 2009 was focused on divestments of assets to raise cash and refocus on core business opportunities. The company sold three major assets in 2008, raising about $3 billion in cash. In the first quarter of 2009, Rio Tinto reached agreements to sell its interests in the Corumbá iron ore mine and the Jacobs Ranch coal mine, and completed sales of an aluminium smelter in China and the company's potash operations, for an additional estimated $2.5 billion. One of the arrested, Australian citizen Stern Hu, was "suspected of stealing Chinese state secrets for foreign countries and was detained on criminal charges", according to a spokesman for the Chinese foreign ministry. Stern Hu was also accused of bribery by Chinese steel mill executives for sensitive information during the iron ore contract negotiations.

In 2009, Chinese authorities began investigating allegations against Rio Tinto in what became known as the Rio Tinto espionage case. These included bribing executives from 16 of China's biggest steel mill companies to get hold of secret information. On 29 March 2010 four Rio Tinto employees including Australian citizen Stern Hu were found guilty of these charges and of accepting millions of dollars in bribes. They were ordered to pay hundreds of thousands of dollars in fines, and sentenced to 7 to 14 years in jail.

On 19 March 2010 Rio Tinto and its biggest shareholder, Chinalco, signed a memorandum of understanding to develop Rio Tinto's iron ore project in the Simandou mine in Simandou, Guinea. On 29 July 2010, Rio Tinto and Chinalco signed a binding agreement to establish this joint venture covering the development and operation of the Simandou mine. The remaining 5% would be owned by the International Finance Corporation (IFC), the financing arm of the World Bank. On 22 April 2011 Rio Tinto, its subsidiary Simfer S.A. (Simfer), and the Guinean Government signed a settlement agreement that secured Rio Tinto's mining rights in Guinea to the southern concession of Simandou, known as blocks 3 and 4. According to the agreement, Simfer would pay US$700 million and receive mining concession and government approval of the proposed Chalco and Rio Tinto Simandou joint venture. The Securities & Exchange Commission investigated a $3 billion impairment charge against Rio Tinto regarding the deal. Riversdale Mining was an Australian coal mining company with significant interests in Mozambique. Rio Tinto bought it for $2.9 billion in an all-cash deal. Two years later they wrote down the value of the assets by $3 billion. Following the impairment charge, which included an additional $11 billion in asset write-downs, chief executive officer of Rio Tinto, Tom Albanese stepped down from his post and left the company. Rio later sold the assets for $50 million.

On 13 December 2011, an independent arbitrator cleared the way for Rio Tinto, which had owned 49% of Ivanhoe Mines (now known as Turquoise Hill Resources), to take it over: he said the $16 billion Canadian group's "poison pill" defence was not valid. Ivanhoe had developed Oyu Tolgoi in Mongolia, one of the world's largest-known copper deposits. On 28 January 2012, Rio Tinto gained control of Ivanhoe Mines and removed the management.

thumb|right|The [[Bingham Canyon Mine of Rio Tinto's subsidiary, Kennecott Utah Copper]]

The metals for the medals for the 2012 Summer Olympics were supplied from the Bingham Canyon Mine located in Utah and the Oyu Tolgoi mine in Mongolia, which caused uproar among many activist groups, especially in Utah due to their concern about the impact to the local cities. One person particularly bothered by this decision was the Commissioner of the London Games, Meredith Alexander, who quit her position and led a coalition of human rights and environmental groups during the "Greenwashed Gold Campaign".

In October 2013, Rio Tinto agreed to sell its majority stake in Australia's third-largest coal mine to Glencore and Sumitomo for a little over US$1 billion, as part of the firm's plans to focus on larger operations. Less than a year later, Rio Tinto rejected two merger proposals from Glencore, proffered in July and August 2014; the merger of Glencore and Rio Tinto would have created the world's largest mining company.

In October 2015, Rio Tinto was criticised by the Guinean government for the many mining delays at the local Simandou mine. Cece Noramou, government official said the government was "running out of patience". President Alpha Conde himself said that "there have been people at Simandou for 15 years, 20 years, and they've never produced a ton of iron". Even before 2015, the Guinean government had expressed their displeasure and dissatisfaction with Rio Tinto; in 2008, the Guinean government annulled half of the company's Simandou rights and gave them to BSGR, a French–Israeli-owned mining company. In late 2016, Rio Tinto agreed to sell its stake in the Simandou iron ore mine to Chinalco and exit the deal. The deal was negotiated after the company's case against Vale and BSGR was dismissed at US District Court.

In 2016, Rio Tinto became embroiled in a number of corruption allegations over its acquisition of stakes in the Simandou iron ore mine in Guinea. The allegations centre around the payment of a $10.5 million bribe to , a French banking consultant who was a friend and adviser of President Alpha Condé. Condé denied having any knowledge of the illegal transactions, but recordings obtained by France24 suggest otherwise. Also in early November 2016, the former mining minister of Guinea, Mahmoud Thiam, revealed that the head of Rio Tinto's operation in Guinea offered him a bribe in 2010 to win back control of the Simandou mine, and that his offer was supported by senior members of the company. In July 2017 the Serious Fraud Office announced the launch of a fraud and corruption investigation into the company's business practices in Guinea. The Australian Federal Police is also investigating the allegations. After the Serious Fraud Office investigation announcement, and amid a search for a new CEO, Rio director John Varley was forced to resign from his role in the company. On 6 March 2023, the US SEC announced charges against Rio Tinto plc for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme involving a consultant in Guinea. The company agreed to pay a $15 million civil penalty to settle the SEC's charges.

In May 2020, to expand the Brockman 4 mine, Rio Tinto demolished an Australian Aboriginal sacred site in Juukan Gorge, Western Australia, which had evidence of 46,000 years of continual human occupation, and was considered the only inland prehistoric site in Australia to show signs of continual human occupation through the last Ice Age. The company later revealed it had three alternative options to preserve the site, but chose to destroy it without informing the traditional owners of the alternatives. Permission to destroy the site had been given in 2013 under the state Aboriginal Heritage Act 1972, which, however, has been under review since 2018. The Puutu Kunti Kurrama and Pinikura peoples, who are the local land custodians, had fought the decision. The destruction brought widespread criticism. On 31 May, Rio Tinto apologised for the distress caused.

On 11 September 2020, it was announced that, as a result of the destruction at Juukan Gorge, CEO Jean-Sébastien Jacques and two other Rio Tinto executives would step down.

The company's chief financial officer, Jakob Stausholm, became the new chief executive on 1 January 2021.

During 2021, a series of mass protests broke out in Serbia against the construction of a lithium mine in Western Serbia by the Rio Tinto corporation. Protesters blocked major roads and bridges in Belgrade and other major cities. In the town of Šabac, there was an incident when a member of the ruling party attacked the protesters with an excavator, and then the protesters were beaten by an armed group of hooligans. The project would make Serbia the biggest producer of lithium globally, and provide raw materials to more than 1 million electric cars. In June 2024, the constitutional court reverted the government's decision to remove Rio Tinto from the project, and the president of Serbia announced that he was expecting the company to reveal their final plans for the mine in July and that the mine might be built by 2028.

In February 2022, Rio Tinto released a report that described a work culture of bullying, harassment and racism, including twenty one complaints by women of actual or attempted rape or sexual assault in the past five years. According to the report, these harmful behaviours were often tolerated or normalised. "Harmful behaviour by serial perpetrators is often an open secret", Elizabeth Broderick said. On the whole, about 28% of women and 7% of men had experienced sexual harassment at Rio. But this rate rose to 41% for female workers at FIFO sites. Most women who responded had experienced "everyday sexism".

In March 2022, Rio Tinto completed the acquisition of Rincon Mining's lithium project in Argentina for $825 million, following approval by Australia's Foreign Investment Review Board.

In January 2023, the company announced that it had misplaced a capsule of radioactive material that was being transported from their Gudai-Darri mine in Western Australia. The capsule is a 8 by 6 mm cylinder containing a 19-gigabecquerel caesium-137 ceramic source. It has the capability of causing serious illness if it is not handled correctly. According to the company, the capsule was lost somewhere between Newman and Perth, a distance of 1,400 km. The company launched an investigation into the disappearance and are working alongside authorities. Later the same month the capsule was recovered by investigators and verified by the Australian Defence Forces.

In July 2023, it was announced Rio Tinto had acquired a 15 per cent stake in the Australian exploration and development company, Sovereign Metals for US $27.6 million.

In October 2024, Rio Tinto announced it would buy Arcadium Lithium for US$6.7 billion, in an all-cash deal for US$5.85 per each Arcadium Lithium share. The deal was closed in March 2025, with Arcadium Lithium becoming Rio Tinto's lithium unit, called Rio Tinto Lithium. With the purchase of Arcadium, Rio Tinto became the world's third largest lithium miner.

The Biden administration's regulation, completed in May 2024, required the only two copper smelters in the United States to reduce emissions of toxic pollutants such as lead, arsenic, mercury, benzene and dioxins. Shortly after beginning his second presidency, Trump classified copper as a strategically important raw material for defence, infrastructure and new technologies by decree and on 24 October 2025 suspended the regulation for two years. The US Department of Energy (DOE) has since been tasked with developing a plan to reduce emissions from copper smelters.

In May 2025, it was announced that Rio Tinto was partnering with Chilean state-owned Codelco for a lithium mine in northern Chile. The deal makes Rio Tinto the third private company to mine lithium in Chile. The company will invest $900 million and own just under half of the operation. In August the same year Rio Tinto announced a partnership with Chilean state-owned ENAMI to carry out the lithium project Salares Altoandinos in Atacama Region.

On 22 May 2025, the company announced its chief executive Jakob Stausholm will step down later in the year once it has selected his replacement. In July 2025, Rio Tinto announced the appointment of Simon Trott as its new chief executive, due to assume the role on 25 August 2025. Trott has been at the company for more than 20 years most recently leading its iron ore unit.

  • Iron ore
  • Aluminium – aluminium, bauxite and alumina
  • Copper & Diamonds – copper and by-products such as gold, silver, molybdenum and sulphuric acid, and the company's diamond interests
  • Energy & Minerals – uranium interests, industrial minerals such as borax, salt and titanium dioxide. The corporation previously held coal production assets.

These operating groups are supported by separate divisions providing exploration and function support.

Stock structure and ownership

Rio Tinto is structured as a dual-listed company, with listings on both the London Stock Exchange (symbol: RIO), under the name "Rio Tinto Plc", and the Australian Securities Exchange (symbol: RIO) in Sydney, under the name "Rio Tinto Limited". The dual-listed company structure grants shareholders of the two companies the same proportional economic interests and ownership rights in the consolidated Rio Tinto, in such a way as to be equivalent to all shareholders of the two companies actually being shareholders in a single, unified entity. This structure was implemented to avoid adverse tax consequences and regulatory burdens. To eliminate currency exchange issues, the company's accounts are kept, and dividends paid, in United States dollars. LSE-listed shares in Rio Tinto plc can also be traded indirectly on the New York Stock Exchange via an American Depositary Receipt. As of 4 March 2009, Rio Tinto was the fourth-largest publicly listed mining company in the world, with a market capitalisation around $134 billion. As of mid-February 2009, shareholders were geographically distributed 42% in the United Kingdom, 18% in North America, 16% in Australia, 14% in Asia and 10% in continental Europe.

BHP Billiton bid

On 8 November 2007, rival mining company BHP Billiton announced it was seeking to purchase Rio Tinto in an all-share deal. This offer was rejected by the board of Rio Tinto as "significantly undervalu[ing]" the company. Another attempt by BHP Billiton for a hostile takeover, valuing Rio Tinto at $147 billion, was rejected on the same grounds. Meanwhile, the Chinese government-owned resources group Chinalco and the US aluminium producer Alcoa purchased 12% of Rio Tinto's London-listed shares in a move that would block or severely complicate BHP Billiton's plans to buy the company. BHP Billiton's bid was withdrawn on 25 November 2008, with the BHP citing market instability from the 2008 financial crisis.

Chinalco investment

On 1 February 2009, Rio Tinto management announced it was in talks to receive a substantial equity infusion from Chinalco, a major Chinese state-controlled its ownership stake had risen to 9.8% by 2014, making it Rio Tinto's biggest investor. The deal is still pending approval from regulators in the United States and China, and has not yet been approved by shareholders, although regulatory approval has been received from Germany and the Australian Competition & Consumer Commission. The largest barrier to completing the investment may come from Rio Tinto's shareholders; support for the deal by shareholders was never overwhelming and has reportedly declined in 2009, as other financing options (such as a more traditional bond issuance) are beginning to appear more realistic as a viable alternative funding source.

In November 2011, Rio joined with Chinalco to explore for copper resources in China's complex landscape, by setting up a new company, CRTX, 51% owned by Chinalco and 49% by Rio Tinto.

Management

thumb|upright|Rio Tinto's Australian headquarters are located at 120 [[Collins Street, Melbourne, Australia.]]

Under the company's dual-listed company structure, management powers of the Rio Tinto are consolidated in a single senior management group led by a board of directors and executive committee. The board of directors has both executive and non-executive members, while the executive committee is composed of the heads of major operational groups.

  • Board of Directors
  • Executive Directors
  • Dominic Barton, chairman
  • Simon Trott, chief executive
  • Non-Executive Directors
  • Megan Clark
  • Hinda Gharbi
  • Simon McKeon
  • Simon Henry
  • Jennifer Nason
  • Sam Laidlaw
  • Ngaire Woods

Rio Tinto engages professional lobbyists to represent its interests in various jurisdictions. In South Australia, the company in represented by DPG Advisory Solutions.

Operations

Rio Tinto's main business is the production of raw materials including copper, iron ore, bauxite, diamonds, uranium and industrial minerals including titanium dioxide, salt, gypsum and borates. Rio Tinto also performs processing on some of these materials, with plants dedicated to processing bauxite into alumina and aluminium, and smelting iron ore into iron. The company also produces other metals and minerals as by-products from the processing of its main resources, including gold, silver, molybdenum, sulphuric acid, nickel, potash, lead and zinc. Rio Tinto controls gross assets of $81 billion in value across the globe, with main concentrations in Australia (35%), Canada (34%), Europe (13%) and the United States (11%), and smaller holdings in South America (3%), Africa (3%) and Indonesia (1%).

|-

! Product !! Amount !! World ranking

|-

| Iron ore || 153.4 million tonnes || 2nd

|-

| Bauxite || 34.987 million tonnes || 1st

|-

| Copper (refined) || 321,600 tonnes || N/A

|-

|Molybdenum || 10,600 tonnes || 3rd

|-

| Gold || || 7th

|-

| Coal || 160.3 million tonnes || N/A

|-

| Uranium || || 3rd The corporation also has had a majority stake in Iron Ore Company of Canada since its 2000 hostile takeover of North Limited.

Copper and by-products: Rio Tinto Copper

The [[Oyu Tolgoi mine underground mine is currently under development in Mongolia.|thumb|right]]

Copper was one of Rio Tinto's main products from its earliest days operating at the Río Tinto complex of mines in Spain. Since that time, the company has divested itself from its original Spanish mines, and grown its copper-mining capacity through acquisitions of major copper resources around the world. The copper group's main active mining interests are Oyu Tolgoi mine in Mongolia, Kennecott Utah Copper in the United States, and Minera Escondida in Chile. Most of these mines are joint ventures with other major mining companies, with Rio Tinto's ownership ranging from 30% to 80%; only Kennecott is wholly owned. Operations typically include mining of ore through to production of 99.99% purified copper, including extraction of economically valuable by-products. Together, Rio Tinto's share of copper production at its mines totalled nearly 700,000 tonnes, making the company the fourth-largest copper producer in the world. Together, Rio Tinto's share of copper production at its mines totalled nearly 700,000 tonnes, making the company the fourth-largest copper producer in the world.

Aluminium

thumb|right|The [[Alcan Lynemouth Aluminium Smelter in Northumberland, England]]

Rio Tinto consolidated its aluminium-related businesses into its aluminium product group (originally named Rio Tinto Alcan), formed in late 2007, when Rio Tinto purchased the Canadian company Alcan for $38.1 billion. Combined with Rio Tinto's existing aluminium-related assets, the new aluminium division vaulted to the world number-one producer of bauxite, alumina and aluminium. Aluminium division kept key leadership from Alcan, and the company's headquarters remain in Montreal. Rio Tinto Energy was responsible for 12% of revenues and 18% of underlying earnings in 2008.

Mining finished at Ranger in late 2012 and the mine plant processed stockpiled ore until January 2021. Rio has tenure and access to the site, principally for rehabilitation activities, until 8 January 2026.

Diamonds: Rio Tinto Diamonds

thumb|left|The Diavik Diamond Mine in the Northwest Territories of Canada

Rio Tinto Diamonds operates two diamond mines: the Diavik Diamond Mine in the Northwest Territories of Canada (60% ownership) and the Murowa diamond mine located in Zimbabwe (78% ownership). Together, these two mines produce 20% of the world's annual production of rough diamonds, making Rio Tinto the world's third-largest producer of mined diamonds.

The diamond business unit's most advanced exploration project is the Falcon Project in Saskatchewan, Canada, where Rio Tinto owns 60% of the project in a joint venture with Star Diamond Corp. Rio Tinto Diamonds generated 1% of revenues and earnings for Rio Tinto in 2008. Rio Tinto Minerals accounted for 6% of company revenues, and contributed 3% to earnings in 2008. ILWU filed several unfair labour practices against the company, including an illegal lock-out claim.

Iron products and titanium: Rio Tinto Iron and Titanium

thumb|right|Rio Tinto plant in Sorel Quebec

Titanium dioxide is mined at three locations: in Lac Allard Quebec Canada, South Africa and Mandena mine, Madagascar, and refined at QIT-Fer et Titane's Canadian facilities.

A media report in October 2013 revealed that the corporation plans to establish a fully automated railroad system for the transportation of iron ore across the Australian outback by 2015, thereby replacing the corporation's train drivers. The United Kingdom-based transport historian Christian Wolmar stated at the same time that the train drivers are most likely the highest-paid members of the occupation in the world at that time. As part of an overall strategy to increase profit margins, the corporation is spending US$518 million on the project.

Development of autonomous technologies

Rio Tinto is a global leader in the development of autonomous technologies for use in the mining sector. As of 2018, Rio Tinto's fleet of 80 autonomous Komatsu vehicles had moved over 1 billion tonnes of ore and waste material in Western Australia's Pilbara region.

Furthermore, in late 2017 Rio Tinto announced funding for their Koodaideri Mine in Western Australia, which Rio Tinto had dubbed their "intelligent mine."

Financial results

Rio Tinto's revenues and earnings have grown substantially in 2003–2010, with one of the largest increases attributable to the company's acquisition of Alcan in 2007. Although its operating margin is significantly affected by the market prices of the commodities it produces, it has remained profitable over its recent history.

{| class = "wikitable"

|+Earnings data (in US$ millions)

|-

! !!2003 !!2004 !!2005 !!2006 !!2007 !!2008 !!2009 !!2010 !!2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018 !! 2019 !! 2020 !! 2021 !! 2022 !! 2023 !! 2024 !! 2025 Rio Tinto disputes the claims of environmental damage at the Grasberg mine.

Resolution Copper Mine – Arizona, U.S.

As part of a rider of the National Defense Authorization Act, the United States government agreed in 2014 to hand over the Oak Flat sacred preserve in Arizona to a joint venture of Rio Tinto and BHP Billiton to build the Resolution Copper mine. The process entailed the transfer of 3,000 acres of federally owned preserve land to Rio in exchange for 4,500 acres of adjacent land in the area. Under the Biden administration, the proposal would have allowed for the purchase of nearly 600 acres by the town of Superior to expand its airport and develop new industrial and residential infrastructure.

Carbon dioxide emissions

According to The Guardian, Rio Tinto is one of the top 100 industrial greenhouse gas producers in the world, accounting for 0.75 per cent of global industrial greenhouse gas emissions between 1988 and 2015. In 2016, Rio Tinto estimated to have produced 32 million tonnes of carbon dioxide equivalent in its own climate change report.

See also

  • Riotinto Railway
  • Tourist Mining Train

References

Further reading

  • Harvey, Charles E. The Rio Tinto Company: an economic history of a leading international mining concern, 1873–1954. (Alison Hodge, 1981).
  • Rio Tinto Coal Australia (RTCA) corporate website
  • MBendi Rio Tinto information page, including a detailed list of related companies and Rio Tinto activity worldwide
  • Unsustainable: The Ugly Truth about Rio Tinto