Rio Tinto's iron ore shipments flat due to cyclone delays, but copper and bauxite rose, prompting a strategic review under new CEO.

Rio Tinto reported flat third-quarter iron ore shipments at 84.3 million metric tons, missing expectations, due to cyclone-related disruptions in Q1 that impacted 13 million tons, leading the company to reaffirm its full-year iron ore forecast at the lower end of 323–338 million tons. Copper output rose 9% annually, driven by strong performance at Oyu Tolgoi, while bauxite production reached a record, prompting an upgrade to 59–61 million tons. New CEO Simon Trott launched a restructuring into three core units and placed borates and iron-titanium assets under strategic review. The company emphasized operational efficiency, capital discipline, and shareholder value.