Rio Tinto has forged a significant A$2 billion investment agreement with the Queensland and Commonwealth governments to ensure the long-term viability of its Boyne aluminium smelter, extending operations through at least 2040. This strategic move aims to bolster the smelter's competitiveness amid rising global challenges and expiring power contracts. In parallel, Rio Tinto is pivoting away from diamond mining with the closure of the Diavik mine, reallocating resources towards core commodities such as copper, aluminum, and lithium, which are expected to have growing demand in a sustainable energy market.
“Rio Tinto spent a record A$19.7 billion with more than 6,000 Australian suppliers in 2025. This represents a A$2 billion increase on the previous year, supporting jobs and businesses across Australia.”
“Management is highlighting a sharper focus on core commodities, including iron ore, copper, aluminum, and lithium.”
“If you follow LSE:RIO, the key question now is how effectively the group allocates the freed up capital and management attention across its chosen focus areas.”
“From here, watch how Rio Tinto reallocates Diavik related capital and internal expertise into focus commodities, and whether management provides clearer disclosure on returns from copper, aluminium and lithium growth projects.”
“Any updates on divestments of titanium and borates, commentary on competition with BHP, Glencore and Freeport McMoRan, and progress on ESG commitments at sites such as Oyu Tolgoi, Simandou and Boyne will also help you judge whether the portfolio is becoming more resilient or simply more concentrated.”
“Rio Tinto (NYSE:RIO) said its Diavik mine in Canada has delivered final production, ending the group's diamond mining business after more than 50 years in the sector.”
“Under CEO Simon Trott, Rio is focusing its portfolio on iron ore, copper, aluminum, and lithium, and has also flagged plans to sell its titanium and borates businesses.”
“Rio's diamond unit posted a $79 million loss in 2025, reflecting a structural supply glut and growing competition from synthetic stones.”
“Rio Tinto’s program effectively advanced the property from regional targeting to a defined, drill-ready opportunity, leaving the key test of subsurface mineralization to future exploration.”
“The Garneau Project was assembled by Rio Tinto as part of a broader exploration strategy targeting iron–titanium (Fe–Ti) mineralization within the Havre-Saint-Pierre anorthosite suite, a globally significant district that hosts deposits such as Lac Tio.”
“After 23 years of operations and more than 150 million carats of rough diamonds produced before exhausting its economic reserves, Rio Tinto’s Diavik diamond mine in the Northwest Territories of Canada has celebrated its final day of production.”
“Closure activities will extend to 2029, followed by a period of post-closure monitoring.”