Speaking at the company's strategy day, Trott said the Anglo-Australian miner has completed a comprehensive review and identified non-core assets no longer required for ownership.
"We'll proceed and test the market for (titanium and borates) assets, together with some of the other measures across our footprint: things like land, infrastructure, processing assets, and mining assets ... so we're reaching up to $10 billion," he told media on a conference call.
Addressing investors in London, Trott confirmed the company is also working with its largest shareholder, Aluminium Corporation of China Limited (Chinalco), to address governance issues that currently restrict share buybacks.
Rio Tinto plans to reduce unit costs by 4% between 2024 and 2030 and has already secured $650 million in annualised productivity gains and cost savings, of which $370 million has been realised. The remainder is scheduled for delivery in the first quarter of next year. Trott noted that the savings include workforce adjustments but did not provide specific job-cut numbers.
Shares in London initially rose more than 2% after the presentation before giving back some gains.
Analysts offered mixed initial reactions. "Headline cost out of $650 million is a little disappointing," said Glyn Lawcock of Barrenjoey. In contrast, Citi analysts described the update as positive, highlighting "an attractive vision for the company, with positive guidance commentary for 2025 & 2026, reiterating the solid volume growth outlook by 2030 and capex normalization."
Rio Tinto expects earnings to rise significantly by the end of the decade through continued capital discipline, favourable commodity pricing, and a 20% increase in copper output.
The company raised its 2025 copper production guidance, driven by stronger performance at the Oyu Tolgoi project in Mongolia. Consolidated copper output is now forecast at 860,000–875,000 metric tons this year (previously 780,000–850,000 tons) and 800,000–870,000 tons in 2026.
Rio Tinto remains on track to increase copper production at Oyu Tolgoi by more than 50% in 2025 compared with 2024 and by approximately 15% in 2026. The miner continues its strategic shift toward copper, targeting annual production of 1 million tons by 2030, while iron ore remains its primary profit source. High copper prices and growing demand from the global energy transition support the expanded outlook.
