Rio Tinto's shares have been given a Neutral rating by UBS, with a price target adjustment to 5250 pence from 5300 pence.
The firm has observed that iron ore and aluminum are performing as expected, and key projects, including the significant Simandou project, are progressing according to plan.
In a strategic move, Rio Tinto has agreed to acquire Arcadium Lithium for $6.7 billion in cash. This acquisition is expected to enhance Rio Tinto's global operations in the lithium sector, as Arcadium is a major producer with an annual capacity of 75,000 tonnes of lithium carbonate equivalent, which is projected to double by 2028.