Rio Tinto is an international mining group, dual listed in London and Sydney. It produces iron ore (~62% of EBITDA), aluminium, copper, diamonds, coal, gold, silver and industrial minerals. Its activities are strongly represented in Australia/NZ (49% of asset base), US/Canada (29%) and Mongolia (3%). The over-priced/ill-timed Alcan acquisition (USD38.6bn) forced a USD15bn rights issue and USD31bn write-downs. Since 2013, management has enforced a strict capital allocation strategy through capex/cost reduction and portfolio streamlining. Less diversified than peers, Rio Tinto remains one of the most leveraged diversified miners to the urbanisation trend in emerging countries/China.