Ann: Rio Tinto and Codelco agree to lithium partnership, page-8

I work for the second-largest mining company in the world and also the second-largest superannuation company in Australia. In my profession, I have the ability to work for thousands of top companies globally—there are always opportunities elsewhere. I don’t take anything personally from Jacob’s decision.
Both Rio Tinto and BHP aim to be leaders in the electric vehicle (EV) space. BHP has established a strong position in copper but has struggled to dominate the nickel market due to increased competition from Indonesia. This creates an opportunity for Rio Tinto to focus on consolidating its operations in lithium. Rio entered the lithium space as a strategic move to support the global energy transition and meet the surging demand for battery minerals. The shift also aligns with Rio's goal to diversify its portfolio and strengthen its position in future-facing, ESG-aligned commodities. The current decline in lithium prices is temporary, like any other commodity cycle in mining. When prices recover, Rio Tinto will be well-positioned to benefit from a high-quality assets with a lifespan of over 50+ years. There will be many upward cycles ahead, offering the potential to generate billions in profit from existing production. As prices decline, supply typically contracts because high-cost, small-scale producers are forced out of the market. This benefits large players like Rio Tinto, who can consolidate market share and capitalize when prices rebound.