What happened? RIO''s 3Q24 production report came in light of expectations with Pilbara shipments in-line, another weaker-than-expected quarter in copper and a more mix bag in aluminium. Guidance wise, there were just two revisions with Pilbara unit costs revised towards the top end of the range and IOC production revised lower. Shares have only modestly underperformed peers in Aussie trading following the release. BNPP Exane View: Iron ore Pilbara shipments of 84.5Mt were in-line with VA consensus and +1% y/y. SP10 levels represented 19% of shipments (17% in 1H24) and are expected to remain elevated until replacement projects are completed. Construction of Western Range is now 80% complete with first ore from the system on track for 2025. Similarly, the Rhodes Ridge pre-feasibility study is still expected for 2025 with first ore by the end of the decade. IOC production of 2.1Mt was -18% vs. consensus, continuing a trend of disappointing results, impacted by an 11-day shutdown following forest fires in mid-July. The only changes to guidance were on the iron ore side. 2024 Pilbara unit cash costs are now expected to be in the upper half of the USD 21.75-23.40/t range (cons: USD 22.7/t) due to inflationary pressures at the higher end of RIO''s internal expectations. IOC production guidance was lowered to 9.1-9.6Mt vs. 9.8-11.5Mt previous. While consensus had already gone to the low end of the range (10.0Mt), the new mid-point is -6% below current consensus. Copper missed with mined -4% vs. consensus and refined -7% vs consensus. Kennecott, as flagged in 2Q24, faced limited movement to access the primary ore face as highwall movement was monitored along two faults. This will continue to restrict ore deliveries from the primary face though 2025/2026 and RIO expects to provide a more detailed update at the investor seminary in December. Oyu Tolgoi''s production was +19% y/y but -5% q/q due to planned maintenance and adverse weather impacting the open pit...