Rio Tinto is an international metals and minerals mining group (dual listed). Products include aluminium, copper, diamonds, coal, uranium, gold, industrial minerals and iron ore. It is a leader in the aluminum business and second largest iron ore producer globally with earnings (2010) being dominated by iron ore (68%) and copper (17%). Rio’s focus on cutting debt has resulted in low Net debt/EBITDA of 0,2x (96% decrease 2007-2010) achieved through divestment of non-core assets and strong operating cash flow. To drive organic growth, Rio committed to capex of GBP 2.9bn (2010) with projected capex of GBP 8.2bn (2011), majority directed to iron ore. Whilst operations are based in OECD nations (primarily Australia and North America), sales are primarily destined to emerging economies (Asia 60%, 2010) where continued urbanization and industrialization are expected to drive demand for metals and minerals. Risks include commodity price volatility (exasperated by quarterly based iron ore pricing), fiscal and monetary policy affecting economic growth and increased mining cost inflation.