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CITY OF MELBOURNE (dpa-AFX) - Australia's first Cat 793 XE Early Learner battery-electric haul trucks have arrived at BHP's Jimblebar iron ore mine in the Pilbara, marking the start of on-site testing of Caterpillar's battery-electric heavy haulage technology. The trials are being conducted in collaboration with Rio Tinto, highlighting a significant step toward decarbonizing mining operations in one of the nation's most critical resource regions.

Delivered through an industry-first partnership between BHP, Rio Tinto, and Caterpillar, the two Early Learner trucks are designed to achieve zero exhaust emissions while maintaining productivity and performance.

Once safely commissioned, the trucks will undergo trials to evaluate the viability of battery-electric technology as an alternative to diesel in large-scale iron ore mining. These trials will inform the development of future technologies, processes, infrastructure, and workforce capabilities required to support lower-emission mining operations, Rio Tinto said.

Decarbonization of Pilbara iron ore operations will depend on continued technological advancements and breakthroughs in research and development. To accelerate this transition, BHP and Rio Tinto are working closely with Caterpillar, supported by WesTrac, to advance battery-electric haulage solutions and prepare their fleets for adoption once commercially and operationally viable.

Following the joint trial, BHP and Rio Tinto will independently assess progress toward scaled trials within their respective operations. This collaboration reflects the shared ambition of both companies, alongside Caterpillar, to achieve net zero operational greenhouse gas emissions by 2050.

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Rio Tinto Group’s new chief executive will focus on cutting costs and selling assets in a bid to turn the world's second-largest miner into a slimmed-down operation centred primarily on iron ore and copper.

While rivals such as Glencore Plc have presented more flashy plans, Rio’s focus under CEO Simon Trott is on the nuts and bolts of mining. That means driving down costs, raising as much as $10 billion by offloading unwanted assets and putting the brakes on its expansion into lithium.

Rio’s board appointed Trott to replace Jakob Stausholm, with a mandate for a greater focus on its mining operations and a more disciplined approach to spending money. On Thursday, at Rio’s first capital markets day since he took the helm in August, Trott started to flesh out those plans.

"It is about focusing on what, for us, are the greatest opportunities,” said Trott. “If you try and do everything, you get nothing done."

Laying out a string of key growth and cost-saving targets, the group said it would release $5 billion to $10 billion in “cash proceeds” from its asset base by divesting, selling minority stakes and restructuring some existing financing. Those funds would be reinvested in the group, Trott said.

Rio has already placed its titanium and borates businesses under review, but the company could also now look at selling some of the infrastructure it uses, but doesn’t need to own.

"They’ve alluded to the sale and lease back of infrastructure such as power stations, desalination plants and other infrastructure," said Glyn Lawcock, head of metals and mining research at Barrenjoey Markets Pty Ltd. in Sydney. "There's a cost of capital arbitrage there. I think Trott is on the right track."

Rio shares rose as much as 2.6% in London, before trading little changed, with analysts at RBC Capital and Morgan Stanley highlighting a lower-than-expected target for copper production next year.

The mining industry is struggling for relevance, with valuations stagnant and companies searching for a new narrative after China’s commodity supercycle came to an end and Donald Trump’s administration tempered enthusiasm for the energy transition. That's left miners looking to operate more efficiently and potentially merge with rivals.

Anglo American Plc is in the process of buying Teck Resources Ltd. to supercharge its copper business — a deal that the biggest miner BHP Group tried unsuccessfully to hijack. On Wednesday, Glencore laid out far-reaching plans to turn around its perennially disappointing copper business, promising to almost double output in the next decade by bringing on a slew of new projects.

Rio, by contrast, presented a plan with a near-term focus, centred on cutting costs and not overspending on growth. The company is already in the process of ramping up a series of huge new copper and iron ore mines.

The miner also said it was slowing its rush into lithium, a business championed by Stausholm, and where the Rio made two major acquisitions under his leadership. Trott said the company will now take a “phased approach” to lithium, a metal vital for rechargeable batteries but where a supply glut has dragged down prices.

Rio — the only one of the diversified miners to have bet on the material — plans to focus on projects already in train to reach 200,000 tons a year of production by 2028. It would only commit additional capital “when supported by markets and returns." The company has already placed a Serbian lithium project that was dogged by protests on care and maintenance.

The group said it would trim average operating unit costs by 4% annually until the end of the decade. Other improvements included $650 million of productivity benefits by the end of the first quarter of next year, as it simplifies internal operations and pauses non-core projects and studies.

Trott, who previously ran Rio’s iron ore division, aims to sharpen an organisation that critics argue became bloated in recent years, especially in support functions. He’s cut back divisions, shed some senior staff and moved to offload or shutter non-core businesses.

By WSJ Staff

Copper prices hit a fresh record high in London, driven by concerns over tightening global supply and large volumes of the metal being shipped into the U.S. ahead of potential new tariffs.

• In European afternoon trading, futures on the London Metal Exchange rose more than 2% to $11,502 a metric ton.
• That was an all-time intraday high, putting the contract on track for a record close.
• Prices have risen roughly 30% so far this year.

Shares in major copper miners rallied on Wednesday:

• Freeport-McMoRan (FCX) jumped nearly 4% in U.S. morning trading.
• Brazil's Vale (VALE) gained nearly 3% in the U.S.
• Glencore (UK:GLEN) leapt 6.6% in London.
• Antofagasta (UK:ANTO), Rio Tinto (UK:RIO) and BHP (UK:BHP) all rose 1.5% or more.

Traders have ramped up shipments to the U.S. amid speculation that the Trump administration could impose new tariffs next year, squeezing supply in other regions. The market has also been roiled by disruptions at major mines in Indonesia, Chile and the Democratic Republic of Congo.

On Wednesday, mining giant Glencore lowered its copper production target for 2026, but said it aims to raise output long term.

Goldman Sachs raised its copper price forecast for the first half of next year to an average of $10,710 a ton, from $10,415 previously, citing constrained mine-supply growth and demand from grid and power infrastructure.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

London's miners are among the biggest risers on the FTSE 100 index in opening trade. They are being supported by strong gold prices and expectations of a cut to U.S. interest rates. Gold futures rise 0.35% at $4.235.60 a troy ounce in early trading. Higher interest rates weigh on non-yielding assets like gold. Fresnillo and Endeavour Mining are both up 1.6%. Copper miner Antofagasta is up 1.9%. Rio Tinto's and BHP's London-listed shares both rise 1.3%. Glencore rises 1.1% ahead of its capital markets day later in the day. (adam.whittaker@wsj.com)

Mining "is back in vogue," Jefferies analysts say in a note. Stocks of mining companies significantly outperformed over the past week, as investors bet the Fed will cut interest rates at its upcoming meeting. "This could be a preview of things to come in 2026 as Fed Chair Powell's successor is likely to support more aggressive rate cuts (arguably the most important thing that Trump will look for in a new Fed Chair)," the Jefferies analysts say. That would be a bullish driver for miners, they say, given rate cuts tend to support economic growth. The analysts say there has been "a significant positive shift in buyside consensus" for miners over the past month. In Sydney, BHP and Rio Tinto are up 0.9% and 0.3%, respectively. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)