A lot of developments continue to roll off at RIO, with the big miner experiencing a mix of positive and negatives across its asset portfolio. On the positives, RIO has announced a non-binding proposal to buy out the remainder of Turquoise Hill (TSX-listed owner of Oyu Tolgoi in Mongolia). Amongst the negatives, the military junta now ruling Guinea has reportedly ordered a halt to all activities at Simandou (giant iron ore deposit RIO is invested in). The overriding factor for RIO has been rising metal prices, which so far has been enough to offset disappointing results in productivity, cost, culture and portfolio. But we remain cautious given an expectation RIO could underperform against volatility.