Rio Tinto Reports Q3 Iron Ore Growth and $2 Billion Capital Release

Rio Tinto (RIO ) on 14 October 2026 released its third quarter 2026 production results, reporting global iron ore sales of 90.8 million wet metric tonnes (Mt) on a 100% basis for the quarter, up 3% from a year earlier, and announcing that it has achieved more than $2 billion of capital release year-to-date under its $5 to 10 billion capital release program.

“We delivered strong operational performance in the third quarter,” Chief Executive Simon Trott said. He said Oyu Tolgoi copper production increased 29% year-to-date, with the operation running at an approximately 450 kt annualised rate in the quarter, and that the Simandou iron ore mine hit an annualised production run-rate of roughly 10 million tonnes per annum (Mtpa) on a 100% basis in the quarter as the project continues to ramp up.

Rio Tinto reported a roughly 1% year-to-date increase in copper equivalent production, driven by growth from Oyu Tolgoi copper and Pilbara iron ore. The company defines copper equivalent volume as its share of production volume divided by a volume conversion factor, multiplied by the product price and divided by the copper price, with prices based on long-term consensus prices.

Iron Ore and the Simandou Ramp-Up

Third quarter global iron ore sales were up 2% on the second quarter of 2026, and nine-month sales of 255.3 Mt were up 3% on the same period of 2025. Guidance for 2026 global iron ore sales of 343 to 366 Mt is unchanged. Global iron ore production was 89.7 Mt in the quarter, up 2% year-on-year and up 3% on the previous quarter, and 259.6 Mt for the nine months, up 4%.

Pilbara iron ore sales were 85.7 Mt in the quarter, up 2% year-on-year, and 243.3 Mt for the nine months, up 4%. Pilbara production of 83.4 Mt was down 1% from a year earlier, with nine-month production of 245.7 Mt up 3%. Pilbara sales guidance of 323 to 338 Mt is unchanged and remains subject to the timing of approvals for planned mining areas and heritage clearances.

Simandou remains on track to reach a 60 Mtpa production run-rate during the second half of 2028. The estimated annualised capacity of approximately 60 million dry tonnes per annum for the Simandou life-of-mine schedule was previously reported in a release to the Australian Securities Exchange dated 6 December 2023 titled “Investor Seminar Presentation”, and Rio Tinto confirmed that all material assumptions underpinning that production target continue to apply and have not materially changed.

At its December 2025 Capital Markets Day, the company announced the move to guide on global iron ore sales on a 100% basis, with indicated ranges of 323 to 338 Mt for Pilbara, 15 to 18 Mt for the Iron Ore Company of Canada (IOC) and 5 to 10 Mt for Simandou. For the Simandou value chain to China, Rio Tinto is targeting an approximately 75-to-90-day cycle at full production, with customer collection up to a further 30 days from mine to recognised sales.

Iron ore figures are stated in wet metric tonnes. Production for Pilbara operations and IOC refers to saleable production after crushing, screening and beneficiation, while Simandou production represents ore ready for train loading at the SimFer mine gate, with final tertiary crushing taking place in China. Global sales include all shipments from Pilbara and IOC, including those to Rio Tinto’s Portside trading business, and exclude shipments from Portside.

Copper, Aluminium and Lithium

Rio Tinto reported consolidated copper production of 205 thousand tonnes (kt) for the third quarter, unchanged from the third quarter of 2025 and down 4% on the second quarter of 2026. Nine-month production of 646 kt was up 1%, and 2026 guidance of 800 to 870 kt is unchanged. Oyu Tolgoi production increased 27% year-on-year in the quarter, and at Kennecott the company completed the rebuild of the flash converting furnace at the end of August, ahead of plan.

Bauxite production was 15.7 Mt in the quarter, down 4% year-on-year and up 4% on the second quarter, with nine-month production of 44.2 Mt down 6%; guidance of 58 to 61 Mt is unchanged. Alumina production was 2.1 Mt, up 10% year-on-year, and 6.1 Mt for the nine months, up 9%, with Queensland Alumina Limited production included on a 100% basis; guidance of 7.6 to 8.0 Mt is unchanged. Aluminium production was 0.8 Mt, down 2%, and 2.52 Mt for the nine months, flat; guidance of 3.25 to 3.45 Mt is unchanged, and the figures include primary aluminium only.

The company described aluminium performance as consistent and stable across the full operating system, and said Pacific Aluminium smelter repowering arrangements are well progressed following the Tomago and Bell Bay power agreements in the quarter.

Lithium carbonate equivalent production was 13.0 kt in the quarter, up 4% year-on-year and down 11% on the second quarter, with nine-month production of 40.3 kt up 33%; guidance of 61 to 64 kt is unchanged at the lower end. Rio Tinto said adverse weather impacted third quarter operations and that the Fenix 1B ramp-up continues to progress well. The year-to-date 2025 comparison base represents production since March 2025 following completion of the Arcadium acquisition; first quarter 2025 lithium carbonate equivalent production was 5.6 kt, or 6.5 kt on a 100% basis.

Trott said Rio Tinto is finishing the year with momentum, with significant opportunities to accelerate improvements in safety, productivity and reliability through implementation of its operating system, and remains on track for a $1.8 billion annualised productivity benefit run-rate by the end of 2026. He said major projects remain on schedule and budget, underwriting the company’s growth profile to 2030, and that the company made further significant steps in decarbonising its business in the third quarter.

“Today, we announce that we have achieved more than $2 billion of capital release year-to-date, as we actively manage our portfolio with discipline to maximise long-term value, as part of the $5 to 10 billion capital release program,” Trott said. A footnote to the announcement states that completion and cash receipt is subject to entry into binding agreements and satisfaction of conditions precedent, and that Rio Tinto remains on track to announce around $5 billion in total capital release initiatives by the end of 2026.

The announcement was authorised for release to the market by Matthew Whyte, Rio Tinto’s Group Company Secretary, and is classified as additional regulated information required to be disclosed under the laws of a Member State. The full third quarter operations review and production tables are published on Rio Tinto’s production page.