Mining giant Rio Tinto has reported a strong start to fiscal 2026, recording a 9 per cent year-on-year increase in copper equivalent production for the first quarter.
Rio Tinto’s strong copper production results offset weather related iron ore disruptions and the ongoing geopolitical turbulence in the Middle East.
“Operating excellence drove 9 per cent YoY copper equivalent production growth across our portfolio as the Oyu Tolgoi copper mine continues to ramp up as planned and our integrated aluminium business, again, delivered a strong performance,” said Rio Tinto CEO Simon Trott.
Operationally, the company’s stronger, sharper, simpler strategy appears to be yielding results.
Copper production rose to 229,000 tonnes, driven by the ongoing ramp-up of the Oyu Tolgoi mine and the successful completion of a historic land exchange at the Resolution Copper project in Arizona.
In Western Australia, the Pilbara iron ore operations achieved their second-highest first-quarter production since 2018, rising 13 per cent year-on-year to 78.8 million tonnes.
While production was high, shipments were hampered by two tropical cyclones during the quarter, which impacted volumes by approximately eight million tonnes. The company expects to recover about half of those delayed shipments.
The quarter also saw the first shipment of high-grade iron ore from the Simandou project in Guinea delivered to China.
Meanwhile, the company’s lithium portfolio remains on track, with the Fenix 1B and Sal de Vida projects achieving mechanical completion ahead of first production scheduled for the second half of 2026.
Despite the escalating conflict in the Middle East, which has tightened global aluminium and copper markets, Rio Tinto maintains that its supply chains remain resilient.
The company said the direct impact on its operations has been limited. Despite higher diesel prices steepening the cost curve, Rio Tinto maintained that its position is resilient, underpinned by scale and global supply-chain leverage.
“The unmatchable mix and scale of our portfolio has ensured growth and supply chain resilience against changing operating conditions as we continue to closely monitor the evolving situation in the Middle East,” Trott said.
“Our stronger, sharper, simpler way of working is enabling us to move at pace to achieve productivity benefits across the business.”
Rio Tinto has left its full-year production and cost guidance unchanged for all commodities, including iron ore shipments of 343 million to 366 million tonnes, aluminum production of 3.25 million to 3.45 million tonnes and lithium production of 61,000 to 64,000 tonnes.
