Rio Tinto has reported solid operational performance for the third quarter of 2026, supported by gains across its core copper and iron ore assets.
Copper production at the Oyu Tolgoi mine in Mongolia surged 29 per cent year-to-date, running at an annualised rate of approximately 450,000 tonnes during the quarter.
Meanwhile, global iron ore sales rose 3 per cent year-to-date, bolstered by Pilbara operations and the ongoing ramp-up of the Simandou project, which achieved an annualized production run-rate of 10 million tonnes per annum.
The company maintained its full-year production and cost guidance across all product groups, with iron ore sales forecast of 323 million to 338 million tonnes.
Operational momentum also extended to lithium, where year-to-date production rose 33 per cent despite adverse weather disruptions.
“We delivered strong operational performance in the third quarter,” said Rio Tinto CEO Simon Trott.
“We are finishing the year with momentum, with significant opportunities to accelerate improvements in safety, productivity and reliability through implementation of our operating system.”
Trott confirmed the group remains on track to achieve an annualised productivity benefit rate of AU$1.8 billion by the end of 2026, with major capital projects progressing on schedule and budget.
As part of its ongoing portfolio management, Rio Tinto announced it has achieved over AU$2 billion in capital release year-to-date.
“Today, we announce that we have achieved more than $2 billion1 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.
Key transactions include the proposed sale of the Dampier Seawater Desalination Plant in Western Australia and a land sale in Kitimat, Canada, to LNG Canada.
On market conditions, Rio Tinto noted that global copper demand remained tight, supported by artificial intelligence infrastructure investments and constrained mine supply, pushing LME copper prices to record highs during the quarter.
Iron ore demand was supported by resilient Chinese steel exports, while global aluminum markets faced ongoing deficits.
