Rio Tinto plc (LON:RIO) has released its first quarter 2026 production results
9% YoY CuEq1 growth from our three value-generating, world-leading businesses
Rio Tinto Chief Executive Simon Trott said: “Safety is the foundation of our business. The tragic loss of two colleagues this year, at Simandou and Kennecott, is a stark reminder that we must ensure everyone goes home safely at the end of every shift.
“Operating excellence drove 9% YoY copper equivalent1 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. Our Pilbara iron ore mines performed strongly, while shipments were impacted by two cyclones in the quarter. We achieved the historic land exchange at Resolution Copper, with our project team focused on unlocking the next phase of one of the world’s largest untapped copper deposits.
“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. Our stronger, sharper, simpler way of working is enabling us to move at pace to achieve productivity benefits across the business. The first $650m of annualised benefits is now fully implemented, as promised, with substantially more underway.”
1. Executive Summary
• Operational excellence: 9% YoY increase in copper equivalent (CuEq)1 production.
• Copper: Production rose 9% YoY, supported by the continued successful ramp-up of Oyu Tolgoi. Drilling at Resolution is now underway following completion of the land exchange in March.
• Iron ore: Second highest Q1 Pilbara production since 2018, up 13% YoY, with sales up 2% YoY. Tropical cyclones impacted Pilbara shipments by approximately 8 Mt, with around half expected to be recovered. The first full SimFer shipment of high-grade Simandou product was successfully delivered to China with first sales realised in April.
• Aluminium: Strength and agility again demonstrated across our integrated value chain, offsetting weather-related disruptions in bauxite.
• Lithium: Fenix 1B and Sal de Vida achieved mechanical completion as planned, with first production on track for H2 2026.
| Production and sales2 | Q1 2026 | vs Q1 2025 | 2026 guidance10 | Guidance status | |
| Global iron ore production3 (100% basis) | Mt9 | 82.8 | +12 % | NA | NA |
| Pilbara iron ore production (100% basis) | Mt9 | 78.8 | +13 % | NA | NA |
| Global iron ore sales4 (100% basis) | Mt9 | 75.7 | +2 % | 343 – 366 | Unchanged |
| Pilbara iron ore sales5 (100% basis) | Mt9 | 72.4 | +2 % | 323 – 338 | Unchanged |
| Bauxite production | Mt | 13.3 | -11 % | 58 – 61 | Unchanged |
| Alumina production6 | Mt | 2.0 | +6 % | 7.6 – 8.0 | Unchanged |
| Aluminium production7 | Mt | 0.84 | +1 % | 3.25 – 3.45 | Unchanged |
| Lithium carbonate equivalent (LCE) production8 | kt | 12.7 | NA | 61 – 64 | Unchanged |
| Copper production (consolidated basis) | kt | 229 | +9 % | 800 – 870 | Unchanged |
1 Copper equivalent (CuEq) volume = Rio Tinto’s share of production volume / Volume conversion factor x Product price ($/t) / Copper price ($/t). Prices are based on long-term consensus prices. 2 Rio Tinto share unless otherwise stated. 3 Iron Ore production for Pilbara operations and Iron Ore Company of Canada (IOC) refers to saleable production (after crushing, screening and beneficiation). For Simandou, it represents crushed ore at the SimFer mine gate before train loading: final (tertiary) crushing of Simandou ore takes place in China. 4 Includes all shipments from Pilbara and IOC, including those to our Portside trading business; excludes shipments from our Portside trading business. It also includes Simandou sales, representing ore which has been through tertiary crushing in China and collected by the customer. There is a ~2-3 month lag between mine gate production and sales; this accounts for time for railing of ore to the port in Guinea, shipping to China, tertiary crushing in China and collection of final product by the customer. 2026 sales guidance (100% basis) is 15-18 Mt for IOC and 5-10 Mt for Simandou. 5 Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances. 6 QAL production now included on a 100% basis. 7 Includes primary aluminium only. 8 Q1 2025 LCE production from Arcadium was 17.2kt (20.0kt on a 100% basis) of which 5.6kt was produced since completion of the acquisition in March (6.5kt on a 100% basis), lithium carbonate equivalent shipments from Arcadium was 12.1kt (15.2kt on a 100% basis) of which 3.8kt was shipped since completion of the acquisition in March 2025 (5.0kt on a 100% basis). Production from Rincon starter plant is now included in Q1 2026. 9 Wet metric tonnes. 10 See further notes in Section 2, 2026 guidance.
