Rio Tinto plc (LON:RIO) has announced its third quarter 2026 production results
Strong operational performance at Oyu Tolgoi copper and Pilbara iron ore
Rio Tinto Chief Executive Simon Trott said: “We delivered strong operational performance in the third quarter. Oyu Tolgoi copper production increased 29% year-to-date, with the operation running at a ~450 kt annualised rate in the quarter, and global iron ore sales are up 3% year-to-date. The Simandou iron ore mine hit an annualised production run-rate of ~10 Mtpa (100% basis) in the quarter as the project continues to ramp up.
“We are finishing the year with momentum, with significant opportunities to accelerate improvements in safety, productivity and reliability through implementation of our operating system. We remain on track for a $1.8 billion annualised productivity benefit run-rate by the end of 2026. Our major projects remain on schedule and budget, underwriting our growth profile to 2030.
“We made further significant steps in decarbonising our business in the third quarter, with our Pacific Aluminium smelter repowering arrangements now well progressed.
“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.”
- Executive Summary
• Operational excellence: ~1% YTD increase in copper equivalent (CuEq2) production, driven by growth from Oyu Tolgoi copper and Pilbara iron ore.
• Copper: Oyu Tolgoi production increased by 27% YoY in Q3 and 29% YTD. At Kennecott, we successfully completed the rebuild of the flash converting furnace at end-August ahead of plan.
• Iron ore: Q3 global iron ore sales were 90.8 Mt, up 3% YoY, while Pilbara sales increased 2% YoY. Simandou hit an annualised production run-rate of ~10 Mtpa (100% basis) in Q3 as the project ramps up and remains on track to reach a 60 Mtpa production run-rate during H2 20283.
• Aluminium: Consistent, stable performance across the full operating system. Pacific smelter repowering arrangements are now well progressed, following the Tomago and Bell Bay power agreements in Q3.
• Lithium: Production up 33% YTD despite adverse weather impacting Q3 operations. Fenix 1B ramp-up continues to progress well.
| Production and sales4 | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs9 MTHS 2025 | 2026 guidance12 | Guidance status | |
| Copper production (consolidated basis) | kt | 205 | 0 % | -4 % | 646 | +1 % | 800 – 870 | Unchanged |
| Global iron ore production5 (100% basis) | Mt11 | 89.7 | +2 % | +3 % | 259.6 | +4 % | NA | NA |
| Pilbara iron ore production (100% basis) | Mt11 | 83.4 | -1 % | 0 % | 245.7 | +3 % | NA | NA |
| Global iron ore sales6 (100% basis) | Mt11 | 90.8 | +3 % | +2 % | 255.3 | +3 % | 343 – 366 | Unchanged |
| Pilbara iron ore sales7 (100% basis) | Mt11 | 85.7 | +2 % | 0 % | 243.3 | +4 % | 323 – 338 | Unchanged |
| Bauxite production | Mt | 15.7 | -4 % | +4 % | 44.2 | -6 % | 58 – 61 | Unchanged |
| Alumina production8 | Mt | 2.1 | +10 % | +3 % | 6.1 | +9 % | 7.6 – 8.0 | Unchanged |
| Aluminium production9 | Mt | 0.8 | -2 % | 0 % | 2.52 | 0 % | 3.25 – 3.45 | Unchanged |
| Lithium carbonate equivalent (LCE) production10 | kt | 13.0 | +4 % | -11 % | 40.3 | +33 % | 61 – 64 | Unchanged(at lower end) |
1 Announced year-to-date. Completion and cash receipt is subject to entry into binding agreements and satisfaction of conditions precedent. We remain on track to announce around $5 billion in total of capital release initiatives by end 2026. 2 Copper equivalent (CuEq) volume = Rio Tinto’s share of production volume / Volume conversion factor x Product price ($/t) / Copper price ($/t). Prices are based on long-term consensus prices. 3 The estimated annualised capacity of approximately 60 million dry tonnes per annum iron ore for the Simandou life of mine schedule was previously reported in a release to the Australian Securities Exchange (ASX) dated 6 December 2023 titled “Investor Seminar Presentation”. Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed. 4 Rio Tinto share unless otherwise stated. 5 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 ore ready for train loading at the SimFer mine gate: final (tertiary) crushing of Simandou ore takes place in China. 6 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. At our Dec-2025 Capital Markets Day, we announced the move to guide on global iron ore sales (100%): indicated sales ranges (all on 100% basis) – Pilbara of 323 – 338 Mt, IOC of 15 – 18 Mt and Simandou of 5 – 10 Mt. For the Simandou value chain to China: at full production targeting a ~75-to-90-day cycle, with customer collection up to a further 30 days (mine to recognised sales). 7 Pilbara iron ore sales range remains subject to the timing of approvals for planned mining areas and heritage clearances. 8 QAL production included on a 100% basis. 9 Includes primary aluminium only. 10 Year-to-date 2025 represents production since March following completion of the Arcadium acquisition. Q1 2025 LCE production was 5.6kt (6.5kt on a 100% basis); LCE shipments were 3.8kt (5.0kt on a 100% basis). 11 Wet metric tonnes. 12 See further notes in Section 2, 2026 guidance.
Production/sales guidance is maintained1.
Unit cost guidance is maintained2, 3, 4.
Notes for the quarter:
• Pilbara iron ore unit cash costs: impacts from external factors
◦ Diesel: Higher diesel prices increased unit costs by $0.9/t YTD vs 2025 YTD. Assuming the current spot price of ~$175/bbl for Q4, the full-year impact is expected to increase to $1.1/t.
◦ Foreign exchange: At US$0.70/A$, the full-year impact to unit costs is around $1.0/t relative to the guidance assumption of US$0.67/A$.
| 2026 Guidance | |
| Pilbara iron ore unit cash costs, free on board (FOB) basis – US$ per wet metric tonne | 23.5 – 25.03 |
| Copper C1 net unit costs (Kennecott, Oyu Tolgoi and Escondida) – US cents per lb | 30 – 504 |
1 Guidance remains subject to weather impacts.
2 There will be timing differences between market rates and realised diesel prices due to contractual arrangements.
3 Subject to the impact of higher diesel prices and foreign exchange. Based on Australian dollar exchange rate of 0.67.
4 Gold price assumption is $4,026/oz (spot price as at 30 June 2026).
3. Group update
Expenditure on exploration and evaluation
• YTD pre-tax and pre-divestment expenditure on exploration and evaluation charged to the Income Statement was $692 million compared with $537 million in 2025. Approximately 50% of the spend was by the Copper product group, 28% by central exploration and other operations, and 22% by the Iron Ore product group.
• Copper accounts for the majority of total expenditure on exploration and evaluation (included in the Copper product group and central exploration).
Capital release
We are systematically redeploying capital into higher-returning opportunities. To date, we have entered arrangements to release more than US$2 billion1 for redeployment through our capital allocation framework.
This comprises:
◦ In July, we signed an agreement with Yindjibarndi WaterCo for the proposed sale of the Dampier Seawater Desalination Plant in Western Australia.
◦ We have agreed the sale of land in Kitimat, British Columbia, Canada, to LNG Canada for their Phase II project. Completion expected in Q4.
◦ We have entered into a non-binding arrangement for a lithium sales contract with a pre-payment component.
◦ We have completed a number of smaller non-core asset disposals as part of our ongoing portfolio optimisation.
We are progressing other opportunities, with further announcements expected in 2026 as we deliver the initial ~$5 billion of the $5–10 billion capital release program announced at Capital Markets Day 2025.
1 Announced year-to-date. Completion and cash receipt is subject to entry into binding agreements and satisfaction of conditions precedent.
Middle East conflict
Ongoing disruptions in the Middle East continued to drive volatility in energy and freight markets. Operational impacts to Rio Tinto remained limited, with no material disruption to production or outbound supply chains. Rio Tinto’s fuel availability remained adequate, supported by inventory buffers and alternative sourcing.
Conditions in the Strait of Hormuz remain highly volatile, and we continue to monitor developments and maintain contingency plans for further disruption.
Global economy: global growth moderated slightly through Q3 due to persistent geopolitical and energy market uncertainty. Developed market activity remained strong, supported by ongoing AI-linked investment and resilient manufacturing output.
Chinese economy: domestic economic activity moderated in Q3, with strong export demand and manufacturing activity partly offset by weaker domestic consumption and investment. August’s industrial production grew 5% YoY, driven by a 17% YoY increase in high-tech manufacturing. Policy support remained focused on infrastructure, including grid and AI development.
US economy: growth remained resilient, supported by AI-related investment, broader business spending and consumer demand. Inflation remained elevated, prompting the Federal Reserve to raise interest rates by 25 basis points in September.
Copper
• London Metal Exchange (LME) copper reached a record high of $6.74/lb ($14,850/t) in mid-August, supported by constrained mine supply, strong investor flows and optimism around AI-driven electricity demand. Prices averaged $6.40/lb ($14,110/t) for the quarter.
• Copper mine supply remained constrained during Q3, with major storms in Chile adding to existing supply challenges. DRC production remained relatively resilient despite concerns around sulphur and sulphuric acid availability.
• Uncertainty around potential US tariffs on refined copper cathode imports persisted through Q3, sustaining a premium between Chicago Mercantile Exchange (CME) and LME prices and driving continued US imports above underlying demand.
• The copper concentrate market remained extremely tight in Q3, with spot treatment and refining charges ending the quarter at a record low of -$267/t. High sulphuric acid prices are helping to offset pressure on smelter economics.
Iron ore
• During Q3, iron ore prices were sustained in a narrow band around their $97/dmt 61% delivered (CFR) average. Higher seaborne freight costs compressed producer netbacks, particularly for longer haul Atlantic supply. Seaborne lump premiums rebounded by 33% QoQ, realigning to long-term historical average levels and the marginal cost of sintering in China.
• China’s finished steel consumption is estimated to have declined ~4% QoQ and ~2% YoY in Q3, while steel exports increased 3% YoY to a 122 Mt annualised rate, partly offsetting weaker domestic demand and supporting crude steel and pig iron production.
• Seaborne iron ore supply declined 1% QoQ in Q3 in response to elevated operating and freight costs putting pressure on marginal supply. Of note, long-haul shipments outside Australia and Guinea declined by an estimated 8% MoM in September.
• China’s domestic iron ore production declined 8% YoY in Q3, affected by flooding, safety inspections and scheduled maintenance.
Aluminium
• LME aluminium averaged $3,226/t in Q3, 23% above the 2025 average but below the four-year high reached in Q2.
• Middle East supply saw some recovery through Q3, with most of the smelting capacity curtailed earlier in the year remaining offline, while Chinese production remained close to its 45 Mt capacity cap.
• The global aluminium market remained in deficit as ex-China demand showed early signs of recovery and reported inventories continued to decline. Regional physical premiums remained elevated, reflecting constrained metal availability and higher freight costs.
• Australian FOB alumina prices increased 8% during Q3 to $355/t as the ex-China market tightened, while Chinese bauxite CIF prices remained supported by elevated Capesize freight costs.
Lithium
• Lithium carbonate prices averaged around $19,000/t in Q3, supported by healthy demand amid announcements of potential supply restarts in Australia and Africa.
• Battery energy storage systems (BESS) remained the strongest source of lithium demand growth, with global shipments increasing 94% YoY in the first eight months of 2026 to an annualised rate of around 1,050 GWh. Total EV sales have moderated as policy support in China and North America continues to unwind.
• Lithium demand is gaining further support from larger battery packs across vehicle models and strong growth in commercial EVs.
| Index prices | Start of Q3(01/07/26) | End of Q3(30/09/26) | % changeStart – end Q3 | Q2 2026 average | Q3 2026 average | % change QoQ |
| Iron ore ($/dmt CFR China, 61% index)1 | 98 | 93 | (5) % | 105 | 97 | (8) % |
| Iron ore ($/dmt CFR China, 65% index)2 | 113 | 108 | (4) % | 122 | 113 | (7) % |
| Copper (LME spot, c/lb) | 597 | 657 | +10 % | 605 | 640 | +6 % |
| Aluminium (LME spot, $/t) | 3,075 | 3,204 | +4 % | 3,571 | 3,226 | (10) % |
| Lithium carbonate (spot, $/t CIF China, Japan & Korea)3 | 20,250 | 16,850 | (17) % | 22,043 | 19,022 | (14) % |
1 Monthly average Platts (CFR) index for 61% iron fines from 1 January 2026.
2 Fastmarkets Iron ore 65% Fe Brazil-origin fines, CFR Qingdao, $/dmt.
3 Fastmarkets index for Lithium carbonate min 99.5% Li2CO3 battery grade.
5. Copper
| Rio Tinto production1 (‘000 tonnes) | Q3 2026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs 9 MTHS2025 |
| Copper | |||||
| Kennecott – Refined metal2 | 12 | -10 % | -43 % | 66 | -31 % |
| Escondida – Metal in concentrates | 63 | -29 % | -17 % | 216 | -18 % |
| Escondida – Refined metal | 16 | +18 % | -18 % | 53 | +25 % |
| Oyu Tolgoi – Metal in concentrates | 114 | +27 % | +17 % | 312 | +29 % |
| Total copper production (consolidated basis1) | 205 | 0 % | -4 % | 646 | +1 % |
| 1 Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and Escondida on an equity share basis.2 We continue to process third party concentrate to optimise smelter utilisation, including 5 thousand tonnes of cathode produced from purchased concentrate in Q3 2026, and 25 thousand tonnes YTD. Purchased and tolled copper concentrates are excluded from reported production figures and guidance. Sales of cathodes produced from purchased concentrate are included in reported revenues. | |||||
Kennecott
• Q3:
◦ After the flash converting breach in late June 2026, we successfully completed the rebuild – over approximately 70 days – at the end of August and the furnace has since returned to normal capacity. The outage drove lower cathode production in Q3.
◦ Mined copper production increased QoQ on higher throughput, as Q2 was impacted by planned concentrator maintenance and a three-day safety stand-down in April. Grades and recoveries also increased.
◦ As previously disclosed, geotechnical management activities in the open pit are ongoing to restore access to the planned mining areas.
◦ Molybdenum production is expected to fall as planned through the rest of 2026 and into 2027 as the open-pit mining sequence moves into lower-molybdenum-bearing material, while gold production is expected to increase due to higher grades and recovery rates.
• YoY:
◦ Lower cathode production due to the flash converting furnace breach, with mined copper converted into matte and accumulated ahead of the flash converting furnace for subsequent processing to cathode. Note: Q3 2025 production was weak, impacted by a 45-day planned smelter shutdown which commenced in early September.
◦ Higher mined copper due to the timing of the annual concentrator shutdown which occurred in the third quarter in 2025 versus the second quarter in 2026.
Escondida
• Q3: lower concentrate production, reflecting lower throughput caused by scheduled maintenance, a safety stand-down following a fatal incident, planned lower concentrate feed grades and severe weather disruptions.
• YoY: lower concentrate production also reflected planned lower feed grades in line with mine sequence, scheduled maintenance, the safety stand-down and severe weather disruptions, partially offset by higher refined copper production.
Oyu Tolgoi
• Q3: increase in production driven by the continued ramp up of underground operations with higher recoveries.
• YoY: increase in production driven by the ramp up of underground operations, higher ore grades and improved recovery rates. Q3 2025 was impacted by a planned concentrator shutdown; the equivalent shutdown this year occurred in Q2.
• Open pit update: we have recently completed the latest phase of mining in a high gold-grade area of the pit and the next planned phases of the open pit mine sequence contain lower gold grades for the rest of 2026 and into 2027.
• In June 2026, the Government of Mongolia agreed to commence work on resolution of the Entrée licence transfer for Panel 1. As this remains in progress, we continue to advance Panels 0 and 2 North followed by Panel 2 South. Panel 1 is expected to be the final panel brought into production. Mine plan options will continue to be assessed and optimised as appropriate.
• As part of the periodic review required under the Shareholders Agreement, we formally signed the previously agreed adjustment to the Oyu Tolgoi shareholder loan interest rate during Q3.
• Production ramp-up remains on track to reach an average of around 500 thousand tonnes of copper per year (100% basis and stated as recoverable metal) from 2028 to 20361, inclusive of ongoing sustaining capital expenditure associated with ramp-up activities.
1 The ~500 thousand tonnes per annum copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was previously reported in a release to the ASX dated 11 July 2023 “Investor site visit to Oyu Tolgoi copper mine, Mongolia”. All material assumptions underpinning that production target and those production profiles continue to apply and have not materially changed.
Pilbara operations
| Rio Tinto share of production (Wet million tonnes) | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs 9 MTHS2025 |
| Pilbara Blend and SP10 Lump1 | 23.2 | -3 % | -1 % | 69.0 | +4 % |
| Pilbara Blend and SP10 Fines1 | 32.9 | -1 % | +1 % | 96.8 | +3 % |
| Robe Valley Lump | 1.6 | -2 % | -5 % | 4.9 | 0 % |
| Robe Valley Fines | 2.3 | +19 % | -6 % | 6.8 | +10 % |
| Yandicoogina Fines (HIY) | 11.2 | +3 % | +3 % | 32.4 | +4 % |
| Total Pilbara production | 71.2 | -1 % | 0 % | 209.9 | +3 % |
| Total Pilbara production (100% basis) | 83.4 | -1 % | 0 % | 245.7 | +3 % |
| Rio Tinto share of sales (Wet million tonnes) | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs 9 MTHS2025 |
| Pilbara Blend Lump | 17.6 | 0 % | -1 % | 50.4 | +31 % |
| Pilbara Blend Fines | 33.0 | -1 % | -1 % | 94.3 | +28 % |
| Robe Valley Lump | 1.3 | 0 % | -12 % | 4.0 | +3 % |
| Robe Valley Fines | 2.5 | +12 % | -14 % | 7.7 | +8 % |
| Yandicoogina Fines (HIY) | 11.3 | +5 % | 0 % | 31.0 | +1 % |
| SP10 Lump1 | 3.4 | +16 % | +47 % | 8.5 | -56 % |
| SP10 Fines1 | 5.2 | +64 % | +83 % | 11.7 | -57 % |
| Total Pilbara sales2 | 74.3 | +4 % | +3 % | 207.7 | +4 % |
| Total Pilbara sales (100% basis)2 | 85.7 | +2 % | 0 % | 243.3 | +4 % |
| Total Pilbara sales (consolidated basis)2, 3 | 76.2 | +4 % | +3 % | 213.4 | +4 % |
Production figures are sometimes more precise than the rounded numbers shown, hence small rounding differences may appear.
1 SP10 includes other lower grade products.
2 Sales includes material shipped from the Pilbara to our portside trading facility in China which may not be sold onwards by the group in the same period.
3 While Rio Tinto has a 53% net beneficial interest in Robe River Iron Associates, it recognises 65% of the assets, liabilities, sales revenues and expenses in its accounts (as 30% is held through a 60% owned subsidiary and 35% is held through a 100% owned subsidiary). The consolidated basis sales reported here include Robe River Iron Associates on a 65% basis to enable comparison with revenue reported in the financial statements.
• Q3 production: strong mine performance continued through Q3 supported by ongoing productivity initiatives.
• Q3 sales: +2% YoY, supported by mine performance and sustained healthy port inventories.
◦ Port outload capacity will be impacted during some quarters in 2027 and 2028 with several scheduled major capital projects underway (including Parker Point reclaimers) to improve system flexibility and prepare for the Rhodes Ridge project.
• Q3 sales: 9% of sales priced by reference to the prior quarter’s average index lagged by one month:
◦ Remainder sold either on current quarter average, month average or on the spot market.
◦ 26% of sales were made on a free on board (FOB) basis, with remainder sold including freight.
• Q3 portside sales in China: 4.7 Mt (4.9 Mt in Q3 2025)
◦ 71% of our portside sales were either screened or blended in Chinese ports.
◦ End-September inventory levels at portside were 3.7 Mt, including 2.4 Mt of Pilbara product.
Iron Ore Company of Canada (IOC)
| Production and sales (Wet million tonnes) | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs2025 |
| Pellets and concentrate production (Rio Tinto Share) | 2.2 | -5 % | +30 % | 6.0 | -16 % |
| Pellets and concentrate production (100%) | 3.8 | -5 % | +30 % | 10.2 | -16 % |
| Pellets and concentrate sales1 (100%) | 3.8 | -6 % | +20 % | 10.2 | -14 % |
1 Sales includes material shipped from IOC to our portside trading facility in China which may not be sold onwards by the group in the same period.
• Q3 production: up 30% QoQ (down 5% YoY). Operational focus remains on progressively improving pit health. This has been supported by mine sequencing and an increase in total material movement.
• Q3 sales: up 20% QoQ (down 6% YoY) reflecting higher concentrator feed and a return to normal in-load rates at the port following the ore dumper replacement.
Simandou
| Production and sales (Wet million tonnes) | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs2025 |
| Fines production (Rio Tinto share)1,2 | 1.1 | NA | +273 % | 1.7 | NA |
| Fines production (100%)1,2 | 2.5 | NA | +273 % | 3.7 | NA |
| Fines shipped (100%) | 2.2 | NA | +36 % | 4.4 | NA |
| Fines sales (100%) | 1.3 | NA | +210 % | 1.7 | NA |
1 Simandou production represents ore ready for train loading at the SimFer mine gate.
2 2.3 Mt (100% SimFer) of crushed iron ore (1 Mt, Rio Tinto share) was produced in 2025 and was recorded for the first time in Q4 2025, some of which required reprocessing in 2026.
• Q3 production: a ~10 Mtpa (100%) production run-rate was achieved in Q3. Fixed-plant commissioning and operational readiness continued to progress as planned, supporting the transition to permanent plant infrastructure in Q4.
• Stockpiles: as at the end of September, 7.9 Mt of uncrushed ore was stockpiled at the mine, which contributes to 11.1 Mt across the entire system including the Guinean port, on ships and in China ports.
• Q3 sales: 2.2 Mt (100%) was shipped to China and sales totalled 1.3 Mt.
◦ Simandou value chain to China: at full production targeting a ~75-to-90-day cycle, with customer collection up to a further 30 days (mine to recognised sales).
Aluminium
| Rio Tinto share of production (‘000 tonnes) | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs 9 MTHS2025 |
| Bauxite | 15,745 | -4 % | +4 % | 44,225 | -6 % |
| Bauxite third party shipments1 | 11,574 | -2 % | +9 % | 31,409 | -5 % |
| Alumina2 | 2,071 | +10 % | +3 % | 6,111 | +9 % |
| Aluminium | 842 | -2 % | 0 % | 2,518 | 0 % |
| Recycled aluminium | 69 | +3 % | -1 % | 200 | -4 % |
| 1 Reminder: Sangaredi’s third-party bauxite shipments for 2025 and Q1 2026 were restated following a reclassification between internal and third-party shipments. This has no impact on total bauxite shipments.2 As stated in our Q1 2026 report, we have included QAL on a 100% basis from 2026. | |||||
Bauxite
• Q3: production increased 4% QoQ, as Weipa operations continued to recover from the Q1 weather disruption, partially offset by timing of a major maintenance on the off-loading line (10 days) at CBG (Sangaredi) in Guinea. Production was 4% lower YoY, primarily reflecting planned shutdowns at Weipa in August.
Alumina
• Q3: production increased 3% QoQ, with reliability improving at QAL, Yarwun and Vaudreuil. Production increased 10% YoY, primarily reflecting QAL being reported on a 100% basis from 2026.
• Yarwun production is expected to reduce by 40% in Q4 2026, as announced in November 2025, due to tailings constraints. The change is expected to reduce annual production by approximately 1.2 Mt and extend the refinery life to 2035.
Aluminium
• Q3: production was stable QoQ (down -2% YoY) with the completion of the planned Arvida smelter closure offset by improved performance across the remaining portfolio.
◦ Kitimat: production increased YoY as the smelter operated at higher pot and amperage levels, supported by improved underlying performance and reservoir levels.
◦ Boyne: production increased YoY, reflecting improved operating stability and higher output.
◦ AP60 and Arvida: AP60 continued to ramp up, while the final Arvida potlines closed in June 2026 as planned.
• Pacific smelter repowering arrangements: now well progressed, following the Tomago and Bell Bay power agreements in Q3 (see further details on page 18).
Tariffs
• Q3: all produced metal was shipped, with sales pricing, product mix and shipping destinations flexed to optimise outcomes in a changing market environment.
| H1 2026 | Q3 2026 | |
| Total RTA shipments – US destination, kt1 | 585 | 255 |
| Total RTA tariff cost, $m | 773 | 430 |
| Average mid-west premium duty paid2, $/tonne | 2,406 | 2,420 |
| Average realised tariff costs – US destination, $/tonne | 1,322 | 1,685 |
| 1 Including both tariff impacted and exempt products.2 Mid-west premium duty paid applies to approximately 32% of our total volumes in Q3 2026. | ||
Recycled aluminium
• Q3: recycled aluminium production was broadly stable QoQ and increased 3% YoY. Improved output at the remaining US facilities more than offset lower Canadian production. YTD volumes remained 4% below 2025, reflecting the closure of the Canton, Ohio facility in mid-2025 as part of the reshaping of the downstream portfolio.
Lithium
| Rio Tinto share of production (‘000 tonnes) | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | 9 MTHS2025 | vs 9 MTHS2025 |
| Lithium carbonate | 12.2 | +9 % | -12 % | 38.4 | 26.7 | +44 % |
| Lithium hydroxide | 5.8 | -4 % | +9 % | 16.6 | 13.3 | +25 % |
| Spodumene | 0.0 | NA | NA | 0.0 | 9.1 | NA |
| Other specialities (LCE) | 1.2 | -32 % | +11 % | 3.0 | 3.4 | -10 % |
| Total lithium carbonate equivalent (LCE) production1,2 | 13.0 | +4 % | -11 % | 40.3 | 30.4 | +33 % |
| 1 The lithium value chain is vertically integrated and as a result production volumes are not additive. Lithium Carbonate Equivalent (LCE) is derived from volumes of lithium carbonate, lithium chloride, and spodumene concentrate. These compounds are used as feedstock in downstream production.2 Year-to-date 2025 represents production since March following completion of the Arcadium acquisition. Q1 2025 LCE production was 5.6kt (6.5kt on a 100% basis); LCE shipments were 3.8kt (5.0kt on a 100% basis). | ||||||
• Q3: impacted by planned maintenance and weather.
◦ Olaroz: production was affected by planned annual maintenance and lower lithium concentration in the ponds following weather events.
◦ Fenix: line 1B ramp-up is progressing well. Planned annual maintenance on Lines 0 and 1A, and severe weather in July, affected production during the quarter.
◦ Sal de Vida: ramp-up is progressing slower than anticipated due to available uptime of key equipment.
• YTD: 2025 YTD reflects Mt Cattlin in operation in Q1 2025 (now in care and maintenance since end of March 2025).
• To note: full year production expected at the low end of the guidance range, primarily reflecting the slower ramp-up at Sal de Vida.
| Rio Tinto share of production (’000 tonnes) | Q32026 | vs Q3 2025 | vs Q2 2026 | 9 MTHS2026 | vs 9 MTHS2025 |
| Borates – B2O3 content | 132 | +3 % | -4 % | 396 | +5 % |
| Titanium dioxide slag – TiO2 | 217 | -17 % | -4 % | 662 | -12 % |
We are advancing our strategic reviews and are actively testing the market for our Borates business and evaluating options for Rio Tinto Iron & Titanium.
Borates
• Q3: delivered solid production supported by continued strong market conditions.
Iron & Titanium
• Q3: continued to align production with market demand, operating six (of nine) furnaces in Quebec and three (of four) furnaces at Richards Bay Minerals.
9. Capital Projects
| Project | Totalcapital cost(100% unlessotherwise stated) | Status/Milestones |
| Copper | ||
| Project: Kennecott open pit extension Location: Utah, United StatesOwnership: Rio Tinto (100%)Approval: 2019To note: The project scope includes mine stripping activities and some infrastructure development, including tailings facility expansion. The project will allow mining to continue into a new area of the orebody between 2026 and 2032. | $1.8bn | • Stripping will continue through 2027 with sustainable ore production from the second phase of the pushback expected to be reached in H2 2027. |
| Project: Kennecott North Rim Skarn (NRS) underground development1 Location: Utah, United States Ownership: Rio Tinto (100%)Capacity: around 250 kt through to 20332 Approval: June 2023First production: Achieved Q4 2025To note: Original approval for $0.5bn with a further $0.1bn approved in December 2024 for additional infrastructure and geotechnical controls. | $0.6bn | • Through to early September, underground production continued to ramp-up, with improving stope availability and higher ore movement through the quarter, while development advanced into more favourable ground conditions.• A seismic event occurred on 10 September. The mine plan sequence and potential impacts are being assessed following an external geotechnical review. |
| Iron ore | ||
| Project: Brockman (Brockman Syncline 1) Location: WA, AustraliaOwnership: 100%Capacity: 34 MtpaApproval: March 2025Planned first production: 2027To note: The project is to extend the life of the Brockman regions in WA. | $1.8bn | • Bulk earthworks progressed, with the final supporting infrastructure package, the administration building, awarded in July 2026.• Critical path items advancing, focus shift to construction execution and module delivery management.• First production remains on track for 2027. |
| Project: Hope Downs 2 (incl. Bedded Hilltop) Location: WA, AustraliaOwnership: Rio Tinto (50%) and Hancock Prospecting (50%)Capacity: 31 MtpaApproval: June 2025Planned first production: 2027To note: The project is to extend the life of the Hope Downs 1 operation in WA. | $0.8bn(Rio Tinto share) | • Construction remains ahead of plan, with strong progress across civil works, haul roads and non-process infrastructure.• Key infrastructure delivered – Hope Downs 2 Satellite Facility, Great Northern Highway realignment opening.• First production from haulage remains on track for 2027. |
| Project: West Angelas Sustaining Location: WA, AustraliaOwnership: Rio Tinto (53%), Mitsui Iron Ore (33%) and Nippon Steel (14%)Capacity: 35 MtpaApproval: October 2025Planned first production: 2027To note: The project is to extend the life of the West Angelas hub in WA. | $0.4bn(Rio Tinto share) | • Construction activities progressed in line with plan.• All major contracts awarded with non-process infrastructure and services contractors mobilised to site in Q3 2026.• First production remains on track for 2027. |
| Project | Totalcapital cost(100% unlessotherwise stated) | Status/Milestones |
| Iron ore | ||
| Project: SimandouLocation: Guinea, AfricaSimFer mine ownership: SimFer (85%), Government of Guinea (GoG) (15%)SimFer mine capacity: 60 Mtpa3 (27 Mtpa RT share)Approval: July 2024Start date: first shipment in December 2025To note: Investment in the Simandou high-grade iron ore project in Guinea in partnership with CIOH, a Chinalco-led consortium (the SimFer joint venture) and co-development of the rail and port infrastructure with Winning Consortium Simandou4 (WCS), Baowu and the Republic of Guinea (the partners) for the export of up to 120 Mtpa of iron ore mined by SimFer’s and WCS’s respective mining concessions.5 The SimFer joint venture6 will develop, own and operate a 60 Mtpa3 mine in blocks 3 & 4. WCS will construct the project’s ~536 kilometre shared dual track main line, a 16 kilometre spur connecting its mine to the mainline as well as the WCS barge port, while SimFer will construct the ~70 kilometre spur line, connecting its mining concession to the main rail line, and the transhipment vessel (TSV) port. | $6.2bn(Rio Tintoshare) | • Ore continues being railed from the SimFer mine to the main rail line via the SimFer rail spur and shipped through the WCS port while construction of the SimFer port is finalised. Commissioning of key infrastructure remains targeted through 2026, supporting ramp up towards full production rates during H2 2028.• Non-managed infrastructure – our partners confirm that construction is progressing well and is on track.• SimFer mine is progressing to plan, with ~84% completed – bulk earthworks and permanent facilities construction continues, with load commissioning and first ore through one of the two primary crushers expected in Q4 2026.• SimFer rail infrastructure locomotive fleet continuing to expand in-line with plan to support production ramp-up.• SimFer port and marine infrastructure continue to progress to plan with 92% completed – fabrication and assembly of trans-shipment vessels advancing with the first vessel arriving into Guinea late in the quarter. As part of commissioning activities, first ore through the Simfer port is expected in Q4 2026.• Workforce across all the SimFer scope of mine, rail and port is 17,430 with 75% Guinean participation. |
| Aluminium | ||
| Project: Low-carbon AP60 aluminium smelterLocation: Quebec, CanadaOwnership: Rio Tinto (100%)Capacity: Project will add 96 new AP60 pots, increasing AP60 capacity by 160,000 tonnes of primary aluminium per annumApproval: June 2023Start date: First hot metal achieved in March 2026.To note: The investment includes up to $113 million of financial support from the Quebec government. This new capacity is expected to be in addition to 30,000 tonnes of new recycling capacity at Arvida, which has been rescheduled to open in H1 2027. | $1.5bn | • Construction is nearing completion and demobilisation is underway.• Pot commissioning and ramp-up will continue through 2026, with full capacity targeted during 2027. |
| Lithium | ||
| Project: Rincon expansionLocation: Salta province, ArgentinaOwnership: Rio Tinto (100%)Capacity: 60ktpa (battery grade lithium carbonate)Approval: December 2024Planned first production: 2028 with three-year ramp-up to full capacityTo note: Project consists of the 3ktpa starter plant and 57ktpa expansion program. The mine is expected to have a 40-year7 life and operate in the first quartile of the cost curve. | $2.5bn | • Construction is progressing across key areas, including major earthworks, concrete, tanks, and supporting infrastructure. The camp expansion is substantially complete, and first powerline has been energised.• First production remains on track for 2028. |
| Project | Totalcapital cost(100% unlessotherwise stated) | Status/Milestones |
| Lithium | ||
| Project: Nemaska Lithium Location: Quebec, CanadaOwnership: Rio Tinto (53.9%) and Government of Québec (46.1%).Capacity: 28ktpa LCE (100%)First production: planned in 2028To note: product is integrated lithium hydroxide. | $1.1bn(Rio Tinto share) | • Following the in-depth review of the Bécancour project, construction activity remains at reduced levels, while asset preservation and site integrity activities continue.• The strategic review of the Whabouchi and Galaxy development alternatives continues with our partners, with a decision expected in Q4 2026. |
| Iron & Titanium | ||
| Project: Zulti SouthLocation: Richards Bay, South AfricaOwnership: Rio Tinto (74%), Blue Horizon Investments (24%) and Employee Share Participation Trust (ESPS) (2%)Capacity: Extend mine life to 2050Approval: March 2026Planned first production: Q4 2028To note: Construction commenced in H1 2026 and will take 30 months to be completed with initial commercial production expected in Q4 2028. This first phase will support Richards Bay Mineral’s (RBM’s) supply of zircon and ilmenite, while the second phase will follow as part of the long-term development strategy. | $0.35bn(Rio Tinto share) | • Early construction and site establishment continue to advance. |
- The NRS Mineral Resources and Ore Reserves, together with the Lower Commercial Skarn (LCS) Mineral Resources and Ore Reserves, form the Underground Skarns Mineral Resources and Ore Reserves.
- The 250 thousand tonne copper production target for the Kennecott underground mines over the years 2023 to 2033 was previously reported in a release to the Australian Securities Exchange (ASX) dated 20 June 2023 “Rio Tinto invests to strengthen copper supply in US”. All material assumptions underpinning that production target continue to apply and have not materially changed.
- The estimated annualised capacity of approximately 60 million dry tonnes per annum iron ore for the Simandou life of mine schedule was previously reported in a release to the Australian Securities Exchange (ASX) dated 6 December 2023 titled “Investor Seminar Presentation”. Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed.
- WCS is the holder of Simandou North Blocks 1 & 2 (with the Government of Guinea holding a 15% interest in the mining vehicle and WCS holding 85%) and associated infrastructure. WCS was originally held by WCS Holdings, a consortium of Singaporean company, Winning International Group (50%) and Weiqiao Aluminium (part of the China Hongqiao Group) (50%). On 19 June 2024, Baowu Resources completed the acquisition of a 49% share of WCS mine and infrastructure projects with WCS Holdings holding the remaining 51%. In the case of the mine, Baowu also has an option to increase to 51% during operations. During construction, SimFer will hold 34% of the shares in the WCS infrastructure entities with WCS holding the remaining 66%.
- WCS holds the mining concession for Blocks 1 & 2, while SimFer holds the mining concession for Blocks 3 & 4. SimFer and WCS will independently develop their mines.
- SimFer Jersey Limited is a joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore Holdings Ltd (CIOH) (47%), a Chinalco-led joint venture of leading Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail Construction Corporation (2.5%) and China Harbour Engineering Company (2.5%)). SimFer S.A. is the holder of the mining concession covering Simandou Blocks 3 & 4, and is owned by the Guinean State (15%) and SimFer Jersey Limited (85%). SimFer Infraco Guinée S.A. will deliver SimFer’s scope of the co-developed rail and port infrastructure, and is co-owned by SimFer Jersey (85%) and the Guinean State (15%). SimFer Jersey will ultimately own 42.5% of La Compagnie du Transguinéen, which will own and operate the co-developed infrastructure during operations.
- The production target of approximately 53 kt of battery grade lithium carbonate per year for a period of 40 years was previously reported in a release to the ASX dated 4 December 2024 titled “Rincon Project Mineral Resources and Ore Reserves: Table 1”. Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed. Plans are in place to build for a capacity of 60 kt of battery grade lithium carbonate per year with debottlenecking and improvement programs scheduled to unlock this additional throughput. Capacity of 60ktpa is comprised of 3ktpa starter plant, 50ktpa full scale plant and 7ktpa additional optimisation.
| Project | Status |
| Copper: Resolution | |
| Location: Arizona, US Ownership: Rio Tinto (55%), BHP (45%)To note: proposed underground copper mine in the Copper Triangle, in Arizona. | • Surface resource delineation and definition drilling are ongoing; additional rigs planned for November 2026 and January 2027.• Underground cover-hole drilling commenced on 31 August, two months ahead of plan, with completion expected by end-October.• Underground enabling works to upgrade the existing infrastructure in Shafts 9 and 10 in preparation for material handling associated with underground development are progressing.• Engineering work to enable procurement of long lead items (power, hoisting) continue to advance following completion of the land exchange.• Land exchange commitments/benefits and engagement with Native American Tribes, local communities and regulators continue to progress. This includes a $54M Native American Trust.• On 29 September, the Ninth Circuit declined an en banc challenge to the land exchange; further appeal to the US Supreme Court remains possible. |
| Copper: Winu | |
| Location: WA, Australia Ownership: Rio Tinto (70%), Sumitomo Metal Mining (SMM) (30%)To note: In late 2017, we discovered copper-gold mineralisation at the Winu project (Paterson Province in Western Australia). In 2021, we reported our first Indicated Mineral Resource. The pathway remains subject to regulatory and other required approvals. Project Agreement negotiations with the Martu Traditional Owner Group remains our priority. | • The Project Agreement with Nyangumarta Warrarn Aboriginal Corporation was signed on 8 September 2026, marking a key project milestone.• The EPA released the Environmental Review Document for public review on 27 August 2026; the review period closes on 22 October 2026.• The mining lease was granted on the 22 September 2026.• The feasibility study for processing capacity up to 10 Mtpa remains on track for completion around the end of 2026.• Discussions continue with the Martu Traditional Owner Group to secure airstrip and water access.• Full potential exploration drilling underway. |
| Copper: La Granja | |
| Location: Cajamarca, Peru Ownership: Rio Tinto (45%), First Quantum Minerals (55%)To note: In August 2023, we completed a transaction to form a joint venture with First Quantum Minerals (FQM) that will work to unlock the development of the La Granja project, one of the largest undeveloped copper deposits in the world, with potential to be a large, long-life operation. FQM acquired its stake for $105m. It will invest up to a further $546m into the joint venture to sole fund capital and operational costs to take the project through a feasibility study and toward development. | • Project development continues to focus on advancing permitting, baseline environmental and social studies and stakeholder engagement, following publication of the updated Mineral Resource in May 20261. |
| Iron Ore: Rhodes Ridge | |
| Location: WA, AustraliaOwnership: Rio Tinto (50%), Mitsui & Co. (40%), AMB Holdings Pty Ltd (10%)2Capacity: 40 to 50 MtpaFirst ore: end of decadeTo note: The Rhodes Ridge Joint Venture has approved a feasibility study to progress development of the first phase of the Rhodes Ridge project. The feasibility study will assess development of an operation with initial annual production capacity of 40 to 50 Mtpa. This study commenced in Q1 2026 as planned, and is expected to conclude in 2029. The development will use Rio Tinto’s rail, port and power infrastructure.Following completion of the pre-feasibility study and with the environmental referral planned, we aim to progress toward reporting an initial Ore Reserve for Rhodes Ridge in 2026, contingent on continued review of all relevant modifying factors. | • The feasibility study remains on track to be completed in 2029 subject to relevant approvals. |
| Project | Status |
| Aluminium: Arctial partnership | |
| Location: Finland To note: Partnership agreement formed in 2025 with the Swedish investment company Vargas, Mitsubishi Corporation and other international and local industry partners to study a low carbon aluminium greenfield opportunity in Finland. As the strategic industrial partner, Rio Tinto will provide the Arctial partnership with access to its proven industry-leading AP60 technology and assist in what would be the first AP60 deployment in an aluminium smelter outside Quebec, Canada. | • The JV partners approved progressing the Arctial project into feasibility stage in Q3. A study team has been mobilised in Finland and work is underway.• Engagements on environmental permits continue to progress in parallel. |
| Aluminium: Kangwinan | |
| Location: Queensland, Australia To note: Proposed expansion to increase annual bauxite production capacity from Rio Tinto’s Weipa Southern operations, by up to 20 million tonnes, in addition to the current 23 million tonnes, and expand export capacity through the Amrun port. This would largely replace the tonnages lost when Gove and Andoom come to the end of their mine lives. Early works commenced in May 2025, with first production targeted as early as 2029. | • Continuing to progress through studies, approvals and early works. Final investment decision expected in Q4 2026. |
| Lithium: 30 in 30 | |
| Location: Argentina future hubs | • Developing the blueprint in 2026 for two future hubs, targeting $30/kg capital intensity with a 30-month timeline for development and <$5/kg C1 operating costs. |
| Lithium: Maricunga and Altoandinos | |
| Location: Atacama region, Chile To note: Binding agreement to form a joint venture (JV) with Codelco to develop and operate the high-grade Salar de Maricunga project. Binding agreement with ENAMI to form a JV to develop the Salares Altoandinos project. | • Agreement closure expected in late 2026 / early 2027 (for both Maricunga and Altoandinos), subject to receipt of all applicable regulatory approvals and satisfaction of other customary closing conditions. |
- The La Granja Mineral Resource estimate is sourced from First Quantum Minerals Ltd. Quote from the First Quantum release: “the Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of December 31, 2025.”
- Mitsui holds its 40% interest through an entity named SPC Blue Pty Ltd and AMB holds its 10% interest through Rhodes Ridge Mining (No 1) Pty Ltd, a wholly owned subsidiary of Wright Prospecting Pty Ltd, that is managed and controlled by AMB.
11. Exploration and evaluation
| Commodities | Advanced projects | Greenfield/ Brownfield programs | QoQ change |
| Copper | Nuevo Cobre, ChileComita, Colombia | Greenfield: Argentina1, Angola, Australia, Canada, Chile, China, Colombia, Kazakhstan, Peru, Papua New Guinea, Serbia1, Türkiye1, USA and Zambia | Activities concluded in Laos. Strategic investment in Mogotes Metals relating to their Filo Sur1 project in Argentina. |
| Iron Ore | Pilbara, Australia | Greenfield and Brownfield: Pilbara, Australia | NA |
| Bauxite | Greenfield: Australia | NA | |
| Lithium | Greenfield: Australia | Activities concluded in Rwanda. | |
| Other | Chiri, Angola (diamonds) | Kasiya1, Malawi (titanium) removed as project as part of strategic review |
- Non-operated.
• Overall, Rio Tinto has a strong portfolio of exploration projects with activity in 13 countries across five commodities. During the quarter, Rio Tinto continued to progress a range of high-quality copper exploration opportunities. This included making a strategic investment in Mogotes Minerals and forming a strategic & technical alliance covering the Filo Sur copper project in Argentina.
