Rio Tinto plc (LON:RIO) has released its third quarter 2025 production results
Our pace continues – strong production across the portfolio
Rio Tinto Chief Executive Simon Trott said: “Safety remains our number one priority. We are deeply saddened by the tragic death of Mohamed Camara at the SimFer mine site and are committed to learning across our business to prevent future incidents. This has been a time for huge reflections on safety across the group.
“We continue to strengthen performance from our assets, setting back-to-back quarterly production records in our bauxite business and at Oyu Tolgoi – where the underground ramp-up remains on track to boost copper output by more than 50% this year.
“We are focused on delivering a strong finish to the year from the Pilbara. Our growth projects are also progressing at pace – at Simandou, we started loading first ore at the mine for movement down the rail and to the port in October.
“We are on track to meet production guidance for 2025, with an upwards revision to bauxite this quarter, and are well positioned to deliver compelling mid-term production growth. We will continue to deliver further shareholder value through operational excellence, simplification and discipline on performance and capital investment.”
1. Executive Summary
• New operating model and executive team: to simplify the business and unlock additional shareholder value. New structure comprises three world-class businesses: Iron Ore; Aluminium & Lithium; and Copper. Borates and Iron & Titanium have been placed under strategic review.
• Copper equivalent (CuEq)1 production: increased 9% in Q3 YoY, driven by strong performance across all our assets.
• Copper: Total production is on track to achieve the higher end of full year guidance, driven by the strong ramp-up at Oyu Tolgoi. Our Kennecott mine performed as expected during the quarter while major planned maintenance at the concentrator and smelter commenced successfully.
• Iron ore: Pilbara achieved its second highest Q3 shipments since 2019, up 6% from Q2. As part of our Iron Ore replacement strategy, West Angelas Sustaining Project received all Government approvals in October.
• Aluminium & Lithium: Full year bauxite production guidance upgraded driven by operational excellence at our bauxite business, especially at Amrun.
Production2 | Q32025 | vs Q3 2024 | vs Q2 2025 | 2025 guidance6 | Guidance status | |
Pilbara iron ore shipments (100% basis) | Mt | 84.3 | – % | +6 % | 323 to 338(at lower end) | Unchanged |
Pilbara iron ore production (100% basis) | Mt | 84.1 | – % | – % | NA | Unchanged |
IOC5 iron ore pellets and concentrate | Mt | 2.3 | +11 % | -6 % | 9.7 to 11.4 | Unchanged(at lower end) |
Bauxite | Mt | 16.4 | +9 % | +5 % | 59 to 61(previously 57 to 59) | Upgraded |
Alumina | Mt | 1.9 | +7 % | +4 % | 7.4 to 7.8 | Unchanged |
Aluminium3 | Mt | 0.86 | +6 % | +2 % | 3.25 to 3.45 | Unchanged |
Copper (consolidated basis)4 | kt | 204 | +10 % | -11 % | 780 to 850(at higher end) | Unchanged |
Titanium dioxide slag | Mt | 0.3 | -1 % | -3 % | 1.0 to 1.2(at lower end) | Unchanged |
Boric oxide equivalent | Mt | 0.1 | +2 % | -3 % | ~0.5 | Unchanged |
1 Copper equivalent 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 Includes primary aluminium only. 4 From Q1 2025, we report copper production and guidance as one metric, in order to simplify reporting and align with peer practices. For further details see slide 90 of our Investor Seminar 2024 presentation. 5 Iron Ore Company of Canada. 6 See further notes in Section 2, 2025 guidance.
2. 2025 guidance
Production guidance
• 2025 production guidance is revised higher for bauxite. All other production guidance is unchanged1.
Pilbara iron ore shipments
• Pilbara shipments are expected to be at the lower end of guidance following 13 Mt of cyclone impacts in Q1, of which we are on track to recover about half. A strong Q4 performance is required as the system remains tightly balanced and has limited ability to mitigate further losses.
• Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances.
Iron Ore Company of Canada
• Production is now expected at the lower end of guidance. We are focusing on improving pit health.
Bauxite production
• We have upgraded our guidance range from 57 – 59 Mt (higher end) to 59 – 61 Mt reflecting consistently higher utilisation rates, particularly at Weipa where Amrun has continued to exceed nameplate capacity.
1 Guidance remains subject to weather impacts.
Unit cost guidance
• 2025 unit cost guidance is unchanged from half year 2025 results disclosures.
Unit costs | 2025 guidance |
Pilbara iron ore unit cash costs, free on board (FOB) basis – US$ per wet metric tonne | 23.0-24.50 |
Copper C1 net unit costs (includes Kennecott, Oyu Tolgoi and Escondida) – US cents per lb | 110-1301 |
1 Guidance was revised lower on 30 July 2025 in half year 2025 results disclosures (previous 130-150 c/lb).
3. Group financial update
Expenditure on exploration and evaluation
• Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account for Q3 year-to-date 2025 was $537 million, compared with $692 million for the same period in 2024. Approximately 32% of the spend was by central exploration, 37% by Copper, 21% by Iron Ore (which includes Iron Ore Company of Canada), 9% by other operations and 1% by Aluminium & Lithium. Qualifying expenditure on the Rincon project has been capitalised since 1 July 2024, accounting for most of the decrease in expense.
4. Our markets
Global economy: showed modest improvement in Q3, supported by the prevailing financial conditions, fiscal expansion in key economies and front-loaded investments ahead of anticipated tariffs. However, business and consumer sentiment weakened due to persistent trade tensions.
Chinese economy: entered Q3 under pressure from persistent deflation, decelerating manufacturing, moderating exports and a sustained soft property sector. Despite these challenges, the government remains committed to its 5% annual growth target, relying on targeted stimulus in infrastructure and technology rather than broad measures.
US economy: slowed in Q3 after a strong Q2, with GDP growth easing as higher tariffs and a widening trade deficit weighed on activity. Household spending remained resilient, but business investment and consumer sentiment weakened.
Iron ore
• Prices rebounded above $100/dmt (62% Fe CFR) during Q3, peaking at a seven-month high of $108/dmt, driven by elevated hot metal production. The major iron ore producers’ combined shipments remained flat YoY during Q3, while supply from the non-majors rose 6% QoQ.
• Positive mill margins accelerated China’s crude steel production growth during Q3 to an estimated ~4% YoY (1% QoQ). Blast furnace utilisation rates rose to ~90% in Q3, up from 86% in Q3 2024. At the same time, finished steel exports remain resilient at 88Mt (January to end-September), up 9% YoY.
Copper
• London Metal Exchange (LME) prices were supported through the quarter by a weakening US dollar, supply disruptions and continued strong demand in China, averaging 442c/lb, up 10c/lb compared to Q2. Subsequent to the quarter end, spot prices have climbed further in response to significant supply disruptions.
• On 31 July, the US Government announced Section 232 tariffs on copper, which did not cover cathode. As a result, the Chicago Mercantile Exchange (CME) copper price went from trading 26% above LME to just 1% above.
• The copper concentrate market remains exceptionally tight due to excess smelting capacity. Spot treatment and refining charges continue to trade in negative territory as a result.
Aluminium
• The LME quarterly average price rose during Q3 supported by a weakening US dollar and easing of global trade tensions. Global aluminium production remained broadly flat across the first seven months of 2025 which, coupled with low inventory levels, provided upward momentum to price.
• US aluminium market premiums rose in Q3 on lower levels of imports and destocking. European market premiums rose on low inventories but continued to fall in Japan on weak spot demand.
• Australian FOB alumina price fell in Q3 on higher production in Indonesia and China. Refineries in the upper quartile of the cost curve are unprofitable at current price levels, based on third party data.
• Chinese bauxite spot import prices fell in Q3 on higher seaborne supply to China, primarily from Guinea. This was despite Guinean exports being impacted by their wet season and idled mine capacity.
Lithium
• Lithium demand remains strong, underpinned by a 27% YoY increase in global electric vehicle (EV) sales across the first seven months of this year (compared to 22% over the same period in 2024). Demand from stationary batteries remains solid and is providing additional upside.
Titanium dioxide
• Demand across key TiO2 downstream sectors remains muted, reflecting ongoing weakness in property and construction. Rising inventory levels and margin pressures have led pigment producers to scale back TiO2 feedstock consumption.
Borates
• Demand for borates continues to be healthy in China and the US, with stability across other regions. Prices remain well supported.
Index prices | Start of Q3(01/07/25) | End of Q3(30/09/25) | % change start – end Q3 | Q2 2025 average | Q3 2025 average | % change QoQ |
Iron ore ($/dmt CFR China)1 | 93 | 104 | +12 % | 98 | 102 | +4 % |
Copper (LME spot, c/lb) | 456 | 467 | +2 % | 432 | 444 | +3 % |
Aluminium (LME spot, $/t) | 2,604 | 2,669 | +2 % | 2,448 | 2,618 | +7 % |
Lithium carbonate (spot, $/t CIF China, Japan & Korea)2 | 8,100 | 9,380 | +16 % | 8,566 | 9,042 | +6 % |
1 Monthly average Platts (CFR) index for 62% iron fines. This is reflective of the pricing basis before we introduced the new product strategy (see Iron Ore section for further details).
2 Fastmarkets index for Lithium carbonate min 99.5% Li2CO3 battery grade.
5. Iron Ore
Pilbara operations
Rio Tinto share of production (Million tonnes) | Q32025 | vs Q3 2024 | vs Q2 2025 |
Pilbara Blend and SP10 Lump1 | 24.0 | +7 % | +4 % |
Pilbara Blend and SP10 Fines1 | 33.4 | – % | +1 % |
Robe Valley Lump | 1.7 | +12 % | -1 % |
Robe Valley Fines | 1.9 | -18 % | -16 % |
Yandicoogina Fines (HIY) | 10.9 | -5 % | -1 % |
Total Pilbara production | 71.8 | +1 % | +1 % |
Total Pilbara production (100% basis) | 84.1 | – % | – % |
Rio Tinto share of shipments (Million tonnes) | Q32025 | vs Q3 2024 | vs Q2 2025 |
Pilbara Blend Lump | 17.7 | +24 % | +58 % |
Pilbara Blend Fines | 33.4 | +25 % | +55 % |
Robe Valley Lump | 1.3 | +14 % | -4 % |
Robe Valley Fines | 2.2 | -13 % | -15 % |
Yandicoogina Fines (HIY) | 10.8 | -9 % | +1 % |
SP10 Lump1 | 2.9 | -49 % | -65 % |
SP10 Fines1 | 3.2 | -70 % | -75 % |
Total Pilbara shipments2 | 71.4 | -1 % | +5 % |
Total Pilbara shipments (100% basis)2 | 84.3 | – % | +6 % |
Total Pilbara shipments (consolidated basis)2, 3 | 73.4 | -1 % | +5 % |
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 Shipments 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: Gudai-Darri achieved its highest-ever quarterly production in Q3, with a 51 Mtpa run rate. Our core focus remains recovering from the four cyclones in Q1 and achieving strong performance in Q4.
• Q3 shipments: up 6% QoQ, despite planned major maintenance and infrastructure works which will continue throughout Q4. Port maintenance deferred due to cyclone impacts is complete.
• Product strategy: as announced in Q2, shipments of the new Pilbara Blend commenced in July 2025 and have continued to be successfully shipped through Q3.
◦ SP10 levels have reduced, as planned, following the change in Pilbara Blend product specifications. SP10 accounted for 9% of Pilbara shipments (on a 100% basis), reducing from 29% in Q2.
• Q3 sales: 10% 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.
◦ 25% of sales were made on a free on board (FOB) basis, with remainder sold including freight.
• Q3 portside sales in China: 4.9 million tonnes (6.4 million tonnes in Q3 2024)
◦ 94% of our portside sales were either screened or blended in Chinese ports.
◦ end-September inventory levels at portside were 3.2 million tonnes, including 1.7 million tonnes of Pilbara product.
Iron Ore Company of Canada (IOC)
Rio Tinto share of production (Million tonnes) | Q32025 | vs Q3 2024 | vs Q2 2025 |
Iron ore pellets and concentrate | 2.3 | +11 % | -6 % |
• Q3 production: constrained as we focus on pit health, with lower ore feed to the concentrator.
• Q3 shipments: reduced 11% quarter-on-quarter due to production and the planned annual rail maintenance shutdown which was completed in September.
• Full year production is expected to be at the lower end of the 9.7 to 11.4 Mt guidance range. We are focusing on improving pit health.
6. Aluminium and Lithium
Aluminium
Rio Tinto share of production (‘000 tonnes) | Q32025 | vs Q3 2024 | vs Q2 2025 |
Bauxite | 16,392 | +9 % | +5 % |
Bauxite third party shipments | 11,600 | +4 % | +4 % |
Alumina1 | 1,888 | +7 % | +4 % |
Aluminium | 857 | +6 % | +2 % |
Recycled aluminium | 68 | +8 % | -8 % |
1 As stated in Q1 2025, following sanction measures by the Australian Government, Rio Tinto has taken on 100% of capacity of Queensland Alumina Limited (QAL) for as long as the sanctions continue. With the end of the QAL participation agreement at the end of December 2024, QAL and Rio Tinto have entered into a new two-year tolling agreement for 100% of the capacity, effectively making QAL a tolling entity exclusively for Rio Tinto. This additional output is excluded from the production tables in this report as QAL remains 80% owned by Rio Tinto and 20% owned by Rusal. |
Bauxite
• Q3: achieved the second consecutive quarterly production record. Amrun continues to operate above nameplate capacity as the matured Safe Production System delivers consistently higher utilisation rates.
• We have upgraded full year production guidance from 57 to 59 Mt to 59 to 61 Mt, reflecting consistently strong output year-to-date.
Alumina
• Q3: driven by improving performance at Yarwun and Alumar, partially offset by a planned shutdown at Vaudreuil.
Aluminium
• Q3: operations continue to perform well and, as set out at Q2, we adapt to external factors noted below.
◦ NZAS: as reported in Q2, the call from Meridian Energy to reduce electricity usage by 50MW ended on 15 June 2025. As expected, operations ramped up to full production rates during Q3.
◦ Kitimat: Q3 production rose QoQ for the second consecutive quarter, as we optimise supply to the smelter and import energy to mitigate the effects of the lower water levels.
• The power contract for the Bell Bay smelter in Tasmania expires on 31 December 2025. We are continuing regular discussions and engagement with Hydro Tasmania and both Tasmanian and Federal Governments to secure a new power agreement.
Recycled aluminium
• Q3: although demand remained strong for domestically produced secondary products in the United States, softer demand for Canadian production resulted in an overall weaker performance QoQ.
Lithium
Rio Tinto share of production (‘000 tonnes) | Q32025 | vs Q3 2024 | Q22025 | vs Q2 2025 |
Total lithium carbonate equivalent (LCE) production1 | 13 | NA | 12 | +3 % |
1 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. |
• Q3: integration of Rio Tinto Lithium is progressing as planned:
◦ Lithium hydroxide production increased in Q3 reflecting continued demand for stable high grade, low impurity product from our EV customers and seasonal restocking demand in China.
◦ Lithium carbonate production at Fenix was affected by the movement of planned annual maintenance outage from June to August which has now completed.
◦ As reported in Q2, Mt Cattlin spodumene operation in Western Australia was placed on care and maintenance from March 2025. We completed the final shipment of stockpiled product in July.
7. Copper
Rio Tinto production1 (‘000 tonnes) | Q3 2025 | vs Q3 2024 | vs Q2 2025 |
Copper | |||
Kennecott – Refined metal2 | 13 | -69 % | -67 % |
Escondida – Metal in concentrates | 88 | +9 % | +1 % |
Escondida – Refined metal | 14 | +18 % | -4 % |
Oyu Tolgoi – Metal in concentrates | 89 | +78 % | +3 % |
Total copper production (consolidated basis1) | 204 | +10 % | -11 % |
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 15.5 thousand tonnes of cathode produced from purchased concentrate in Q3 2025 (34.9 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 / YoY: mining operations performed as expected as we continue to successfully navigate challenging geotechnical conditions impacting the south wall of the mine. Lower production of refined metal is a function of the planned annual maintenance shutdown at the concentrator and smelter through much of September.
◦ At the concentrator, the 21-day shutdown was successfully completed during September, with maintenance work primarily focused on the crushing, conveying and grinding circuits.
◦ The planned 45-day smelter shutdown commenced in early September and is progressing on plan.
Escondida
• Q3: slightly higher concentrate production, supported by improved concentrator performance with increased recovery rates. Refined production reduced with lower sulphide leach cathode output.
• YoY: concentrate production increased 9% compared to the same quarter last year, driven by higher throughput (+13%) from improved concentrator performance offset by a 6% decline in head grade (0.94% in Q3 2025 vs 1.00% in Q3 2024) due to mine sequencing. Refined copper increased 18%, mainly due to a 115% rise in Full Sal1 production as the project ramps-up.
Oyu Tolgoi
• Q3: we achieved another record quarter for copper production, despite a planned concentrator shutdown in September (brought forward from October to optimise production sequencing). Higher production was driven by the continued underground ramp-up, with head grades improving as planned, together with a corresponding uplift in recovery rates.
• YoY: rising contribution from higher grade underground material, supported by the conveyor to surface. We also benefited from higher grade mine sequencing in the open pit. We remain on track for a >50% YoY increase in copper production in 2025.
• Engagement continues with Entrée Resources and the Government of Mongolia on the transfer of licences to allow mining in the Panel 1 Entrée-Oyu Tolgoi joint venture area.
• Mine plan: flexibility and options, including bringing Panel 1 or Panel 2 South into production first depending on the timing of the Entrée licence transfer, with no material impact on production guidance.
• Project 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 20362.
1 Full SaL is a processing technology that allows the extraction of copper using chlorine-assisted leaching predominantly for sulphidic material. 2The 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.
8. Borates, TiO2 and diamonds
Rio Tinto share of production (‘000 tonnes) | Q32025 | vs Q3 2024 | vs Q2 2025 |
Borates – B2O3 content | 128 | +2 % | -3 % |
Titanium dioxide slag – TiO2 | 261 | -1 % | -3 % |
Rio Tinto share of production (‘000 carats) | Q32025 | vs Q3 2024 | vs Q2 2025 |
Diamonds | 1,137 | +110 % | -8 % |
As announced on 27 August 2025, our Borates, and Iron and Titanium businesses have now moved to the Chief Commercial Officer’s portfolio for strategic review. An update will be provided on the outcome of these reviews in due course. Throughout this review process, these businesses will continue to focus on running safely and profitably to meet customer commitments.
Borates
• Q3: a planned shutdown was completed at the thickener reducing throughput. After the tariff disruption in early Q2 and subsequent recovery in China, demand was solid in Q3.
Iron and Titanium
• Q3: output reduced slightly as we adjusted to market demand. We continued to see improved furnace efficiency at our Quebec Operations.
• We continue to operate 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 |
Iron ore | ||
Project: Western Range Location: WA, Australia Ownership: Rio Tinto (54%) and China Baowu Steel Group Co. Ltd (46%) Capacity: 25 Mtpa Approval: Sept 2022 First production: March 2025 To note: The project includes construction of a primary crusher and an 18 kilometre conveyor connection to the Paraburdoo processing plant. | $1.3bn (Rio Tinto share)1 | • Production ramp-up over the remainder of 2025 continues, as planned. |
Project: Brockman (Brockman Syncline 1) Location: WA, Australia Ownership: 100% Capacity: 34 Mtpa Approval: Oct 2024 (Mar 2025 was government approvals) Planned first production: 2027 To note: The project is to extend the life of the Brockman regions in WA. | $1.8bn | • Key contractors now mobilised and main bulk earthworks is progressing. • New construction village commissioned and in use. |
Project: Hope Downs 2 (incl. Bedded Hilltop) Location: WA, Australia Ownership: Rio Tinto (50%) and Hancock Prospecting (50%) Capacity: 31 Mtpa Approval: September 2024 (June 2025 was government approvals) Planned first production: 2027 To note: The project is to extend the life of the Hope Downs 1 operation in WA. | $0.8bn (Rio Tinto share) | • Main works construction activities including bulk earthworks clearing and installation of tunnel segments over the rail line progressed. Construction camp was completed for occupancy. • Construction of road train transfer facilities has commenced. |
Project: West Angelas Sustaining Location: WA, Australia Ownership: Rio Tinto (53%), Mitsui Iron Ore (33%) and Nippon Steel (14%) Capacity: 35 Mtpa Approval: August 2025 (October 2025 was government approvals) Planned first production: 2027 To note: The project is to extend the life of the West Angelas hub in WA. | $0.4bn (Rio Tinto share) | • Subsequent to the end of Q3, Robe River Joint Venture (Rio Tinto, Mitsui Iron Ore and Nippon Steel) announced their investment to extend West Angelas iron ore mine following receipt of all necessary State and Federal Government approvals. • Rio Tinto worked closely with the Yinhawangka and Ngarlawangga Peoples to co-design Social Cultural Heritage Management Plans for the project. • The project will leverage existing West Angelas processing infrastructure and includes the construction of new non-process infrastructure precincts and 22-kilometres of haul roads. • Ore mined at the new deposits will be autonomously trucked to the West Angelas hub. |
Project | Totalcapital cost (100% unless otherwise stated) | Status/Milestones |
Iron ore | ||
Project: Simandou Location: Guinea, Africa SimFer mine ownership: SimFer (85%), Government of Guinea (GoG) (15%) SimFer mine capacity: 60 Mtpa (27 Mtpa RT share) Approval: July 2024 Planned start date: loading of first ore at the mine started in October 2025. To 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 Simandou² (WCS), Baowu and the Republic of Guinea (the partners) for the export of up to 120 million tonnes per year of iron ore mined by SimFer’s and WCS’s respective mining concessions.³ The SimFer joint venture⁴ will develop, own and operate a 60 million tonne per year⁵ 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) | • At the end of Q3, we had around 1.5 Mt of stockpiled ore at the SimFer mine gate. With that, we started loading first ore at the mine for movement down the rail and to the port in October. Ore will be railed from the SimFer mine to the main rail line via the SimFer rail spur and initially shipped through the WCS port while construction of the SimFer port is finalised. This marks the start of commissioning tests of the full system infrastructure (mine to rail to port). Commissioning will be a complex process, expected to continue over several months, thereafter, ramping up to full capacity over 30 months as planned. • First shipment – we expect to start loading a vessel around November. • Non-managed infrastructure – our partners confirm that construction is progressing well and is on track. • SimFer mine4 is progressing to plan – bulk earthworks and permanent process facilities construction continue. First ore is expected through the permanent crushing facilities in H2 2026, on schedule and aligned with plan. Ore continues to be crushed and stockpiled through the temporary crushers. • SimFer rail spur is progressing well – tunnel works completed in August and the rail spur is now ready to deliver first ore. • SimFer port continues to advance ahead of plan – fabrication of the transhipment vessels is continuing at a shipyard in China. • Workforce across all the SimFer scope of mine, rail and port has reached 25,200 with 82% Guinean participation. |
Aluminium | ||
Project: Low-carbon AP60 aluminium smelter Location: Quebec, Canada Ownership: Rio Tinto (100%) Capacity: Project will add 96 new AP60 pots, increasing AP60 capacity by 160,000 tonnes of primary aluminium per annum Approval: June 2023 Planned start date: Commissioning is expected by Q1 2026, smelter fully ramped up by end of 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 will open in the fourth quarter of 2025. | $1.3bn | • Construction progress included completion of pot-to-pot module fabrication and installation, structural and architectural work on the Gas Treatment Centre; and the delivery of first functional systems to Operations. • Main buildings have been completed with mechanical, electrical and potlining activities progressing according to plan. • Project and commissioning remain on track. |
Lithium | ||
Project: Rincon expansion Location: Salta province, Argentina Ownership: Rio Tinto (100%) Capacity: 60ktpa (battery grade lithium carbonate) Approval: December 2024 Planned first production: 2028 with three-year ramp-up to full capacity To note: Project consists of the 3kt starter plant and 57kt expansion program. The mine is expected to have a 40-year6 life and operate in the first quartile of the cost curve. | $2.5bn | • Regulatory milestone achieved: On 26 August, the Province of Salta granted the Environmental and Social Impact Assessment (ESIA) for the Rincon Project, enabling commencement of construction for the battery-grade lithium carbonate plant. • Construction of the camp expansion is progressing, with first modules expected to be operational by Q4 2025. • Site infrastructure: concrete batch plant erected onsite and is scheduled to start operations in October 2025. Earthworks commenced in preparation for the first concrete foundations, expected in October 2025. 33kV power line construction started, including route clearing and geotechnical analysis. |
Project | Totalcapital cost (100% unlessotherwise stated) | Status/Milestones |
Lithium | ||
Project: Fenix expansion (1B) Location: Catamarca province, Argentina Ownership: Rio Tinto (100%) Capacity: 10ktpa LCE (battery grade lithium carbonate) Planned first production: H2 2026 To note: product is carbonate, chloride | $0.7bn | • Project work progresses, on track for first production in H2 2026. |
Project: Sal de Vida Location: Catamarca province, Argentina Ownership: Rio Tinto (100%) Capacity: 15ktpa LCE Planned first production: H2 2026 To note: product is carbonate | $0.7bn | • Project work progresses, on track for first production in H2 2026. |
Project: Nemaska Lithium Location: Quebec, Canada Ownership: Rio Tinto (50%), Investissement Québec (50%) Capacity: 28ktpa LCE (100%) Planned first production: 2028 To note: product is integrated lithium hydroxide | $1.1bn (Rio Tinto share) | • Project work progresses. |
Copper | ||
Project: Oyu Tolgoi underground mine Location: Mongolia Ownership: Rio Tinto (66%), Government of Mongolia (34%) Capacity: from both the open pit and underground mines, average of ~500kt7 per year from 2028 to 2036. Approval: 2016 Planned production: 2024, ramp-up till 2028 To note: Oyu Tolgoi is set to become the world’s 4th largest copper mine by 2030. | $7.06bn | • Concentrator conversion – fifth ball mill load commissioning completed, which is expected to support higher recovery rates. First ore was successfully processed on 7 September, followed by completion of full-load commissioning tests later in the month. • Primary crusher #2 – construction was completed in Q3, ahead of plan, with first ore successfully delivered on 14 September.• The concentrator conversion and primary crusher #2 are the last two critical infrastructure components to be completed for the underground project. |
Project: Kennecott open pit extension Location: Utah, United States Ownership: Rio Tinto (100%) Approval: 2019 To 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 push back expected to be reached in H2 2027. |
Project: Kennecott North Rim Skarn (NRS)8 underground development Location: Utah, United States Ownership: Rio Tinto (100%) Capacity: around 250,000 tonnes through to 20339 Approval: June 2023 Planned first production: Q4 2025 To note: Original approval for $0.5bn with a further $0.1bn approved in December 2024 for additional infrastructure and geotechnical controls. | $0.6bn | • Production from NRS is expected to commence at the end of 2025. |
1. Rio Tinto share of the Western Range capital cost includes 100% of funding costs for Paraburdoo plant upgrades.
2. 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%.
3. 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.
4. 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.
5. 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 2023”. Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed.
6. 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.
7. The 500 thousand tonne per year 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 Australian Securities Exchange (ASX) dated 11 July 2023 “Investor site visit to Oyu Tolgoi copper mine, Mongolia”. All material assumptions underpinning that production target continue to apply and have not materially changed.
8. 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.
9. 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.
10. Future Projects
Project | Status |
Iron Ore: Pilbara brownfields | |
Location: WA, Australia Capacity: over the medium term, our Pilbara system capacity remains between 345 and 360 million tonnes per year. Meeting this range, and the planned product mix, will require the approval and delivery of the next tranche of replacement mines over the next five years. | • Three of five major replacement mines are currently ramping-up or under construction. • West Angelas Sustaining Project received all necessary State and Federal Government approvals in October 2025. • The Greater Nammuldi extension project continues to be optimised. |
Iron Ore: Rhodes Ridge | |
Location: WA, Australia Ownership: Rio Tinto (50%), Mitsui & Co. (40%), AMB Holdings Pty Ltd (10%) Capacity: 40 Mtpa (initial capacity) First ore: end of decade To note: pre-feasibility study remains on track to be completed in 2025 subject to relevant approvals. The development would use Rio Tinto’s rail, port and power infrastructure. | • Mitsui & Co completed the acquisition of a 25% interest in the Rhodes Ridge Joint Venture from Rio Tinto’s partners. Mitsui & Co’s acquisition of a further 15% interest (total 40%) remains subject to regulatory approval and other closing conditions. |
Aluminium: Arctial partnership | |
Location: Finland To note: Partnership agreement 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. | • Arctial JV was formally established in Q2 2025. Pre-feasibility study and environmental impact study assessment are expected to complete in Q4 2025. |
Lithium | |
Location: Canada and Argentina | • Canada: work in progress at Galaxy. • Argentina: work in progress at Cauchari, Fenix and Sal de Vida next phases. |
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. | • Expected closure dates: end of Q1 2026 (Maricunga) and H1 2026 (Altoandinos), subject to receipt of all applicable regulatory approvals and satisfaction of other customary closing conditions. |
Location: SerbiaOwnership: Rio Tinto (100%) To note: Development of the greenfield Jadar lithium-borates project in Serbia to include an underground mine with associated infrastructure and equipment, as well as a beneficiation chemical processing plant. | • Continued the application process for obtaining the Exploitation Field Licence (EFL) (the EFL is essential for commencing fieldwork, including detailed geotechnical investigations). • We remain focused on consultation with all key stakeholders, including providing comprehensive factual information about the project. |
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. | • On 20 June 2025, the United States Forest Service (USFS) republished the Final Environmental Impact Statement (FEIS) and draft Record of Decision (ROD). Absent a Court order, this publication would have enabled completion of the congressionally mandated land exchange between Resolution Copper and the federal government. But, on 18 August 2025, as the land exchange neared completion, the Ninth Circuit Court of Appeals issued an administrative order to enjoin the land exchange. Court proceedings are ongoing. Resolution continues to seek to demonstrate to the Courts why the land exchange should proceed as directed by Congress. • The land exchange will enable further underground mine development and place thousands of acres of ecologically and culturally significant land into permanent conservation. • On 6 October 2025, in separate litigation brought by the non-profit Apache Stronghold, the U.S. Supreme Court denied the group’s petition for rehearing in its case seeking to prevent the land exchange. |
Copper: Winu | |
Location: WA, Australia Ownership: Rio Tinto (70%), Sumitomo Metal Mining (SMM) (30%), once the transaction has closed. 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 Nyangumarta and the Martu Traditional Owner Groups remain our priority. | • Following the term sheet signed in December 2024, Rio Tinto and Sumitomo Metal Mining Co (SMM) signed final joint venture agreements during May. The transaction remains expected to close in 2025, subject to regulatory approvals and the satisfaction of customary conditions.• A pre-feasibility study for the Winu project with an initial development of processing capacity of up to 10 Mtpa is expected to be completed in 2025, as planned. • Next steps will be the feasibility study and the submission of an Environmental Review Document under the Western Australian EPA Environmental Impact Assessment process. |
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 $105 million. It will invest up to a further $546 million into the joint venture to sole fund capital and operational costs to take the project through a feasibility study and toward development. | • Evaluation of drill results is underway – results are expected in Q1 2026. • Progressing the feasibility study. |
11. Exploration and evaluation
Commodities | Advanced projects | Greenfield/ Brownfield programs | QoQ change |
Bauxite | East Arnhem Land, Australia | NA | |
Lithium | Greenfield: Australia, Canada, Chile, Finland & Rwanda, | USA, China and Kazakhstan removed. | |
Copper | Nuevo Cobre, ChileComita, Colombia | Greenfield: Angola, Australia, Chile, China, Colombia, Kazakhstan, Laos, Peru, Papua New Guinea, Serbia, USA & Zambia | Comita added to advanced projects |
Diamonds | Chiri, Angola | NA | |
Iron Ore | Pilbara, Australia | Greenfield and Brownfield: Pilbara, Australia | NA |
Other | Potash: Texas, Canada. | Kamiesberg (heavy mineral sands (HMS)), South Africa, removed from advanced projects. Finland nickel removed. |
• Rio Tinto has a strong portfolio of exploration projects with activity in 17 countries across seven commodities.
• The bulk of the exploration expenditure during the quarter was focused on copper in Angola, Chile, Kazakhstan, Peru, Serbia and USA, lithium in Canada, Rwanda, Chile and Australia and diamonds in Angola.