Rio Tinto's Q3 Iron Ore Sales Rise 2%, Beating Market Estimates

Rio Tinto reported strong Q3 2026 performance, with copper production up 29% YTD and iron ore sales up 3%. Simandou iron ore mine hit a 10 Mtpa run-rate. CEO Simon Trott highlighted $2B in capital releases YTD, on track for $5-10B program. Production guidance remains unchanged, despite higher diesel and FX costs. Exploration spend increased to $692M YTD, with copper leading.

Rio Tinto reported a 2% increase in third-quarter iron ore sales to 85.7 million metric tons, exceeding estimates. Copper output remained steady at 205 Kt. The company maintained its 2026 Pilbara iron ore sales forecast of 323-338 million Mt.

Rio Tinto reported Q3 2026 results, with Oyu Tolgoi copper production up 29% YTD and global iron ore sales up 3% YTD. Simandou iron ore mine reached ~10 Mtpa annualised run-rate. The company expects $1.8B annualised productivity benefit by year-end and $2B in capital release YTD. Major projects remain on schedule and budget, with decarbonisation efforts progressing.

Chile's Escondida copper mine, operated by BHP, saw output drop 27.6% in August to 76,100 tonnes, the lowest this year. National copper production fell 12.7% to 366,300 tonnes. BHP owns 57.5% of Escondida, with Rio Tinto and JECO Corp holding stakes. Copper prices closed at US$6.66 per pound, up 2.3% on the week.

Rio Tinto CEO Jakob Stausholm initially distanced the company from M&A but later acquired Arcadium Lithium for $6.7bn at a 90% premium, entering the top three global lithium producers. The company also received final permits for its Simandou iron ore project in Guinea and increased its stake in Sovereign Metals. However, a report showed an increase in sexual assaults and bullying, which Stausholm called 'disturbing'.

Rio Tinto plans to invest $1.5B to expand its AP60 smelter in Quebec, aiming to increase low-carbon aluminum production by 160,000 mt/year by 2026. The project is expected to reduce emissions by 290,000 mt annually. Aluminum prices are consolidating due to macroeconomic factors and post-holiday inventory buildup, according to SMM.