Rio Tinto posts 2% rise in third-quarter iron ore sales, beating 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 Q3 iron ore sales, totaling 85.7 million metric tons, exceeding market 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.