Rio Tinto Q3 global iron ore sales up 3%; Simandou hits ~10 Mtpa run-rate [SMM Iron Ore]

Rio Tinto reported a 3% year-on-year increase in global iron ore sales to 90.8 million tons and a 2% rise in production to 89.7 million tons in Q3 2026. Pilbara shipments were 85.7 million tons, while Simandou output surged 273% quarter-on-quarter to 2.5 million tons. The company maintained its 2026 sales guidance of 343-366 million tons.

Rio Tinto has released over $2 billion in capital as part of a $5–10 billion program to focus on core assets like iron ore, copper, and lithium. The funds come from asset sales, partnerships, and infrastructure monetization. The company is also reviewing its borates and iron/titanium businesses for potential divestments. Investors will watch for successful execution and redeployment of proceeds into high-return projects.

Australia's S&P/ASX200 fell 0.43% to 8960.2, tracking a US tech sell-off after higher-than-expected inflation data. Tech and mining sectors dropped over 3% each. BHP and Rio Tinto fell 4% as iron ore prices declined. CommBank rose 2% leading financials higher. Treasury Wine Estates has no plans to list Penfolds separately. Bank of Queensland gained 4.6% on a strong update, while ARB and Droneshield fell.

JPMorgan upgraded Glencore, Kumba Iron Ore, and Anglo American, citing strong earnings drivers and revised commodity forecasts. Glencore was upgraded to Overweight with a price target of 730 pence. Antofagasta is JPMorgan's top EMEA copper pick. The bank also upgraded gold miners Fresnillo and AngloGold Ashanti, expecting gold prices to reach $5,000/oz by Q4 2027.

Rio Tinto (LON: RIO) reported a 3% increase in global iron ore sales to 90.8 million tonnes for Q3, while keeping 2026 production guidance unchanged. Copper production from Oyu Tolgoi rose 27%, but total copper output remained flat. The company has released over $2 billion in capital year-to-date, targeting $5-10 billion by 2026. Iron ore prices averaged $97 per tonne, down 8% from Q2. The Simandou project is on track for 60 million tonnes annually by late 2028.

Rio Tinto (RIO) reported Q3 results: Oyu Tolgoi copper output up 29% YTD, Pilbara iron ore sales up 3%, and Simandou at 10 Mtpa run-rate. The company completed over $2B in disposals YTD. JPMorgan cut RIO's target to 7,950p, citing weak China demand. RIO expects 2026 Pilbara shipments of 323–338Mt and reduced port capacity in 2027-2028. Lithium output is expected near the low end of guidance due to delays.