Rio Tinto is on course for a strong finish to the year, unveiling third-quarter results marked by record bauxite output, a major production milestone at its Simandou iron ore project in Guinea, and robust copper performance.
The company’s copper equivalent production increased by nine per cent compared to the same period last year, driven by strong results across its portfolio.
Total copper production reached 204,000 tonnes for the quarter, a 10 per cent year-on-year increase. This performance was underpinned by the continued ramp-up of the Oyu Tolgoi underground mine in Mongolia, keeping the company on track to meet the higher end of its full-year guidance.
“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,” Rio Tinto chief executive Simon Trott said.
“We will continue to deliver further shareholder value through operational excellence, simplification and discipline on performance and capital investment.”
Trott said the mining giant continues to strengthen performance from its assets, setting back-to-back quarterly production records in our bauxite business and at Oyu Tolgoi.
“The underground ramp-up remains on track to boost copper output by more than 50 per cent this year, and we are also focused on delivering a strong finish to the year from the Pilbara,” Trott said.
Pilbara iron ore shipments climbed six per cent from the previous quarter to 84.3 metric tonnes (Mt), the second-highest third-quarter result since 2019. The solid performance came as iron ore prices rebounded to a seven-month high of $US108 per dry metric tonne.
While Rio Tinto’s full-year iron ore guidance remains unchanged at 323 to 338 Mt, it expects the final result to be at the lower end of that range.
