Rio Tinto Delivers Strong Q3 Output with Record Bauxite and Expanding Copper Production

About Rio Tinto Ltd

Rio Tinto Limited (ASX: RIO) is one of the world’s largest diversified mining and metals companies, producing essential materials that drive global development and decarbonisation. Headquartered in London with major operations in Australia, North America, Europe, Asia, and Africa, Rio Tinto extracts and processes minerals including iron ore, aluminium, copper, lithium, and critical minerals used in infrastructure, renewable energy, and technology manufacturing.

With more than 150 years of history and a workforce exceeding 50,000 people, Rio Tinto operates on the principle of responsible mining, integrating sustainability, innovation, and efficiency across its global value chain. Its Australian operations — particularly in the Pilbara region of Western Australia — remain the cornerstone of the company’s iron ore business and a major contributor to Australia’s export earnings.

In its Third Quarter 2025 Operations Review, Rio Tinto reported another strong set of results, highlighted by record bauxite production, continued growth in copper output, and the advancement of major growth projects including Simandou in Guinea and Rincon Lithium in Argentina.

Operational Performance

Iron Ore

Rio Tinto’s Pilbara operations delivered 84.1 million tonnes of production on a 100% basis, with shipments of 84.3 million tonnes, representing a 6% quarter-on-quarter rise and one of the strongest Q3 results since 2019.

This performance was achieved despite lingering impacts from four cyclones in Q1, which disrupted 13 million tonnes of output — about half of which has now been recovered. A strong Q4 performance will be critical to meeting the lower end of annual guidance at 323–338 million tonnes.

The Gudai-Darri mine achieved record output at a 51 Mtpa run rate, while the West Angelas Sustaining Project secured full government approval in October, extending the life of one of Rio Tinto’s cornerstone hubs.

Rio Tinto also advanced its Simandou iron ore project in Guinea, marking a major milestone with first ore loaded for movement down the new rail system in October — a key step toward the start of exports later this year.

Copper

Copper output rose 10% year-on-year to 204,000 tonnes, reflecting continued momentum at Oyu Tolgoi, where the underground expansion remains on schedule to increase production by more than 50% in 2025.

At Escondida, output rose 9% on higher recovery rates, while refined production grew 18%. In contrast, Kennecott’s refined output declined due to scheduled smelter maintenance in September, though concentrator shutdowns were completed successfully.

Rio Tinto confirmed its full-year copper guidance at 780–850 thousand tonnes, at the higher end of the range. Meanwhile, the company continues to progress major copper development projects, including Resolution in Arizona, La Granja in Peru, and Winu in Western Australia, as part of its long-term supply diversification strategy.

Aluminium and Bauxite

Bauxite achieved its second consecutive quarterly production record, with Amrun continuing to operate above nameplate capacity. As a result, Rio Tinto upgraded full-year bauxite guidance to 59–61 million tonnes from 57–59 million tonnes.

Alumina output rose 7% year-on-year to 1.9 million tonnes, driven by improved performance at Yarwun and Alumar, while aluminium production increased 6% year-on-year to 857,000 tonnes.

Rio Tinto’s low-carbon aluminium smelter project (AP60) in Quebec remains on track for commissioning in early 2026. The smelter will add 160,000 tonnes of annual capacity and forms part of the company’s broader decarbonisation program across its Aluminium & Lithium division.

Lithium

Rio Tinto’s lithium production continues to expand, with 13,000 tonnes of lithium carbonate equivalent (LCE) produced in Q3, up 3% from Q2. Integration of the Rio Tinto Lithium business is progressing, with the Rincon project in Argentina and the Nemaska Lithium joint venture in Canada both advancing toward scheduled production in 2026–2028.

The Rincon expansion, recently approved with a US$2.5 billion investment, is expected to produce 60,000 tonnes of battery-grade lithium carbonate annually with a 40-year mine life.

Financial and Market Context

Rio Tinto’s production growth came against a mixed global macroeconomic backdrop. Iron ore prices rebounded above US$100 per dry metric tonne, copper averaged US$4.44 per pound, and aluminium prices rose 7% quarter-on-quarter amid easing trade tensions and resilient industrial demand.

However, persistent weakness in China’s property sector and ongoing global trade uncertainty weighed on market sentiment. The company’s exploration and evaluation expenditure for the year-to-date stood at US$537 million, down from US$692 million a year earlier, reflecting reduced pre-development costs following the capitalisation of the Rincon project.

Safety and Sustainability

Rio Tinto reaffirmed its commitment to safety following the tragic death of Mohamed Camara at the SimFer mine site in Guinea in August. Mr Trott said safety remains the company’s number one priority, and the incident has prompted renewed reflection and learning across the business.

The company also continues to progress its decarbonisation goals, including investments in renewable power, nitrous oxide abatement, and low-emission aluminium production technologies, which underpin its target to achieve net zero emissions by 2050.

Outlook

Rio Tinto reiterated its 2025 production guidance for all major commodities, with the only revision being an upgrade to bauxite. The company remains focused on achieving a strong Q4 performance, particularly in the Pilbara, to offset earlier weather disruptions.

With multiple tier-one projects ramping up — including Simandou, Oyu Tolgoi, and Rincon — Rio Tinto enters the final quarter of 2025 with positive momentum and a clear pathway toward mid-term production growth and shareholder returns.