Strong operational performance at Oyu Tolgoi copper and Pilbara iron ore

Rio Tinto Chief Executive Simon Trott said: “We delivered strong operational performance in the third quarter. Oyu Tolgoi copper production increased 29% year-to-date, with the operation running at a ~450 kt annualised rate in the quarter, and global iron ore sales are up 3% year-to-date. The Simandou iron ore mine hit an annualised production run-rate of ~10 Mtpa (100% basis) in the quarter as the project continues to ramp up.

“We are finishing the year with momentum, with significant opportunities to accelerate improvements in safety, productivity and reliability through implementation of our operating system. We remain on track for a $1.8 billion annualised productivity benefit run-rate by the end of 2026. Our major projects remain on schedule and budget, underwriting our growth profile to 2030.

“We made further significant steps in decarbonising our business in the third quarter, with our Pacific Aluminium smelter repowering arrangements now well progressed.

“Today, we announce that we have achieved more than $2 billion¹ of capital release year-to-date, as we actively manage our portfolio with discipline to maximise long-term value, as part of the $5 to 10 billion capital release program.”

Executive Summary

• Operational excellence: ~1% YTD increase in copper equivalent (CuEq²) production, driven by growth from Oyu Tolgoi copper and Pilbara iron ore.
• Copper: Oyu Tolgoi production increased by 27% YoY in Q3 and 29% YTD. At Kennecott, we successfully completed the rebuild of the flash converting furnace at end-August ahead of plan.
• Iron ore: Q3 global iron ore sales were 90.8 Mt, up 3% YoY, while Pilbara sales increased 2% YoY. Simandou hit an annualised production run-rate of ~10 Mtpa (100% basis) in Q3 as the project ramps up and remains on track to reach a 60 Mtpa production run-rate during H2 2028³.
• Aluminium: Consistent, stable performance across the full operating system. Pacific smelter repowering arrangements are now well progressed, following the Tomago and Bell Bay power agreements in Q3.
• Lithium: Production up 33% YTD despite adverse weather impacting Q3 operations. Fenix 1B ramp-up continues to progress well.

The full third quarter production results are available here.

This announcement is authorised for release to the market by Matthew Whyte, Rio Tinto’s Group Company Secretary.

UK LEI: 213800YOEO5OQ72G2R82
AU LEI: 529900X2VMAQT2PE0V24

Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State

Forward-looking statements

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Nothing in this announcement should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share. Past performance cannot be relied on as a guide to future performance.

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