Rio Tinto, the FTSE 100 mining giant, has reported a strong operational performance in the third quarter of 2026, with copper production at its Oyu Tolgoi mine in Mongolia rising 27% year-on-year as the underground operation continues to ramp up.
Oyu Tolgoi produced 113,500 tonnes of copper in concentrates in Q3, taking year-to-date output up 29% to 312,000 tonnes, with the mine running at an annualised rate of around 450,000 tonnes per quarter.
Group copper production on a consolidated basis was broadly flat year-on-year at 205,000 tonnes for the quarter, as strong gains at Oyu Tolgoi offset a weaker contribution from Escondida in Chile, where lower feed grades, scheduled maintenance and severe weather affected output.
At Kennecott in Utah, Rio Tinto successfully completed the rebuild of a flash converting furnace at the end of August, ahead of schedule, following a breach in late June that had disrupted refined copper production.
Iron ore sales from the Pilbara operations in Western Australia rose 2% year-on-year to 85.7 million wet metric tonnes on a 100% basis, with global iron ore sales up 3% to 90.8 million tonnes.
The company's Simandou iron ore project in Guinea hit an annualised production run-rate of around 10 million tonnes per annum in Q3, with the project remaining on track to reach 60 million tonnes per annum during the second half of 2028.
Rio Tinto also announced it has achieved more than $2 billion of capital releases year-to-date, as part of a broader $5 billion to $10 billion programme unveiled at its Capital Markets Day in 2025.
Lithium carbonate equivalent production rose 33% year-to-date, though full-year output is expected to come in at the lower end of guidance, primarily due to a slower-than-anticipated ramp-up at the Sal de Vida project in Argentina.
All production and unit cost guidance for 2026 was maintained, with chief executive Simon Trott saying the company was on track for a $1.8 billion annualised productivity benefit run-rate by year-end.
