Rio Tinto generates 9% YoY CuEq growth from its three businesses
MELBOURNE, Australia-Rio Tinto reported its operating excellence drove 9% YoY copper equivalent production growth across Rio Tinto portfolio as the Oyu Tolgoi copper mine continues to ramp up as planned and Rio Tinto integrated aluminium business, again, delivered a strong performance. Pilbara iron ore mines performed strongly, while shipments were impacted by two cyclones in the quarter. Rio Tinto achieved the historic land exchange at Resolution Copper, with its project team focused on unlocking the next phase of one of the world’s largest untapped copper deposits.
Rio Tinto Chief Executive Simon Trott said: “The unmatchable mix and scale of our portfolio has ensured growth and supply chain resilience against changing operating conditions as we continue to closely monitor the evolving situation in the Middle East. Our stronger, sharper, simpler way of working is enabling us to move at pace to achieve productivity benefits across the business. The first $650m of annualised benefits is now fully implemented, as promised, with substantially more underway.”
Executive Summary
- Operational excellence: 9% YoY increase in copper equivalent (CuEq)1 production.
- Copper: Production rose 9% YoY, supported by the continued successful ramp-up of Oyu Tolgoi. Drilling at Resolution is now underway following completion of the land exchange in March.
- Iron ore: Second highest Q1 Pilbara production since 2018, up 13% YoY, with sales up 2% YoY. Tropical cyclones impacted Pilbara shipments by approximately 8 Mt, with around half expected to be recovered. The first full SimFer shipment of high-grade Simandou product was successfully delivered to China with first sales realised in April.
- Aluminium: Strength and agility again demonstrated across our integrated value chain, offsetting weather-related disruptions in bauxite.
- Lithium: Fenix 1B and Sal de Vida achieved mechanical completion as planned, with first production on track for H2 2026.
