(Jan 21): Rio Tinto Group’s copper production climbed 5% in the fourth quarter thanks to the expansion of underground operations at Oyu Tolgoi in Mongolia, while its core Pilbara iron ore mines hit a record in the last three months of the year.
Copper accounted for roughly a quarter of Rio’s profit at the half year, still overshadowed by iron ore — but the red metal is a vital part of the group’s growth plans and a key driver behind its ongoing takeover talks with Glencore Plc. Rio has until Feb 5 to announce a firm intention to bid or walk away.
Rio’s Australian-listed shares climbed on the numbers, trading up as much as 2.47% in late morning trading in Sydney.
Escondida, the world’s largest copper mine in Chile, saw a 10% dip in production compared to the same quarter in 2024, due to a reduction in concentrator output and lower grades, but Oyu Tolgoi offset that with a 57% year-on-year jump.
Shipments of iron ore, still Rio’s biggest source of revenue by far, rose 7% in the fourth quarter to 91.3 million tonnes, with full-year exports coming in at the lower end of guidance as the company recovered from poor weather.
The company began to export from the new Simandou mine in Guinea during the quarter, and is expecting sales of five million to 10 million tonnes in 2026 — a tiny fraction of the 323 million to 338 million due to be sent from the Pilbara over this year.
See also: Copper nears US$13,000 as rally gathers pace with other metals
Among Rio’s other commodities, aluminum production was 2% higher, while lithium output achieved a record thanks to Argentina. The miner’s small titanium business, which it plans to divest, saw production fall 6%.
Since new chief executive officer Simon Trott took the helm last year, Rio has sought to refocus the business, to trim costs and to contain its previously lofty ambitions in lithium.
“Implementation of our stronger, sharper, simpler way of working continues, and is delivering results and creating value,” Trott said in a statement on Wednesday.
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