Rio Tinto is advancing production growth across its copper, iron ore and lithium portfolio while unlocking more than €1.8 billion equivalent through capital-release transactions. The strategy combines expanding output at major mining operations with portfolio adjustments designed to provide additional funding capacity for future projects.
The group is pursuing a wider capital-release programme valued at approximately €4.5 billion to €8.9 billion equivalent, with some announced transactions still subject to completion conditions. The proceeds are intended to support investment in copper, lithium and high-grade iron ore without depending entirely on additional borrowing.
Oyu Tolgoi Copper Production Rises 29%
Rio Tinto reported a 29% increase in copper output at the Oyu Tolgoi mine in Mongolia during the first nine months of 2026. Underground operations continued to ramp up, bringing the mine to an annualised production rate of approximately 450,000 tonnes of copper in the third quarter.
The expansion strengthens Oyu Tolgoi’s contribution to the group’s copper production growth as Rio Tinto develops its broader portfolio of assets in the metal.
Simandou Advances Towards 60 Million Tonnes of Iron Ore
In Guinea, the Simandou iron ore project reached an annualised production rate of approximately 10 million tonnes. Rio Tinto is targeting annual output of around 60 million tonnes in the second half of 2028. The development is among the world’s largest new high-grade iron ore projects, with its planned production scale expected to add substantial volumes to seaborne supply once full output is achieved.
Rio Tinto’s global iron ore sales also increased 3% year-on-year to 90.8 million tonnes in the third quarter, reflecting growth across its iron ore business as Simandou progresses towards higher production levels. For European steelmakers, Simandou’s higher-grade material could influence procurement economics as producers seek to reduce energy consumption and emissions intensity.
Lithium Output Increases Across the Portfolio
Rio Tinto’s lithium operations recorded further production growth, with output rising 33% year-on-year to approximately 40,300 tonnes of lithium carbonate equivalent during the first nine months. The increase adds to the group’s expansion across battery materials, alongside its copper investments and iron ore developments. Copper provides exposure to electrification and electricity-grid investment, while lithium represents another growth area within the company’s mineral portfolio.
Capital Release and Productivity Targets
Alongside production expansion, Rio Tinto is implementing measures to improve its financial capacity and operational performance. The company has announced more than €1.8 billion equivalent in capital-release transactions so far this year, with certain deals awaiting completion conditions.
The broader programme aims to release approximately €4.5 billion to €8.9 billion equivalent for redeployment. This approach is intended to provide funding for new projects and portfolio growth while limiting reliance on additional debt. Rio Tinto is also on track to deliver productivity improvements with an annualised value equivalent to approximately €1.6 billion by year-end.
The company’s next operational milestones include continuing the underground ramp-up at Oyu Tolgoi, increasing Simandou production towards its targeted annual capacity and converting portfolio transactions into available capital for investment across its copper, lithium and high-grade iron ore businesses.
