Rio Tinto increased copper production at its Oyu Tolgoi mine in Mongolia by 29% during the first nine months of 2026, with underground operations continuing to expand and quarterly output reaching an annualised rate of approximately 450,000 tonnes.
The production increase adds to the company’s growing output across copper, iron ore and lithium, three mineral groups linked to industrial activity and energy-transition investment. The figures were reported in an October 14 update, which also covered progress at the Simandou iron ore project and capital-release transactions.
Oyu Tolgoi Expands Copper Supply
The underground ramp-up at Oyu Tolgoi is increasing the mine’s contribution to global copper production as new large-scale projects remain difficult to develop. Demand for the metal is supported by electricity-grid investment, renewable-energy infrastructure, data centres, electric vehicles and wider industrial electrification.
For European refiners and manufacturers, higher Mongolian output adds to the internationally traded copper supply available to buyers competing for concentrate and refined metal. The additional production does not constitute dedicated supply for Europe, and the continent’s reliance on imported copper remains a separate issue.
Simandou Iron Ore Production Reaches 10 Million-Tonne Rate
In Guinea, Rio Tinto reported that the Simandou iron ore project had reached an annualised production rate of approximately 10 million tonnes on a 100% project basis. The company continues to target production of around 60 million tonnes annually in the second half of 2028.
Simandou’s high-grade iron ore is relevant to steelmakers seeking feedstocks that can reduce coke consumption and support lower-carbon production routes. The project could therefore have implications for European steel decarbonisation, although its primary commercial links are expected to remain concentrated in Asia.
Lithium Production Increases 33%
Rio Tinto’s lithium operations also recorded higher output, with production reaching approximately 40,300 tonnes of lithium carbonate equivalent during the first nine months of 2026, an increase of 33% The growth expands the company’s production base across copper, lithium and high-grade iron ore, complementing the underground expansion at Oyu Tolgoi and the development of Simandou.
Capital-Release Transactions Exceed €1.78 Billion
Rio Tinto separately disclosed transactions and commercial arrangements that could release more than €1.78 billion in capital. The amount does not represent cash already received, as the package includes transactions that remain subject to completion and a non-binding lithium sales arrangement involving potential prepayment. The October 14 update primarily records production progress rather than a new financing event. Its operating figures show higher copper output in Mongolia, continued production growth at Simandou and increased lithium production, alongside the company’s proposed capital-release arrangements.
