Rio Tinto keeps 2026 guidance as Oyu Tolgoi copper output rises 27%
Consolidated copper output was flat at 205,000 tonnes in the third quarter, while the Mongolian operation ran at an annualised 450,000 tonnes.
Theo Marchetti
Mongolia's Oyu Tolgoi mine increased copper production by 27 per cent year over year in the third quarter, according to results released on Wednesday. Rio Tinto LONRIO ASXRIO NYSERIO retained its 2026 consolidated copper guidance of 800,000 to 870,000 tonnes.
Rio Tinto's Australian shares fell 0.32 per cent to A$160.48 at 4:20 p.m. AEDT on Wednesday in Sydney, according to ASXRIO.
The miner reported consolidated copper production of 205,000 tonnes for the quarter, unchanged from a year earlier and down 4 per cent from the preceding quarter. Output through September reached 646,000 tonnes, up 1 per cent year over year.
That leaves between 154,000 and 224,000 tonnes to produce in the final quarter to reach the retained annual range, calculated from Wednesday's results. Oyu Tolgoi's growth therefore came alongside flat quarterly copper output across the group.
Oyu Tolgoi Advances Towards Its Longer-Term Target
Oyu Tolgoi operated at an annualised rate of about 450,000 tonnes during the quarter, while production for the first nine months rose 29 per cent year over year. Rio Tinto also completed the rebuild of Kennecott's flash converting furnace at the end of August, ahead of plan.
Rio Tinto's Oyu Tolgoi operation page, checked on Wednesday, sets out a longer-term copper production target of 500,000 tonnes a year for the period from 2028 to 2036. That target covers the underground and open pit mines and is stated as recoverable metal.
Rio Tinto owns 66 per cent of the Mongolian operation, with the government holding the balance. Sustainable production from the underground mine began in March 2023, according to the operation page.
"Our major projects remain on schedule and budget, underwriting our growth profile to 2030," chief executive Simon Trott said in Wednesday's release.
Ivanhoe Mines TSEIVN OTCMKTSIVPAF reported 76,401 tonnes of copper in saleable products at Kamoa-Kakula on Oct. 8. It retained annual guidance of 290,000 to 310,000 tonnes, with production trending towards the lower end; its saleable-products measure differs from Rio Tinto's consolidated production measure.
Read more: Ivanhoe Mines reports 76,401 tonnes of saleable copper in third quarter
Simandou Retains Its 2028 Capacity Milestone
Wednesday's report also kept global iron ore sales guidance at 343 million to 366 million tonnes. Quarterly sales rose 3 per cent year over year to 90.8 million tonnes, including 85.7 million tonnes from Pilbara.
Lithium carbonate equivalent production reached 40,300 tonnes through September, up 33 per cent. Rio Tinto retained its annual range of 61,000 to 64,000 tonnes but now expects output at the lower end.
The Simandou iron ore operation reached an annualised production rate of about 10 million tonnes during the quarter, measured on a full-project basis. Its next stated capacity milestone remains an annualised 60 million tonnes in the second half of 2028.
