Rio Tinto Group (RIO) Status update summary

Operational performance

• Achieved 8% year-on-year copper equivalent production growth in 2025, with record quarterly iron ore and copper output, and strong bauxite and lithium production increases.

• Pilbara iron ore operations set new quarterly production and shipment records, recovering from earlier weather disruptions.

• Oyu Tolgoi underground project completion drove 11% annual copper production growth, exceeding guidance.

• Simandou delivered its first shipment, marking a major project milestone and ramping up high-grade iron ore output.

• Bauxite and lithium operations achieved record annual and quarterly production, respectively, reflecting operational maturity and project ramp-ups.

Production and guidance

• 2025 production guidance was met or exceeded across product groups; 2026 guidance remains unchanged, targeting further growth in iron ore, copper, aluminium, and lithium.

• 2025 pre-tax exploration and evaluation expenditure was $795 million, down from $935 million in 2024, with most spend in copper and central exploration.

Market environment

• Global economy showed resilience despite slower growth and easing inflation; US and China remained key drivers, with China focusing on advanced manufacturing and green transition.

• Iron ore prices rose 5% in Q4, copper prices surged 22%, and lithium carbonate prices jumped 55% on strong demand and supply constraints.

• Aluminium prices increased 11% in Q4, supported by tight supply and higher demand expectations.