Rio Tinto posts 7% rise in Q1 copper production
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The news: Rio Tinto has posted a 7% year-on-year increase in copper equivalent (CuEq) production for the first quarter of 2026, driven by output growth at the Oyu Tolgoi mine.
The context: The miner said the stronger CuEq production was driven by the success of the Oyu Tolgoi copper mine following the completion of the land exchange in March.
Rio also reported its second highest first quarter iron ore production since 2018, up 13% year on year, despite shipments being disrupted by two cyclones.
This was on the back of two fatal accidents during the quarter at the Simandou and Kennecott sites, which resulted in temporary shutdowns. Kennecott has since resumed operations as of 16 April.
Rio maintained its 2026 iron ore production guidance at USD23.5 ($32.7)-USD25 per wet metric tonne.
What they said: "The unmatchable mix and scale of our portfolio has ensured growth and supply chain resilience against changing operations conditions as we continue to closely monitor the evolving situation in the Middle East,” Rio Tinto chief executive Simon Trott said.
The source: ASX
