21 January 2026
Standout production results with +8% CuEq production growth in 2025
Rio Tinto Chief Executive Simon Trott said: “Our operations delivered exceptional production performance, both on a quarter-on-quarter and full year basis, as we leverage our strong foundation of operating excellence and project delivery across our portfolio.
“We achieved record quarterly iron ore production in the Pilbara, with a strong recovery from the extreme weather interruptions earlier in the year. At Simandou, we celebrated the major milestone of first shipment from the port; a testament to our ability to deliver major growth projects.
“Record copper production continues following delivery of our Oyu Tolgoi underground project, another demonstration of our unique and diverse project capabilities.
“A step change in bauxite production through the year once again highlights the ongoing maturation of our operational excellence.
“In lithium, we achieved production growth from our operations and in-flight projects as planned in 2025, as we build out our high-quality portfolio with discipline.
“Implementation of our stronger, sharper, simpler way of working continues, and is delivering results and creating value.”
1. Executive Summary
• Operational excellence: Copper equivalent (CuEq)1 production rose 8% YoY in 2025, with shipments up 5%, driven by the strong ramp-up of Oyu Tolgoi, a record year for bauxite production and our world-class lithium business.
• Iron ore: Pilbara operations achieved record Q4 production, +4% YoY, and shipments, +7% YoY, while the exceptional development pace at Simandou continued with the start of operations and first shipment in Q4.
• Aluminium: Production strength and agility demonstrated across the aluminium value chain in 2025.
• Lithium: Achieved record quarterly production from our operating assets in Argentina.
• Copper: Annual production grew 11% YoY, exceeding the top end of our increased guidance range, driven by the successful ramp-up of Oyu Tolgoi, where the underground development project is now complete.
| Production2 | Q42025 | vs Q4 2024 | 2025 | vs 2024 | 2025 guidance | |
| Pilbara iron ore shipments (100% basis) | Mt | 91.3 | +7% | 326.2 | -1% | 323 – 338(at lower end) |
| Pilbara iron ore production (100% basis) | Mt | 89.7 | +4% | 327.3 | – % | NA |
| IOC3 iron ore pellets and concentrate | Mt | 2.2 | -14% | 9.3 | -1% | 9.0 – 9.5 |
| Bauxite | Mt | 15.4 | 0% | 62.4 | +6% | >61 Mt |
| Alumina | Mt | 2.0 | -1% | 7.6 | +4% | 7.4 – 7.8 |
| Aluminium4 | Mt | 0.85 | +2% | 3.38 | +3% | 3.25 – 3.45(at upper end) |
| Copper (consolidated basis) | kt | 240 | +5% | 883 | +11% | 860 – 875 |
| Titanium dioxide slag | Mt | 0.2 | -6% | 1.0 | -2% | 1.0 – 1.2(at lower end) |
| Boric oxide equivalent | Mt | 0.1 | -6% | 0.5 | 0% | ~0.5 |
1 Copper equivalent volume = Rio Tinto’s share of production volume / Volume conversion factor x Product price ($/t) / Copper price ($/t). Prices are based on long-term consensus prices. 2 Rio Tinto share unless otherwise stated. 3 Iron Ore Company of Canada.4 Includes primary aluminium only.
2. Guidance
Production guidance
• 2025 guidance: met or exceeded for our Product Groups.
• 2026 guidance1: unchanged from Capital Markets Day 2025 disclosures, as shown in the table below.
| Production and sales2 | Units | 2026 guidance1 |
| Total iron ore sales | Mt4 | 343 – 366 |
| Pilbara sales3 (100% basis) | Mt4 | 323 – 338 |
| Simandou sales (100% basis) | Mt4 | 5 – 10 |
| IOC5 sales (100% basis) | Mt4 | 15 – 18 |
| Copper production (consolidated)6 | kt | 800 – 870 |
| Aluminium & Lithium | ||
| Bauxite production | Mt | 58 – 61 |
| Alumina production7 | Mt | 7.6 – 8.0 |
| Aluminium production8 | Mt | 3.25 – 3.45 |
| Lithium, LCE production | kt | 61 – 64 |
1 Guidance remains subject to weather impacts. 2 Rio Tinto share unless otherwise stated. Our strategic reviews are advancing as planned, with the next phase focused on identifying the best path to unlock value. As such, we will no longer provide production guidance for Iron & Titanium, and Borates, while this process is underway. 3 Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances. 4 Wet metric tonnes. 5 Iron Ore Company of Canada. 6 Circa 10% YoY growth from operated assets. 7 QAL production now included on a 100% basis for guidance. 8 Includes primary aluminium only.
Unit cost guidance
• 2025 unit cost performance and 2026 guidance will be given in the 2025 full year results release on 19 February 2026.
3. Group financial update
Expenditure on exploration and evaluation
• Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 2025 was $795 million, compared with $935 million in 2024. Approximately 40% of the spend was by Copper, 32% by central exploration, 19% by Iron Ore (which includes Iron Ore Company of Canada), 8% by other operations and 1% by Aluminium & Lithium. Qualifying expenditure on the Rincon project has been capitalised since 1 July 2024, accounting for most of the decrease in expense.