Rio Tinto (ASX: RIO) has posted impressive third-quarter production results, marking CEO Simon Trott’s first quarterly report since taking the helm in August 2025. The mining giant achieved back-to-back quarterly production records at its bauxite operations and the Oyu Tolgoi copper mine, while reaching a critical milestone at Guinea’s Simandou iron ore project.
The results underscore Rio Tinto’s operational momentum. Copper equivalent production surged 9% year-on-year in Q3, driven by strong performance across all major assets.
New Leadership, New Focus
Trott opened his statement by reaffirming safety as the company’s top priority. He acknowledged the tragic death of Mohamed Camara at the SimFer mine site.
“This has been a time for huge reflections on safety across the group,” Trott said in the announcement.
The Australian national brings over 25 years of experience. He previously led Rio’s highly profitable iron ore division. His appointment signals continuity with a focus on operational discipline and stakeholder engagement.
Simon Trott assumed the role of Rio Tinto CEO on 25 August 2025
Bauxite Business Sets New Benchmarks
Rio Tinto’s bauxite operations achieved their second consecutive quarterly production record. Output reached 16.4 million tonnes in Q3, up 9% year-on-year and 5% quarter-on-quarter.
The Amrun mine in Queensland continued operating above nameplate capacity. This performance prompted management to upgrade full-year bauxite guidance from 57-59 million tonnes to 59-61 million tonnes.
Key bauxite performance metrics:
- Q3 2025 production: 16.4Mt (up 9% YoY)
- Weipa operations: 10.8Mt
- Third-party shipments: 11.6Mt (up 4% QoQ)
The improvement reflects consistent application of the Safe Production System. This operational framework has delivered higher utilisation rates across Rio’s bauxite assets.
Oyu Tolgoi Ramps Up
The underground copper mine in Mongolia delivered another record quarter. Copper production at Oyu Tolgoi reached 89,200 tonnes, up 78% year-on-year and 3% quarter-on-quarter.
The ramp-up remains on schedule. Rio expects copper output to increase by more than 50% this year. The mine is tracking toward an average of around 500,000 tonnes annually from 2028 to 2036.
Head grades improved as planned. The conveyor to surface came online during the quarter. This infrastructure milestone supports the mine’s path to becoming the world’s fourth-largest copper operation.
Oyu Tolgoi underground operations continue ramping up production
Total copper production across all operations reached 204,000 tonnes on a consolidated basis. This positions Rio to achieve the higher end of its full-year guidance range of 780,000 to 850,000 tonnes.
Simandou Reaches Critical Milestone
Guinea’s Simandou iron ore project hit a major inflection point. The team started loading first ore at the mine in October for movement down the rail to port.
“Our growth projects are also progressing at pace,” Trott noted. “At Simandou, we started loading first ore at the mine for movement down the rail and to the port in October.”
By the end of Q3, approximately 1.5 million tonnes of ore sat stockpiled at the SimFer mine gate. Initial shipments will use the Winning Consortium Simandou (WCS) port while the SimFer port completes construction.
The project involves significant infrastructure:
- 70km rail spur connecting the mine to the main line
- Transhipment vessel port under construction
- 536km shared dual-track railway
- Target capacity: 60 million tonnes per annum
Rio holds a 53% stake in SimFer Jersey Limited. The joint venture partner CIOH (Chinalco-led consortium) holds 47%. First shipment is expected around November 2025.
Pilbara Iron Ore Performance
The Pilbara operations achieved their second-highest Q3 shipments since 2019. Total shipments reached 84.3 million tonnes on a 100% basis, up 6% from Q2.
Production guidance remains unchanged at 323-338 million tonnes. However, management flagged the system remains “tightly balanced” following cyclone impacts in Q1. A strong Q4 performance will be required to reach the lower end of guidance.
The new Pilbara Blend product continued shipping through Q3. This marks a strategic shift in product mix. SP10 levels declined to 9% of shipments, down from 29% in Q2.
Strategic Restructure Takes Shape
In late August, Trott unveiled a sweeping reorganisation. The company consolidated operations into three core divisions:
Iron Ore: Led by Matthew Holcz, integrating Pilbara, Iron Ore Company of Canada, and Simandou operations.
Aluminium & Lithium: Under Jérôme Pécresse, combining Atlantic and Pacific aluminium operations with the lithium business.
Copper: Managed by Katie Jackson, focusing on Kennecott, Escondida, and Oyu Tolgoi.
The Borates and Iron & Titanium businesses moved to Chief Commercial Officer Bold Baatar for strategic review. An update on these assets will be provided “in due course.”
This simplified structure aims to enhance accountability and sharpen focus on the most compelling opportunities. Rio has previously shifted focus toward critical minerals including copper and lithium to align with energy transition demand.
Lithium Integration Progresses
Following the March 2025 completion of the Arcadium acquisition, Rio Tinto Lithium continues integrating operations. Q3 production reached 13,000 tonnes of lithium carbonate equivalent, up 3% from Q2.
Key lithium developments:
- Lithium hydroxide production increased reflecting strong EV customer demand
- Mt Cattlin spodumene operation completed final stockpile shipment in July (operation on care and maintenance)
- Fenix annual maintenance completed in August
- Rincon expansion advancing with environmental approval secured
The $3.8 billion Rincon expansion targets 60,000 tonnes per annum of battery-grade lithium carbonate. First production is expected in 2028.
Market Context and Outlook
Global economic conditions showed modest improvement in Q3. Iron ore prices rebounded above $160 per tonne during the quarter, driven by elevated steel production in China.
Copper markets remained supported through Q3. LME prices averaged 444 cents per pound, up 3% from Q2. Supply disruptions and continued strong Chinese demand provided upward momentum.
Rio Tinto’s diversified commodity exposure provides resilience. The company maintains leading positions across iron ore, aluminium, copper, and emerging battery materials.
Investor Outlook
As of 14 October 2025, Rio Tinto shares trade on the ASX at $127.57, within a 52-week range of $100.750 – $130.230. The company commands a market capitalisation of approximately $46.47 billion.
The third-quarter production results demonstrate Rio’s operational capability across its global portfolio. Record performances at key growth assets like Oyu Tolgoi and the bauxite business validate the company’s focus on operational excellence.
Trott’s streamlined organisational structure aims to unlock additional shareholder value. The three-division model should enhance capital allocation discipline and accelerate decision-making.
With Simandou ore now moving to port and Oyu Tolgoi ramping up, Rio is positioned to deliver compelling mid-term production growth. The company remains on track to meet full-year guidance across its major commodities.
Upcoming catalysts include final commissioning of Simandou’s full system, continued Oyu Tolgoi ramp-up, and potential updates on the Borates and Iron & Titanium strategic reviews. These developments will shape Rio’s growth trajectory through 2026 and beyond.
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Frequently Asked Questions
Q: What were Rio Tinto’s main production highlights in Q3 2025?
A: Rio achieved back-to-back quarterly records at its bauxite operations (16.4Mt, up 9% YoY) and Oyu Tolgoi copper mine (89kt, up 78% YoY). Copper equivalent production increased 9% year-on-year across all assets.
Q: When will Simandou iron ore project ship its first ore?
A: First shipment from Simandou is expected around November 2025. The project started loading ore at the mine in October for movement down the rail to port. Initial shipments will use the WCS port.
Q: How is new CEO Simon Trott changing Rio Tinto’s structure?
A: Trott consolidated operations into three core divisions: Iron Ore, Aluminium & Lithium, and Copper. This simplified structure aims to enhance accountability and focus on the most compelling growth opportunities.
Q: What is Rio Tinto’s copper production guidance for 2025?
A: Rio is on track to achieve the higher end of its full-year copper guidance range of 780-850 kilotonnes. The strong performance is driven by the Oyu Tolgoi underground ramp-up in Mongolia.
Q: Did Rio Tinto upgrade any production guidance in Q3?
A: Yes, the company upgraded full-year bauxite production guidance from 57-59 million tonnes to 59-61 million tonnes. This reflects consistently higher utilisation rates, particularly at the Amrun mine in Queensland.
