The Rio Tinto Ltd (ASX: RIO) share price is under the spotlight after the ASX mining share announced its 2026 Q1 quarterly performance.
Rio Tinto is one of the world’s largest miners, producing commodities like copper, iron ore and aluminium. It also has a number of lithium projects.
Rio Tinto 2026 first-quarter production
The miner reported that in the three months to 31 March 2026, global iron ore production increased by 12% to 82.8mt.
In Pilbara, iron ore production rose 13% to 78.8mt, which was the second-strongest first-quarter Pilbara production since 2018. Sales were only up 2% because tropical cyclones impacted Pilbara shipments by approximately 8mt, with around half expected to be recovered.
Rio Tinto also noted that the first full SimFer shipment of high-grade Simandou product was successfully delivered to China, with the first sales realised in April.
Turning to copper, the ASX mining share reported that production grew by 9% year on year to 229kt. It reported that this was supported by the continued successful ramp-up of Oyu Tolgoi (in Mongolia).
Rio Tinto also noted that drilling at Resolution, a copper project, is now underway after completion of the land exchange in March.
Looking at aluminium, the ASX mining share said strength and agility were demonstrated across its integrated value chain, offsetting weather-related disruptions in bauxite.
Lithium carbonate equivalent (LCE) production came to 12.7kt, whereas it didn’t produce any in the prior corresponding period. Rio Tinto said that both Fenix 1B and Sal de Vida achieved mechanical completion as planned, with first production on track for the second half of 2026.
Management commentary
The Rio Tinto CEO Simon Trott said:
Safety is the foundation of our business. The tragic loss of two colleagues this year, at Simandou and Kennecott, is a stark reminder that we must ensure everyone goes home safely at the end of every shift.
Operating excellence drove 9% YoY copper equivalent production growth across our portfolio as the Oyu Tolgoi copper mine continues to ramp up as planned and our integrated aluminium business, again, delivered a strong performance.
Our Pilbara iron ore mines performed strongly, while shipments were impacted by two cyclones in the quarter. We achieved the historic land exchange at Resolution Copper, with our project team focused on unlocking the next phase of one of the world’s largest untapped copper deposits.
The unmatchable mix and scale of our portfolio has ensured growth and supply chain resilience against changing operating conditions as we continue to closely monitor the evolving situation in the Middle East. Our stronger, sharper, simpler way of working is enabling us to move at pace to achieve productivity benefits across the business. The first $650m of annualised benefits is now fully implemented, as promised, with substantially more underway.
Final thoughts on the Rio Tinto share price
I believe Rio Tinto is one of the most appealing ASX mining shares, with growing exposure to future-facing commodities like copper and lithium. The longer-term increase of demand for those resource prices should help Rio Tinto’s profitability.
The fact that Rio Tinto has exposure to Simandou is a pleasing factor because it’s diversifying away from Australian iron ore, which is probably a good tactic.
However, with the Rio Tinto share price up 30% in the last six months, I don’t think it’s at great value. If it were to go through a weak period, then I’d call it a useful, cyclical and contrarian buy.
