The Rio Tinto Ltd (ASX: RIO) share price is in focus after releasing quarterly update for the three months to September 2026.
Rio Tinto is a global miner which produces iron ore, copper, aluminium and lithium.
September 2026 quarter
Rio Tinto told investors how much of each commodity it produced.
Global quarterly iron ore production was 89.7mt, up 2% year on year and up 3% quarter on quarter.
Rio Tinto said that Simandou (a new, large African iron ore project) hit an annualised production run-rate of around 10mt per year in the third quarter as the project ramps up and remains on track to reach a 60mt per annum production run-rate during the second half of 2028.
Copper production was 205kt for the quarter, which was flat year on year and down 4% quarter on quarter. Oyu Tolgoi’s production increased by 27% year on year in the third quarter.
Bauxite production came to 15.7mt in the third quarter of 2026, representing a 4% decline year on year and a 4% rise quarter on quarter.
Aluminium production was 0.8mt for the three months to September 2026, which was a 2% decline year on year and flat quarter on quarter.
Rio Tinto said that Pacific smelter repowering arrangements are no well progressed after the Tomago and Bell Bay power agreements in the third quarter.
Finally, in terms of lithium carbonate equivalent (LCE) production for the quarter, it produced 13kt – up 4% year on year but down 11% quarter on quarter.
The ASX mining share said that adverse weather impacted the third quarter operations. The Fenix ramp-up continues to progress well.
Management comments
The Rio Tinto CEO Simon Trott said:
We delivered strong operational performance in the third quarter. Oyu Tolgoi copper production increased 29% year-to-date, with the operation running at a ~450 kt annualised rate in the quarter, and global iron ore sales are up 3% year-to-date. The Simandou iron ore mine hit an annualised production run-rate of ~10 Mtpa (100% basis) in the quarter as the project continues to ramp up.
We are finishing the year with momentum, with significant opportunities to accelerate improvements in safety, productivity and reliability through implementation of our operating system. We remain on track for a $1.8 billion annualised productivity benefit run-rate by the end of 2026. Our major projects remain on schedule and budget, underwriting our growth profile to 2030.
We made further significant steps in decarbonising our business in the third quarter, with our Pacific Aluminium smelter repowering arrangements now well progressed.
Final thoughts on the Rio Tinto share price
I think Rio Tinto could be the most appealing ASX iron ore share to buy because it’s growing its exposure to decarbonisation commodities like copper and lithium, while also investing in iron ore outside of Australia.
There are a lot of positives to the business, though it’s not trading at a cheap price. I like to invest in cyclical stocks at a low point of the economic cycle. For now, I’m focused on other ASX dividend shares.
