Rio Tinto maintains iron ore guidance amid strong Pilbara performance

Rio Tinto has maintained its annual iron ore sales guidance despite geopolitical tensions in the Middle East. The company reported a 3 percent year-to-date increase in global iron ore sales, driven largely by strong operational performance in its Pilbara operations in Australia.

During the September quarter, Pilbara sales reached 85.7 million tonnes, a 2 percent increase year-on-year. The company also reported consolidated copper production of 205,000 tonnes for the quarter. CEO Simon Trott noted that major projects remain on schedule and budget, including the Simandou iron ore project in Guinea, which has reached an annualized production run-rate of approximately 10 million tonnes per annum.

Additionally, copper production at the Oyu Tolgoi mine in Mongolia increased by 29 percent year-to-date due to underground operation ramp-ups and higher ore grades. Rio Tinto aims to achieve a $1.8 billion annualized productivity benefit run-rate by the end of 2026.