Finance
Rio Tinto's fourth-quarter iron ore, copper output beat estimates
Published by Global Banking and Finance Review
Posted on January 20, 2026
2 min readLast updated: January 20, 2026
Quick Summary
Rio Tinto's Q4 iron ore shipments increased by 7%, driven by strong Chinese demand and record Pilbara production. Copper output also rose 5%.
Rio Tinto Exceeds Expectations in Q4 Iron Ore and Copper Production
Rio Tinto's Production Performance
Jan 21 (Reuters) - Rio Tinto beat expectations for quarterly iron ore and copper production on Wednesday and looked set to retain its crown as world's top producer of the key steel-making ingredient.
Quarterly Iron Ore and Copper Output
The Anglo-Australian miner shipped 91.3 million tonnes (Mt) of the steel-making commodity from its Pilbara operations in the three months ended December 31, compared with 85.7 Mt shipped last year and exceeding Visible Alpha consensus estimate of 88.2 Mt.
Annual Production Overview
Rio shipped 326.2 Mt of iron ore from its Pilbara operations in 2025, landing at the lower end of its forecast range of 323 to 338 Mt.
Potential Glencore Tie-Up
Rio Tinto has come close to losing its crown as the world's top producer of the key steel-making ingredient, with total production for the year, including from its Canadian operations, coming at 336.6 Mt.
Vale, which reports on Monday, said in October it was tracking towards the upper end of its forecast range at 325 to 335 Mt.
Rio Tinto, which is in early takeover talks with Glencore, said mined copper production on a consolidated basis grew 5% to 240,000 tonnes in the quarter, higher than Visible Alpha consensus estimate of 214,400 tonnes.
Annual copper production grew 11% to 883,000 tonnes, coming higher than the top end of Rio's forecast range, driven by the continued underground ramp-up, higher grades and recovery rates at its Oyu Tolgoi mine in Mongolia.
A potential tie-up with Glencore could buttress Rio's copper portfolio as surging demand from artificial intelligence and energy transition boosts the appeal of the highly conductive metal.
Rio said it will release the unit cost performance for 2025 and 2026 forecast in its full year results release on February 19.
(Reporting by Himanshi Akhand and Roshan Thomas in Bengaluru)
Key Takeaways
- •Rio Tinto's Q4 iron ore shipments rose by 7%.
- •Record production from Pilbara operations boosted results.
- •Strong demand from China supported iron ore prices.
- •Rio Tinto's copper production increased by 5%.
- •Potential merger talks with Glencore are underway.
Frequently Asked Questions about Rio Tinto's fourth-quarter iron ore, copper output beat estimates
1What is iron ore?
Iron ore is a mineral from which iron is extracted. It is a key raw material for steel production and is primarily mined in countries like Australia and Brazil.
2What is copper production?
Copper production refers to the process of extracting copper from its ores. It is essential for electrical wiring, plumbing, and various industrial applications.
3What is commodity trading?
Commodity trading involves buying and selling raw materials or primary products, such as metals, energy, and agricultural goods, on exchanges or over-the-counter markets.
4What is a merger?
A merger is a business transaction where two companies combine to form a new entity, often to enhance competitive advantage or market share.
5What are quarterly shipments?
Quarterly shipments refer to the volume of goods delivered by a company within a three-month period, often used to assess performance and demand.
