Rio Tinto on track to release $5bn in capital after stronger Q3 iron-ore sales

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Diversified miner Rio Tinto said on Wednesday it was on track to release about $5-billion in capital by the end of 2026, after strong mine performance helped lift third-quarter iron-ore sales from its Pilbara operations above market expectations.

The world's largest iron-ore producer sold 85.7-million metric tons of the steel-making commodity from Pilbara in the quarter ended September 30, up 2% from a year earlier and ahead of a Visible Alpha consensus estimate of 84.41-million tons.

The miner said it had already released more than $2-billion in capital this year under a $5-billion to $10-billion optimisation programme, which was unveiled at its 2025 Capital Markets Day, and is aimed at supporting higher-return growth projects.

Rio shares were volatile in early trade, rising as much as 0.9% before reversing course to trade 0.2% lower at A$160.67 by 00:17 GMT.

Copper output was broadly flat at 205 000 tons as a 27% rise at Mongolia's Oyu Tolgoi mine offset lower production at Chile's Escondida and weaker refined copper output from Kennecott in the United States.

Rio maintained its 2026 Pilbara iron-ore sales forecast of 323-million to 338-million tons. It has shipped 243.4-million tons so far this year, implying it needs to ship 79.6-million tons in the fourth quarter to reach the lower end of the target range. The fourth quarter is typically Rio's strongest period.

In lithium, Rio said full-year production was now expected at the lower end of its 61 000 to 64 000 ton forecast range, citing a slower-than-anticipated ramp-up at its Sal de Vida project in Argentina.

Rio's Simandou project in Guinea sold 1.7-million wet metric tons of iron-ore in the first nine months. To meet the lower end of its full-year sales forecast of five-million to ten-million tons, the project will need to sell about 3.3-million tons in the December quarter.