Business
Fourth quarter production results
Rio Tinto reported strong fourth quarter and full-year 2025 production results, with copper equivalent production up 8% year-on-year, driven by the ramp-up at Oyu Tolgoi and a record year for bauxite. Pilbara iron ore shipments increased 7% in Q4, and the Simandou project achieved its first shipment. Copper production grew 11% year-on-year, exceeding guidance, and lithium operations saw record quarterly production. Exploration and evaluation expenditure decreased to $795 million in 2025 from $935 million in 2024, largely due to the capitalization of qualifying expenditure at the Rincon project. Disclaimer*
About this update from Rio Tinto Plc
[{"type":"text","content":"\n\n \nRio Tinto releases fourth quarter 2025 production results\n21 January 2026\nStandout production results with +8% CuEq production growth in 2025\nRio Tinto Chief Executive Simon Trott said: \"Our operations delivered exceptional production performance, both on a quarter-on-quarter and full year basis, as we leverage our strong foundation of operating excellence and project delivery across our portfolio.\n\"We achieved record quarterly iron ore production in the Pilbara, with a strong recovery from the extreme weather interruptions earlier in the year. At Simandou, we celebrated the major milestone of first shipment from the port; a testament to our ability to deliver major growth projects.\n\"Record copper production continues following delivery of our Oyu Tolgoi underground project, another demonstration of our unique and diverse project capabilities.\n\"A step change in bauxite production through the year once again highlights the ongoing maturation of our operational excellence.\n\"In lithium, we achieved production growth from our operations and in-flight projects as planned in 2025, as we build out our high-quality portfolio with discipline. \n\"Implementation of our stronger, sharper, simpler way of working continues, and is delivering results and creating value.\" \n \n1. Executive Summary\n• Operational excellence: Copper equivalent (CuEq)1 production rose 8% YoY in 2025, with shipments up 5%, driven by the strong ramp-up of Oyu Tolgoi, a record year for bauxite production and our world-class lithium business.\n• Iron ore: Pilbara operations achieved record Q4 production, +4% YoY, and shipments, +7% YoY, while the exceptional development pace at Simandou continued with the start of operations and first shipment in Q4.\n• Aluminium: Production strength and agility demonstrated across the aluminium value chain in 2025.\n• Lithium: Achieved record quarterly production from our operating assets in Argentina.\n• Copper: Annual production grew 11% YoY, exceeding the top end of our increased guidance range, driven by the successful ramp-up of Oyu Tolgoi, where the underground development project is now complete.\n\n\n\n\nProduction2\n\n\n \n\n\nQ4\n2025\n\n\nvs Q4\n2024\n\n...