Rio Tinto Targets 1 Million Tons Per Year of Copper Output

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

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Summary

Rio Tinto plans to sell US$5 billion to $10 billion in assets from its portfolio as it targets annual copper output to 1 million tons by 2030. The company also is aiming to produce roughly 200,000 tons of lithium per year by 2028, and seeks to maintain its position as the world's top iron ore producer.

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Rio Tinto Outlines Strategy, Production Targets

Rio Tinto (London, England) has outlined its strategy and announced production targets, with a focus on expanding current volumes and developing new assets in copper, iron ore and lithium.

Overall, the mining company expects to achieve a compound annual growth rate of 3% through 2030, while average operating unit costs are planned to fall by 4% per year in the same period.

Rio Tinto has outlined capital expenditures of roughly US$11 billion for 2026, driven by the Simandou iron ore project in Guinea, the Rincon lithium project in Argentina and replacement projects at its Australian Pilbara and Amrun mines. With the Oyu Tolgoi copper mine in Mongolia completed and ramping up, the company's capital expenditures are expected to fall to US$10 billion or less from 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more about the related projects and mines.

By the end of the decade, Rio Tinto expects to release between US$5 billion and US$10 billion from its asset base through disposals, partnerships or other structures to increase efficiency and reduce costs.

Mineral Production and Guidance

Copper production for 2025 is expected to be between 860,000 and 875,000 metric tons, after the company increased its projection twice in 2025. For 2026, guidance is set at between 800,000 and 870,000 metric tons, while for 2030, Rio Tinto expects to reach 1 million tons.

In terms of growth, the company expects to move forward with multiple projects in Australia as well as Resolution in the U.S., and Nuevo Cobre in Chile. Nuevo Cobre is only at the exploration stage with a drilling campaign underway.

Iron ore production this year will be between 339 million and 354 million tons, increasing slightly next year to between 343 million and 366 million tons, with the first 5 million to 10 million tons from the Simandou mine contributing to output.

With these volumes, Rio Tinto is expected to remain the world's largest iron ore producer, although Vale (Rio de Janeiro, Brazil) recently announced it expects to reach 360 million tons by the end of the decade.

Rio Tinto's production guidance for 2026 also calls for 61,000-64,000 tons of lithium carbonate equivalent. The company plans to boost capacity to 200,000 tons by 2028, with start-ups in Argentina and Canada and expansions in Chile.

The company expects to finish the year with aluminum volumes at the upper end of 3.25 million to 3.45 million tons, holding steady next year.

Key Takeaways

• Rio Tinto seeks to divest between US$5 billion and US$10 billion.
• Iron ore production for next year is set at 343 million-366 million tons.
• Copper guidance for 2026 is forecasted to reach between 800,000 to 870,000 metric tons.

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