Rio Tinto reported a mixed Q3 2025 performance, with iron ore production up 1% year-over-year to 71.8 Mt (RIO's share) but shipments flat, while bauxite production surged 8.5% to a record 16.4 Mt, leading to raised full-year guidance for bauxite to 59-61 Mt. Copper output also increased 10% to 204 kt, driven by record production at Oyu Tolgoi, with 2025 copper guidance now expected at the higher end of 780-850 kt. However, Pilbara iron ore shipments for 2025 are projected at the lower end of 323-338 Mt due to cyclone impacts, with unit cash costs expected between $23.00 and $24.50 per ton.
Rio Tinto reported a mixed operational performance in Q3, with its share of iron ore production up 1% year-over-year to 71.8 Mt, while shipments saw a 1% decline to 71.4 Mt. Conversely, bauxite output surged 8.5% to a record 16.4 Mt, driven by Amrun operating above nameplate capacity, and copper production jumped 10% to 204 kt, largely due to a 78% increase at Oyu Tolgoi. Alumina and aluminum production also saw increases of 7% and 6% respectively. Looking ahead to 2025, Rio Tinto has raised its bauxite production guidance to 59-61 Mt, reflecting strong performance and higher utilization rates. Copper output is also anticipated at the higher end of its 780-850 kt range, while Pilbara iron ore shipments are expected at the lower end of 323-338 Mt, primarily due to Q1 cyclone impacts. The company projects Pilbara iron ore unit cash costs between $23.00 and $24.50 per ton, and copper C1 unit costs between $110 and $130 per pound. Despite a Zacks Rank #1 (Strong Buy), RIO shares have gained only 7.2% over the past year, significantly underperforming the industry's 21.7% growth.
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