Rio Tinto Group RIO reported iron ore shipments from Pilbara (on a 100% basis) of 85.7 million tons (Mt) for the third quarter of 2026, which increased 2% year over year. On a sequential basis, shipments remained flat. Total iron ore production from Pilbara for the quarter was 83.4 Mt, down 1% from the year-ago quarter.
Bauxite production dipped 4% year over year to 15.7 Mt in the third quarter. However, the figure marked a 4% increase from second-quarter 2026. Rio Tinto’s aluminum output dipped 2% year over year to 0.8 MT. Alumina production increased 10% to 2.1 Mt.
In the third quarter, mined copper production was 205 thousand tons, flat with the year-ago quarter. Production at Kennecott was 10% lower year over year due to lower cathode production. Copper production at Escondida decreased 29% due to planned lower feed grades.
Oyu Tolgoi’s production rose 27% year over year to 114 thousand tons, driven by the ramp-up of underground operations with higher recoveries. Titanium dioxide slag production declined 17% from the year-ago quarter, led by weak market conditions.
Rio Tinto’s Production Guidance for 2026
RIO expects Pilbara iron ore shipments (100% basis) between 323-338 Mt. Pilbara iron ore shipments were 326.2 MT in 2025. The company retains its Bauxite guidance at 58-61 Mt, whereas it produced 62.4 MT in 2025. Alumina production is anticipated between 7.6 and 8 Mt, while aluminum production is expected to be 3.25-3.45 Mt for 2026. The company produced 7.9 MT of alumina and 3.4 MT of aluminum in 2025.
The copper output guidance remains unchanged at 800-870 kt. Rio Tinto expects Pilbara iron ore unit cash costs between $23.5 and $25 per ton compared with $23.50 per ton in 2025. Copper C1 unit costs are forecast between $30 and $50 per pound in 2026, whereas it reported $67 in 2025.
RIO Share Price Performance
In a year, shares of the company have gained 32.6% compared with the industry’s 16.2% growth.
Rio Tinto’s Zacks Rank & Stocks to Consider
RIO currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Air Products and Chemicals, Inc. APD and Axalta Coating Systems Ltd. AXTA. These three stocks carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 8.4%. The Zacks Consensus Estimate for CRS’ fiscal 2027 earnings is pegged at $13.25 per share. Carpenter Technology shares soared 56.8% in the last year.
Air Products has an average trailing four-quarter earnings surprise of 2.9%. The Zacks Consensus Estimate for APD’s 2026 earnings is pegged at $13.46 per share, indicating year-over-year growth of 11.9%. Air Products shares rose 13.6% in the last year.
The Zacks Consensus Estimate for Axalta Coating Systems’ 2026 earnings is pegged at $2.63 per share, indicating year-over-year growth of 5.6%. Axalta Coating Systems has an average trailing four-quarter earnings surprise of 6.5%. AXTA shares jumped 20.2% in the last year.
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Rio Tinto PLC (RIO): Free Stock Analysis Report
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