Rio Tinto has reported a 13 per cent year-on-year increase in copper equivalent production for the June 2025 quarter.
The mining giant produced 229,000 tonnes (t) of copper over the quarter, an increase of nine per cent on the March 2025 quarter, with production expected to hit the higher end of Rio Tinto’s full-year guidance of 780,000–850,000t.
Copper unit costs are forecast to land at the lower end of guidance thanks to strong volumes, higher gold by-product pricing, and continued cost control.
“We delivered excellent operational performance from our mine operations with record production from our bauxite business and from Oyu Tolgoi as it ramps up to become the world’s fourth largest copper mine before the end of the decade,” Rio Tinto chief executive officer Jakob Stausholm said.
“We will continue to drive progress towards our long-term strategy to deliver profitable growth and build a stronger, more diversified business.”
Copper prices recovered in the June quarter following a soft start in April, with the London Metal Exchange (LME) spot price rising by four per cent from 438 cents per pound to 455 per pound by the end of the period.
This was supported by a weakening US dollar, easing US–China tariffs and tightening global copper concentrate supplies. Meanwhile, Rio Tinto’s realised average copper price rose to 441 per pound in the June quarter, up from 430 per pound in the first quarter.
Oyu Tolgoi in Mongolia continues to ramp up its underground operations. It, alongside with the solid performance at the Escondida copper mine in Chile – of which Rio Tinto owns 30 per cent – is contributing meaningfully to the company’s copper growth ambitions.
The tightness in the global copper concentrate market, where some smelters outside China have reduced output while Chinese smelters increase refined production, is further underlining the importance of large-scale, low-cost supply.
“We continue to make strong progress in our production and growth projects,” Stausholm said, “accelerating the first shipment from the Simandou high-grade iron ore project in Guinea and achieving our highest Pilbara (June quarter) production since 2018.”