Rio Tinto plc (RIO)

Rio Tinto mines and processes iron ore, aluminium, copper and lithium. It reports three product groups, Iron Ore, Aluminium & Lithium, and Copper. It is structured as a dual-listed company. Figures are stated in US dollars.

Iron Ore

This is the largest product group, with segmental sales of $28,989 million in 2025 against $31,601 million, 8% lower. Pilbara shipments were 326.2 million tonnes on a 100% basis, 1% below 2024, after four cyclones hit in the first quarter and mining rates then set records from April. The average realised Pilbara price was $90.0 per dry metric tonne on a free on board basis, 8% lower, and Iron Ore Company of Canada pellets realised $125.7 per wet metric tonne, 13% lower. Underlying earnings before interest, tax, depreciation and amortisation fell 11%, which the filing attributes mainly to those lower realised prices alongside inflation, partly offset by a 1% rise in shipments on a consolidated basis. Pilbara unit costs came down from $24.3 per tonne in the first half to $23.5 per tonne for the full year, still $0.5 higher than 2024. Simandou produced its first 1.0 million tonnes on a Rio Tinto share basis, salt production was 4.8 million tonnes and Canadian pellets and concentrates 9.3 million tonnes. Freight included in segmental sales for the Pilbara was $2.1 billion against $2.3 billion.

Aluminium & Lithium

Segmental sales were $17,056 million against $13,650 million, 25% higher. Bauxite production was 62,400 thousand tonnes on a Rio Tinto share basis, 6% higher, alumina 7,593 thousand tonnes, 4% higher, and aluminium 3,380 thousand tonnes, 3% higher. The average realised aluminium price was $3,318 per tonne, 17% higher, and underlying earnings before interest, tax, depreciation and amortisation rose 29%. Lithium carbonate equivalent production was 57 thousand tonnes, the first year it is reported.

Copper

Segmental sales were $13,729 million against $9,275 million, 48% higher. Copper production on a consolidated basis was 883 thousand tonnes, 11% higher, and mined gold 464 thousand ounces, 65% higher. The average realised copper price was 457 US cents a pound, 8% higher, and underlying earnings before interest, tax, depreciation and amortisation more than doubled, rising 114%. The underlying return on capital employed for the product group operations was 14% against 6%.

How it runs the sites

The Safe Production System was deployed at 100% of managed sites during 2025, against 86% a year earlier, and the filing credits it for bauxite production. A biofuel trial ran across the Western Australian iron ore ports, railways and mines to understand how renewable diesel could work across the Pilbara operations ahead of wider electrification. At the end of the year, with BHP and Caterpillar, the company welcomed Australia's first Cat 793 XE Early Learner battery-electric haul trucks to BHP's Jimblebar iron ore mine.

The market it sells into

Global seaborne iron ore shipments rose around 2% to 1.6 billion tonnes in 2025, with the major producers' combined exports effectively unchanged at around 1.25 billion tonnes, while smaller and typically higher-cost projects lifted the non-major producers above 370 million tonnes for the first time. Steel production in the major importers of Chinese steel, such as ASEAN, the Middle East and India, also expanded during the year. The Platts 62% index on a free on board basis averaged $92.5 per dry metric tonne against $98.4.

From Rio Tinto's annual report on Form 20-F for the year ended 31 December 2025. That filing carries no Item 4 or Item 5 heading in its body, using a cross-reference index at the front instead, so the annual report is read as one whole document rather than from separately located sections. The filing