Rio Tinto beats iron ore sales forecasts, on track for $5bn capital release

(Sharecast News) - Rio Tinto said it remains on track to unlock around $5bn of capital by the end of 2026 after strong operational performance helped third-quarter iron ore sales from its Pilbara operations beat market expectations.

The mining giant shipped 85.7m tonnes of iron ore in the three months to 30 September, up 2% year-on-year and ahead of analyst forecasts of 84.41m tonnes.

Rio also maintained its 2026 Pilbara iron ore shipment guidance of 323m to 338m tonnes. Having shipped 243.4m tonnes so far this year, the miner needs to deliver 79.6m tonnes in the fourth quarter to reach the lower end of that range, with the final quarter traditionally its strongest shipping period.

In lithium, Rio said full-year production is now expected to be at the lower end of its 61,000 to 64,000 tonne guidance range, reflecting a slower-than-expected ramp-up at the Sal de Vida project in Argentina.

Rio said the conflict in the Middle East continued to create volatility in energy and freight markets, although operations were largely unaffected. The miner reported no material disruption to production or supply chains and said fuel availability remained adequate, while it continued to monitor conditions in the Strait of Hormuz and maintain contingency plans.

Looking at its key markets, Rio said global growth eased slightly during the third quarter amid geopolitical and energy market uncertainty. Chinese economic activity moderated despite strong export and manufacturing performance, while the US economy remained resilient, supported by AI-related investment, business spending and consumer demand.

Reporting by Frank Prenesti for Sharecast.com