Rio Tinto 2026 CapEx Set at $11B, Down 3.5% on Project Completions
Rio Tinto will allocate $11 billion to capital expenditure in 2026, a 3.5% decline from 2025 driven by project completions and tighter cost controls. This aligns with a 3.8% increase in total CapEx among top 20 miners to $82.4 billion, underscoring sector investment in critical minerals.
1. 2026 Capital Expenditure Guidance
Rio Tinto plans to invest $11 billion in capital expenditure for 2026, representing a 3.5% reduction from the prior year. This normalisation reflects enhanced cost discipline, cancellation of non-core studies, and the winding down of major growth capital projects.
2. Major Project Completions
Key projects reaching completion include the Oyu Tolgoi copper development ($7.06 billion investment alongside the Government of Mongolia) and the Simandou iron-ore project (Rio Tinto share: $6.2 billion). The wrap-up of these flagship ventures contributes significantly to the year-on-year CapEx decline.
3. Sector CapEx Trends and Strategy
Total CapEx across the world’s top 20 miners is set to rise 3.8% to $82.4 billion in 2026, with spending prioritized toward copper, lithium and aluminium. Rio Tinto’s focused investment in critical minerals aligns with long-term demand growth for clean energy and electrification applications.