Rio Tinto Q4 Iron Shipments Up 7% to 91.3 Mt; Simandou Commissioning Starts
Rio Tinto’s Pilbara iron ore shipments rose 7% to 91.3 Mt in Q4 2025, while production climbed 4% to 89.7 Mt despite earlier weather disruptions. Major growth projects include a $191 million Rhodes Ridge feasibility study targeting 40–50 Mtpa by 2029 and first-ore commissioning at the Simandou mine infrastructure.
1. Q4 2025 Production and Shipments
Rio Tinto posted Pilbara iron ore shipments of 91.3 Mt in Q4 2025, a 7% year-over-year increase, while production reached 89.7 Mt, up 4% despite weather-related disruptions earlier in the year. The robust output reflected sustained operational efficiency across Western Australia assets.
2. Major Growth Projects Underway
The company’s Pilbara Blend strategy improved product mix, lowering SP10 volumes as planned. In December 2025, a $191 million feasibility study for the Rhodes Ridge joint venture was approved, targeting 40–50 Mtpa by 2029, and Simandou project commissioning began with first ore loaded in October 2025.
3. Market Position and Valuation
Rio Tinto’s shares gained 57.2% over the past six months, outperforming the industry’s 42.4% growth. At a forward P/E of 11.9x versus the industry average of 16.0x, the stock trades at a discount while major peers Vale and BHP reported 90.4 Mt and 263 Mt iron ore outputs respectively.