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Rio Tinto

Stronger, sharper and simpler, 2025 to 2030

To become the most valued metals and mining company
Rio Tinto’s mission

Stronger, sharper and simpler

Rio Tinto mines iron ore, copper, aluminium, and lithium, and made $14.8 billion of underlying EBITDA in the first half of 2026, up 28%. At its Capital Markets Day in December 2025, its chief executive, Simon Trott, set out a plan to make it stronger, sharper and simpler, on three pillars: operational excellence, project execution, and capital discipline, with copper equivalent production growing about 3% a year to 2030.

Bench 1

Operational excellence

Three world-class businesses, Iron Ore, Copper, and Aluminium & Lithium, with safety first and a relentless focus on productivity.

  1. 01Three businessesStreamline into three businesses, Iron Ore, Copper, and Aluminium & Lithium, with fewer layers and accountability devolved to the assets.
  2. 02ProductivityReach an annualised run rate of $1.8 billion of productivity benefits by the end of 2026.
  3. 03Unit costsCut operating unit costs by about 4% a year from 2024 to 2030.,

29 July 2026Productivity benefits reached a $1.3 billion annualised run rate in the first half of 2026, with $870 million banked.

29 July 2026The Pilbara produced its most iron ore in a first half since 2018.

29 July 2026Copper equivalent production grew 3% in the first half.

Copper, aluminium, and lithium made more than half of Rio Tinto’s EBITDA in the first half of 2026

Copper’s underlying EBITDA rose 84%, to $5.7 billion, on higher prices and output from Oyu Tolgoi, while iron ore’s held at $6.8 billion. Rio Tinto expects its EBITDA to rise by as much as 40–50% by 2030 at long-run consensus prices.,

$6.8bnIron Ore$5.7bnCopper$3.3bnAluminium & Lithium

Each pile’s face is as large in area as the half year’s underlying EBITDA.

Rio Tinto aims for $1.8 billion a year of productivity benefits by the end of 2026

The programme simplified the organisation into three product groups, stopped non-core projects and studies, and works on eliminating waste at the operations. By June 2026 it had banked $870 million.,

$1.30bn

annualised run rate, June 2026

Brim: $1.8bn target, end of 2026

The load is as deep as the run rate reached, against the target at the brim.

  1. Count the savings as a run rate and as cash.

    Rio Tinto reports its productivity programme two ways: the annualised run rate it has reached, $1.3 billion by June 2026, and the money actually banked so far, $870 million. We recommend reporting both for any savings programme, so that the promise and the cash in hand are never confused.

  2. Fewer businesses, clearer owners.

    Rio Tinto streamlined into three businesses, Iron Ore, Copper, and Aluminium & Lithium, removed layers, and devolved accountability to the assets. We recommend organising around the few businesses that make the money, so that each has one owner and its results cannot hide inside another’s.

  3. Spend now, with the date it falls.

    Rio Tinto is spending heavily to finish Simandou, Oyu Tolgoi underground, and its lithium projects, and has said when capital spending falls back: below $10 billion a year from 2028. We recommend giving a peak in investment an end date in the plan, so that investors and teams can see the payoff coming.

Sources

  1. 1. Rio Tinto (2025). Stronger, sharper and simpler Rio Tinto to deliver leading returns. Company announcement, 4 December 2025. sec.gov
  2. 2. Rio Tinto (2026). 2026 half year results. Results statement, 29 July 2026. riotinto.com

Headwater is not connected with Rio Tinto plc or Rio Tinto Limited. Rio Tinto is a trade mark of its owners. Updated 5 October 2026.

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