Rio Tinto stock: Rio Tinto invests USD 1.9 billion in Queensland

Published on 10/23/2026 at 16:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Copper output rose 29.00 percent year to date in the third quarter of 2026. Rio Tinto stock costs EUR 74.12 on October 23, 2026 in trading.

Project and operating facts

Rio Tinto announced a USD 1.9 billion Kangwinan bauxite project on October 23, 2026.
Oyu Tolgoi copper production increased 29.00 percent year to date in the third quarter of 2026.
Rio Tinto stock costs EUR 74.12 at Lang & Schwarz on October 23, 2026 at 4:32 p.m. CEST.
BofA lowered its target from GBp 8,900.00 to GBp 8,800.00 on October 15, 2026.

Extreme Makroaufnahme von rostrotem Eisenerzgestein mit metallischer Textur — Rio Tinto plc (ISIN GB0007188757) fördert Rohstoffe wie Eisenerz, hier in extremer Makroaufnahme sichtbar, Illustration mit AI erstellt.

Rio Tinto (ISIN GB0007188757) will invest USD 1.9 billion in the Kangwinan bauxite project in Queensland, according to Rio Tinto on October 23, 2026. The stock was at EUR 74.12 at Lang & Schwarz on October 23, 2026 at 4:32 p.m. CEST.

Kangwinan expands the project pipeline

The Kangwinan development is designed to support Rio Tinto's Weipa operations and supply international customers and Australian alumina refineries. The announcement places bauxite capacity and long-term Australian operations at the center of the company's latest capital allocation decision.

The investment is also notable because it arrives after Rio Tinto's third-quarter operating update. The company said the project would underpin the future of Weipa operations, while the release did not provide a production start date or a project-level earnings forecast.

Copper growth offsets mixed output

Rio Tinto's third-quarter 2026 production report showed Oyu Tolgoi copper production up 29.00 percent year to date. Global iron ore sales reached 90.80 million tonnes in the quarter, an increase of 3.00 percent from the third quarter of 2025, according to Rio Tinto on October 14, 2026.

The operating mix was uneven. Bauxite production fell 4.00 percent year over year to 15.70 million tonnes, while alumina production rose 10.00 percent to 2.10 million tonnes in the third quarter of 2026. Rio Tinto kept its 2026 production guidance unchanged, including 800,000 to 870,000 tonnes of copper production.

Analyst caution meets a large investment

BofA lowered its Rio Tinto target from GBp 8,900.00 to GBp 8,800.00 and kept a Neutral rating on October 15, 2026. Markets Insider reported that the revision reflected production results and a more cautious view on costs.

Trading frame for Rio Tinto stock

The quoted company value was USD 135.0 billion on October 23, 2026, with a reported trailing price-to-earnings ratio of 11.22 and a 52-week range of USD 67.74 to USD 112.58. Those figures place the investment story against a valuation that remains closely tied to commodity prices, project execution and operating costs.

Project scale and operating context

The Kangwinan commitment adds a USD 1.9 billion growth project to a portfolio that also includes Simandou and the Oyu Tolgoi expansion. For investors, the main measurable counterweight is the 4.00 percent annual decline in third-quarter bauxite production even as copper and iron ore delivered year-to-date gains.

Market position

Rio Tinto stock was trading at EUR 74.12 at Lang & Schwarz on October 23, 2026 at 4:32 p.m. CEST. The latest operating figures show stronger copper and iron ore volumes alongside weaker bauxite output, leaving execution of the new Queensland project as the central company-specific issue.

The further course of trading is shown by the continuously updated real-time quote of Rio Tinto stock.