Argentina takes fight with UK over Falklands’ oil industry to international tribunal
Sunlight breaks through the clouds over Stanley on the Falkland Islands, also known as Islas Malvinas, March 14, 2026. (AP Photo/Ricardo Mazalan, File)
BUENOS AIRES, Argentina (AP) — Argentina said Tuesday it had asked an international maritime tribunal to halt oil development off the disputed Falkland Islands, escalating its confrontation with the United Kingdom over the archipelago’s first commercial oil project.
The office of President Javier Milei said it had filed a request for provisional measures with the International Tribunal for the Law of the Sea in Hamburg, Germany, seeking to stop the development of Sea Lion, a $2.2-billion Israeli-British oil project north of the islands, to “preserve Argentina’s sovereign rights.”
The British-controlled Falklands are an enduring national obsession in Argentina, which calls them the Malvinas and maintains that Britain has illegally occupied them since 1833. London rejects that claim, citing the islanders’ desire to remain a British overseas territory.
Responding to Argentina’s request for a tribunal order on Tuesday, U.K. Foreign Office Minister Uma Kumaran said Argentina was attempting to use “measures beyond its jurisdiction” as a form of economic coercion.
“The Sea Lion field lies on the Falkland Islands’ continental shelf. The project is lawful and regulated by the democratically elected Falkland Islands government. Argentina has no jurisdiction over it,” she said Tuesday in the House of Commons. “Let me be absolutely clear: This government will not stand by while Argentina uses economic coercion against the people of the Falkland Islands. We will do whatever it takes to support them.”
Argentina’s military dictatorship invaded the archipelago in 1982 in an attempt to seize the territory from the U.K. The brutal 10-week war ended with Argentine surrender and left 649 Argentine troops, 255 British personnel and three islanders dead.
The latest dispute centers on the Sea Lion project, an offshore oilfield about 220 kilometers (140 miles) north of the islands that could transform the small, fishing-dependent economy. After years of delays and disruptions, the developers, Israel’s Navitas Petroleum and Britain’s Rockhopper Exploration, expect to start production in 2028.
In recent weeks, Milei has ramped up his country’s claim to the Falklands, declaring the islands’ nascent oil industry a threat to Argentina’s sovereignty and a bid to steal its natural resources.
He has launched criminal charges against the executives and shareholders of the Sea Lion project and proposed legislation to toughen and expand sanctions against companies and suppliers exploiting the islands’ resources without Argentine authorization. Analysts say Milei is tapping into a cause with broad political support to shore up his popularity as the economy sputters ahead of next year’s presidential election.
Britain has defended the islanders’ right to develop their natural resources and pledged support for companies operating there.
The Hamburg-based tribunal is an independent international court established under the U.N. Convention on the Law of the Sea to settle disputes over maritime rights. Its rulings are legally binding, but it has no way to enforce them if a country refuses to comply.
Taipei [Taiwan] October 14 (ANI): Taiwan's Foreign Minister Lin Chia-lung has warned the European Union (EU) that excessive dependence on Chinese suppliers could threaten Europe's freedom and sovereignty, as EU leaders prepare to discuss trade relations with Beijing at a summit in Brussels, according to a report by Taipei Times.
Speaking at the Warsaw Security Forum in Poland, Lin argued that China's political system and growing economic influence posed risks beyond trade, particularly if European countries became overly reliant on Beijing in strategically important sectors.
"Because China's authoritarian ideology is fundamentally incompatible with Europe's democracy, dependence on China is not merely an economic risk, it's a threat to European freedom and sovereignty itself," Lin said, as cited by Taipei Times.
He further warned that excessive reliance on Chinese supply chains could undermine Europe's independence, stating, "A Europe controlled through its supply chains would be a Europe that had surrendered part of its liberty."
According to Taipei Times, China is expected to feature prominently in discussions at the EU leaders' summit, with Brussels seeking to address the bloc's trade deficit with Beijing and reduce dependence on Chinese suppliers in sensitive industries.
The Chinese Embassy in Warsaw did not immediately respond to an emailed request for comment, the report said.
Lin also highlighted the potential benefits of closer economic cooperation between Taiwan and Europe, pointing to their shared commitment to democracy, freedom, human rights and the rule of law.
"Taiwan and Europe share the values that matter most: democracy, freedom, human rights and the rule of law," Lin said, according to Taipei Times. He added that Taiwan's innovation-driven economic model, which has contributed to technological development in Silicon Valley, could also benefit Europe.
The report noted that Taiwanese foreign ministers have historically made relatively few visits to Europe because of objections from Beijing. However, Lin has travelled to the region several times since assuming his current position more than two years ago, including visits to Poland.
Taiwan has been seeking to strengthen its relations with European countries, particularly since Russia's full-scale invasion of Ukraine in 2022.
Meanwhile, the EU and China continue to face disagreements over trade imbalances and Beijing's position on Russia. European concerns about China's economic influence and its perceived support for Moscow have added to tensions between Brussels and Beijing. (ANI)
Summary
New U.S. inflation data for headline and core changes have just been released, and they were both above expectations:
As a result, the market is immediately adjusting prices to the latest news: precious metals and equities are declining, bond yields and the U.S. Dollar (DXY) are rising. Higher than expected CPI data are associated with risk-off sentiment, something that I believe will gain traction over the next months. Today’s CPI data were mainly influenced by higher energy costs, but in 2027 food prices could further exacerbate this trend.
For now, it's just a matter of oil
Since the Middle East war started, all the attention has shifted to energy prices as the Strait of Hormuz is one of the most important energy chokepoints in the world. In fact, eight months after the war broke out, filling up the tank has never been so expensive.
In hindsight, our concerns were legitimate and we currently see no end in sight. As I expressed in a recent article, I see a further escalation right after the midterms, namely when there are no longer political brakes. The fact that the U.S. is sending more troops in the region supports this thesis.
Either way, the core of this article is not about the Middle East war and energy prices, but a second order effect that the market is currently downplaying: increase in food prices. Food has a major weight on headline CPI numbers (~ 15%), however, official data indicates a very modest increase, both in US and in EU:
Basically, the recent global upturn of the inflation rate has been driven almost entirely by energy prices. Food is not yet part of the equation, however, in a few months the trend might change.
The phases behind food inflation
Energy inflation hits the economy almost immediately as electricity costs and gas stations can easily adjust their prices. In fact, fuel supply shocks have a major impact on CPI shortly after they occur. This was the first order effect of the Hormuz crisis and we have all noticed it whenever we fill up the gas tank. There is no intermediate phase, just a direct blow to our wallets.
Different argument for the food supply chain. The Hormuz crisis is not just a problem for oil products supply, but for many other crucial components like fertilizers (urea prices rose ~ 80% in the following weeks). However, as consumers, we don’t see the food inflation coming because shelves are still crowded with products made a year ago. The food inflation cycle approximately works in the following way:
Clearly, the timing in which each phases happen can’t be precise, but we can reasonably expect that one year from the energy crisis trigger is enough to generate considerable damages to the food supply. In a couple of weeks we will be entering the eighth month of the war, and with no end in sight, the one year threshold seems within reach. In case you have been wondering, we have amply passed the phase one: according to Forbes, 70% of the surveyed farmers were unable to afford fertilizers for the next planting season. This survey dates back to early April, so that planting season has probably already happened.
Mother Nature isn't helping
The irony of fate is that Mother Nature won’t help either this fall/winter, quite the opposite. Experts are pretty sure: we are about to face the strongest super El Niño ever recorded.
El Niño is a natural phenomenon that warms the Pacific Ocean, so nothing really new. However, when the sea surface temperature exceeds +2,0 C°, then we have a super El Niño, which is an anomaly that happens every 10-15 years. This year, in the midst of an energy crisis and already low crop yields, we are probably going to witness a record high sea surface temperature. As you might have already guessed, such a natural anomaly typically causes other imbalances in the world. Here are the most important consequences you need to know based on previous Super El Niño occurrences:
It is not guaranteed that the current Super El Niño will cause significant problems for farmers. Of course, we hope everything will be alright, however, such a risk is quite high. The World Food Programme has already sounded the alarm: 2015-2016 Super El Niño impacted the food security of up to 100 million people, 2026-2027 El Niño could bring additional 49 million people into acute hunger.
Conclusion
The CPI data have been slightly higher than forecasts, and oil prices haven’t gotten any better this month: October CPI (released in November) will probably be hit by sky-high fuel prices as well. However, in late 2026/early 2027, I believe food inflation will step in, further exacerbating the inflation upward trend. The market is not pricing in any of these variables as it sees the end of the Middle East war shortly after midterms. In my opinion, that’s when things will get more stressed.
Iran has quite obviously been surging its attacks on commercial shipping in the Strait of Hormuz in an attempt to wreak uncertainty and economic havoc for the Trump administration ahead of the November midterm elections, undermining a recent recovery in Persian Gulf oil shipments.
The attacks are now coming so frequently it is difficult to track. One source tallies of recent days, "Twelve vessels were attacked between October 5 and 11, including six on Sunday alone, and on Tuesday a tanker and a container ship were struck by unknown projectiles, according to UK Maritime Trade Operations (UKMTO), marking one of the most intense periods of attacks since the war began."
Iran state media published images of a container ship sinking Wednesday.
Other outlets also confirmed the single-day record of six attacks this past Sunday. It is some time before confirmation of all these vessels' status emerges amid the fog of war in the contested strait.
The prominent and outspoken secretary of Iran’s supreme national security council, Mohsen Rezaei, has meanwhile affirmed that the IRGC was striking vessels nightly, and is likely to keep doing so.
"We target five or six of these every night," he told state TV. "Hormuz is under the control of the Islamic Republic."
While the US has been touting a successful naval escort mission to get unprecedented numbers (for wartime) of tankers through the strait, Rezaei said that the US is merely using small craft to smuggle Iranian oil onto larger tankers out at sea, and then doing ship-to-ship transfer.
Tehran has claimed further that American naval ships don't dare come close to Iran's shores, on fears of being hit.
On Wednesday, Iran's military has announced yet another attack, this time on a container ship. Al Jazeera reports of the notification:
Iran’s Islamic Revolutionary Guard Corps says that a container ship "carrying contraband" and attempting to pass through "an unauthorized and dangerous route" in the Strait of Hormuz exploded and caught fire after striking a naval mine.
Overall, for the month of October, we've seen at least 24 foreign vessels targeted and hit by Iranian forces. If this keeps up, oil prices are likely to be soaring by month's end.
"At least 18 ships were hit between Oct. 1 and Oct. 11, according to the UKMTO, with another six attacks recorded by other European security sources, the Financial Times reported," the NY Post comments.
New Delhi [India], October 14 (ANI): Global oil demand is expected to decline by 2.6 million barrels per day (mb/d) in 2026, with diesel accounting for 25 per cent of the dip, according to the International Energy Agency (IEA).
In its latest report, the IEA noted that the Iran war is weighing on global oil demand amid fuel shortages, soaring prices and deteriorating economic conditions.
Although global oil demand is expected to recover by 2 million barrels per day in 2027, it will still remain 620,000 barrels per day, or 0.6 per cent, below 2025 levels, the agency said.
"World oil demand is forecast to fall by 2.5 mb/d y-o-y in 4Q26 and 2.6 mb/d on average in 2026. As the Iran war manifests itself through restricted product availability, soaring fuel prices and a deteriorating economic outlook, diesel will register 25% of the drop. A partial recovery, of 2 mb/d, will leave 2027 global oil use 620 kb/d, or 0.6%, below 2025 levels," it said.
The IEA, in its latest October report, said global oil supply rose by 2.5 million barrels per day (mb/d) month-on-month to 102.3 mb/d in September, driven largely by Gulf producers. OPEC+ output increased by 2.1 mb/d, led by Saudi Arabia, while the UAE accounted for most of the gains outside OPEC+.
The agency also projected global oil supply to decline by an average of 5.8 mb/d to 100.7 mb/d in 2026, before rebounding by 7.7 mb/d in 2027. However, renewed attacks in the Gulf "leave the recovery fragile."
Apart from this, higher shipping and crude oil costs have squeezed refinery margins in Europe and Asia, while access to discounted crude has pushed US refinery margins to record highs. It noted, "Global refinery runs are set to hit a seasonal low of 81.3 mb/d in October before rebounding to 84.6 mb/d by year-end."
Record freight and crude costs crushed margins in Europe and Asia, while discounted feedstocks propelled US margins to new highs. Global runs will drop by 2.3 mb/d, to 81.7 mb/d, this year, and rise by 2.8 mb/d in 2027.
Meanwhile, diesel markets remain under pressure as prolonged supply disruptions force countries to draw down inventories ahead of autumn refinery maintenance and peak winter demand.
Global diesel exports fell by 700,000 barrels per day year-on-year in September, as a combined decline of 1.3 mb/d in supplies from Russia and the Middle East was only partially offset by increased exports from other regions. 'Global observed oil inventories edged down by 10 mb in September as a further 113 mb decline in on-land stocks was largely offset by a surge in oil on water. Non-OECD crude stocks slumped by 76 mb, with China accounting for 78% of the decline, while OECD inventories dropped by 37 mb. Global stocks were 509 mb (-2.4 mb/d) lower than at end-February,' it noted. (ANI)
What happened on the pipeline
Reports emerged in Russian media today about an explosion on the Central Asia–Center main gas pipeline in Russia's Penza region. According to the publications, the incident occurred near the village of Volchkovo. The explosion triggered a flare fire, with flames reaching heights of up to 70 meters.
Information later surfaced regarding a rupture on the high-pressure main gas pipeline.
Ministry of Energy response
The Ministry of Energy informed Tengrinews.kz that Russian gas supplies to Kazakhstan are continuing as usual—under existing contracts and in accordance with requested volumes. Gas transit through Kazakhstan to Uzbekistan is also proceeding as planned.
"No deviations in the operation of Kazakhstan's gas transmission system have been recorded. The incident has no impact on gas supplies to consumers in Kazakhstan. No requests have been received from PJSC Gazprom via dispatch channels to alter the gas supply regime," the statement said.
Earlier, we reported that attacks on the Caspian Pipeline Consortium (CPC) became one of the factors affecting oil production and export volumes in Kazakhstan.
President Donald Trump's diesel deal with Russia is unlikely to significantly reduce fuel prices for truckers and farmers, because the amount that Moscow will supposedly export is very small compared with U.S. and global demand.
Since diesel is used to transport a broad range of goods as well as to harvest crops, its rising cost tends to trickle throughout the economy, boosting prices. As the U.S. midterm elections approach in November, Trump faces pressure to address fuel prices due to their impact on inflation.
Russia will supply 300,000 metric tons immediately to the global market, Trump said Friday in his Truth Social post. One metric ton of diesel is equivalent to about 7.45 barrels, according to S&P Global Platts.
The Kremlin, then, has agreed to initially export about 2.24 million barrels, or 74,500 barrels per day if spread out over an entire month.
This equals about 2% of total U.S. demand, which stood at 3.65 million bpd during week ended Oct. 2, according to the Energy Information Administration. It represents far less than 1% of the more than 28 million bpd that the world consumes, according to the International Energy Agency.
"It does not even touch the sides — it is very, very small," Neil Atkinson, former head of the IEA's oil industry and markets division, told CNBC's "Squawk Box Europe" on Monday.
Ten days of U.S. demand total
Russia is supposed to ship another 500,000 tons or 3.73 million barrels in November, followed immediately by 1 million tons or 7.45 million barrels. Moscow will then release 3 million tons or 22.35 million barrels at a later date depending on the condition of the country's refineries, Trump said.
Goldman Sachs estimated Monday that the Russian diesel slated for release in October and November would only reduce wholesale diesel prices by $1 to $2 per barrel on the U.S. Gulf Coast and in Europe.
In total, Trump's diesel deal with Russia would supply the market with 4.8 million metric tons, or 35.76 million barrels, if the agreement is executed as announced by the president. This is equivalent to about 10 days of U.S. domestic demand or slightly more than a single day of global demand.
But the U.S. is a net diesel exporter so it does not need Russian supply, said Andy Lipow, president of Lipow Oil Associates. The European Union has banned imports of Russian crude oil and refined products. The Russian diesel would help ease competition for U.S. barrels in countries like Brazil and Turkey, Kpler analysts said in a Monday note.
"The volumes really are going to do very little over the medium to longer term," Daniel Hynes, senior commodity strategist at ANZ, told CNBC's "Squawk Box Asia" on Monday.
https://www.cnbc.com/2026/10/13/trump-putin-zelenskyy-russia-ukraine-diesel-oil-price.html
Mongolia's Oyu Tolgoi mine increased copper production by 27 per cent year over year in the third quarter, according to results released on Wednesday. Rio Tinto retained its 2026 consolidated copper guidance of 800,000 to 870,000 tonnes.
Rio Tinto's Australian shares fell 0.32 per cent to A$160.48 at 4:20 p.m. AEDT on Wednesday in Sydney, according to ASXRIO.
The miner reported consolidated copper production of 205,000 tonnes for the quarter, unchanged from a year earlier and down 4 per cent from the preceding quarter. Output through September reached 646,000 tonnes, up 1 per cent year over year.
That leaves between 154,000 and 224,000 tonnes to produce in the final quarter to reach the retained annual range, calculated from Wednesday's results. Oyu Tolgoi's growth therefore came alongside flat quarterly copper output across the group.
Oyu Tolgoi Advances Towards Its Longer-Term Target
Oyu Tolgoi operated at an annualised rate of about 450,000 tonnes during the quarter, while production for the first nine months rose 29 per cent year over year. Rio Tinto also completed the rebuild of Kennecott's flash converting furnace at the end of August, ahead of plan.
Rio Tinto's Oyu Tolgoi operation page, checked on Wednesday, sets out a longer-term copper production target of 500,000 tonnes a year for the period from 2028 to 2036. That target covers the underground and open pit mines and is stated as recoverable metal.
Rio Tinto owns 66 per cent of the Mongolian operation, with the government holding the balance. Sustainable production from the underground mine began in March 2023, according to the operation page.
"Our major projects remain on schedule and budget, underwriting our growth profile to 2030," chief executive Simon Trott said in Wednesday's release.
Ivanhoe Mines reported 76,401 tonnes of copper in saleable products at Kamoa-Kakula on Oct. 8. It retained annual guidance of 290,000 to 310,000 tonnes, with production trending towards the lower end; its saleable-products measure differs from Rio Tinto's consolidated production measure.
Simandou Retains Its 2028 Capacity Milestone
Wednesday's report also kept global iron ore sales guidance at 343 million to 366 million tonnes. Quarterly sales rose 3 per cent year over year to 90.8 million tonnes, including 85.7 million tonnes from Pilbara.
Lithium carbonate equivalent production reached 40,300 tonnes through September, up 33 per cent. Rio Tinto retained its annual range of 61,000 to 64,000 tonnes but now expects output at the lower end.
The Simandou iron ore operation reached an annualised production rate of about 10 million tonnes during the quarter, measured on a full-project basis. Its next stated capacity milestone remains an annualised 60 million tonnes in the second half of 2028.
https://mugglehead.com/rio-tinto-oyu-tolgoi-third-quarter-copper-guidance/
The companies said they remained committed to the long-term development of Mopani Copper Mines, where IRH holds a 51% stake, and ZCCM-IH owns the remaining 49%.
IRH pledged $1.1 billion to support Mopani in December 2023 before acquiring its majority stake in 2024, as Zambia sought to revive the mine and increase copper production.
“Beyond Mopani, IRH and ZCCM-IH are also exploring new opportunities for collaboration in mineral exploration and wider mining operations,” the companies said in a joint statement.
Mopani targets higher copper output
Mopani produced 66,369 metric tonnes of copper in 2025 but expects annual output to reach 300,000 tonnes by 2029.
The expansion forms part of Zambia’s broader ambition to increase annual copper production to 3 million tonnes by 2031. The country is Africa’s second-largest copper producer and is seeking to attract investment to unlock more of its mineral resources.
Copper is increasingly important to global energy transition efforts because it is used in electricity networks, renewable energy systems and electric vehicles.
IRH expands across Africa
IRH has been expanding its presence in Africa’s critical minerals industry. In 2025, the company acquired a controlling stake in Alphamin Resources, which operates the Bisie tin mine in the Democratic Republic of Congo, according to Reuters.
The Emirati company has also approached Kenmare Resources about a potential takeover, which could extend its reach into Mozambique’s mineral-sands industry and further expand its African mining portfolio.
Copper Giant Resources Corp. [CGNT-TSXV] has announced the results of an updated mineral resource estimate for its 100%-owned Mocoa copper-molybdenum project in southern Colombia.
The latest estimate classifies indicated resources at Mocoa for the first time, expands the inferred resource to 1.60 billion tonnes and increases the total contained copper by 50% in comparison to the previous estimate released in November 2025.
The new estimate includes an indicated resource of 290 million tonnes at 0.54% CuEq (copper equivalent) (0.33% copper, and 0.38% molybdenum), containing 2.13 billion pounds of copper and 240 million pounds of molybdenum. On top of that is an inferred resource of 1.60 billion tonnes at 0.40% CuEq (0.27% copper, and 0.025% molybdenum), containing 9.36 billion pounds of copper and 0.89 billion pounds of molybdenum.
The inferred resources include 120 million tonnes at 0.48% CuEq (0.34% copper and 0.025% molybdenum) below the conceptual pit shell, the first reported within potentially mineable underground shapes.
The preliminary economic assessment (PEA) the first assessment of Mocoa’s development case is built on this mineral resource estimate and will be filed during the fourth quarter of 2026. The company said the conceptual pit shell and the potentially mineable shapes lie entirely outside any forestry reserve and outside any community.
Copper Giant shares moved higher Wednesday, rising 1.9% or $0.02 to $1.07. The shares trade in a 52-week range of $1.48 and 19 cents.
Copper Giant is an America’s-focused exploration company with a collection of porphyry copper deposits located in British Columbia, Argentina and Colombia.
With backing from financier Frank Giustra’s Fiore Group, Copper Giant is developing the Mocoa copper-molybdenum porphyry deposit, which is located 10 kilometres from the town of Mocoa. The company’s district scale holdings cover 1,000 square kilometres, an area that is 290 times bigger than New York’s Central Park. Company documents say Giustra holds an 11% stake in the company.
The company said the new mineral resource estimate is based on 8,546 metres drilled since the 2025 estimate. Approximately 10,000 additional metres completed since the data cut-off date are not included in these numbers.
“Last November, Mocoa crossed a billion tonnes,’’ said Copper Giant President and CEO Ian Harris. “This estimate does two things to that deposit: It upgrades 290 million tonnes in the near-surface core to the higher confidence category, and it grows the inferred resource to 1.6 billion tonnes,’’ he said. “Mocoa is now better defined and larger than it was a year ago, and the PEA on plan for this quarter is the first look at how that scale becomes a development project.’’
https://resourceworld.com/copper-giant-eyes-pea-in-colombia-after-new-mineral-resource-estimate/
Vietnam-based steel producer Hoa Phat Group has announced its production and sales results for the third quarter and the first nine months of 2026.
In the third quarter, the company's crude steel production increased by three percent quarter on quarter to 3.7 million mt, while its sales of construction steel, high-quality wire rod, hot rolled coil (HRC) and steel billets totaled 3.8 million mt, up eight percent quarter on quarter and 54 percent year on year.
In the given period, Hoa Phat's HRC sales exceeded two million mt, increasing by eight percent quarter on quarter and 64 percent year on year. Exports accounted for 24.6 percent of the company's HRC sales during the quarter, with the product having been exported to 26 countries and territories. Meanwhile, sales of construction steel and high-quality wire rod exceeded 1.3 million mt in the third quarter, up two percent quarter on quarter and 26 percent year on year. Steel billet sales increased by 42 percent quarter on quarter to 383,000 mt.
Regarding downstream products, Hoa Phat's steel pipe sales totaled 228,000 mt in the third quarter, while coated steel sales reached 118,000 mt and prestressing steel sales amounted to approximately 64,500 mt.
In the January-September period, Hoa Phat's crude steel output rose by 35 percent year on year to 10.7 million mt, while its sales of the aforementioned steel products increased by 39 percent to 10.3 million mt.
In the first nine months, Hoa Phat's HRC sales rose by 59 percent year on year to 5.47 million mt, accounting for more than half of the company's total sales of the four main steel product categories. During the same period, construction steel and high-quality wire rod sales increased by 15 percent year on year to over 4 million mt, while steel billet sales rose by 69 percent to 811,000 mt.
In the January-September period, the company's steel pipe sales increased by nine percent year on year to 681,000 mt, while coated steel sales declined by four percent to over 307,000 mt. Prestressing steel sales rose by 66 percent to more than 192,000 mt.
British-Australian mining giant Rio Tinto says Guinea’s Simandou mine reaches 10-million-tonne annual production pace
AYODEJI ADEGBOYEGA14 October 2026 06:13 PM
British-Australian mining group Rio Tinto says its Simandou iron-ore operation in Guinea has reached an annualised production pace of approximately 10 million tonnes, marking another step in the expansion of the West African project.
Rio Tinto disclosed Simandou’s latest production milestone
The milestone was achieved during the July–September quarter and disclosed in the company’s production update on 14 October.
Rio continues to target a 60-million-tonne annual production rate during the second half of 2028, six times the newly reported pace.
The current figure measures production speed expressed over a year. It does not mean the operation produced 10 million tonnes during the quarter or has already delivered that volume this year.
According to Rio Tinto’s original quarterly announcement, Simandou reached the approximately 10-million-tonne annualised rate as production continued to increase. Both the reported rate and expansion target are stated on a 100% operational basis, rather than Rio’s ownership-adjusted share.
The Simandou iron-ore mine in Guinea, the largest untapped high-grade deposit in the world, is now operational, linking Africa’s mineral wealth to China’s green steel ambitions. [Photo by PATRICK MEINHARDT/AFP via Getty Images]
Beyond the first shipments
Simandou comprises separate mining developments. SimFer, involving Rio Tinto, Chinese partners and Guinea’s government, develops the southern blocks, while another consortium develops the northern section.
The distinction is essential when comparing production figures. Rio’s update does not describe the combined output of all four blocks.
A fully integrated SimFer shipment arrived in China in March, marking a milestone for the project.
Exports through Morebaya port were already gaining attention in June. The latest disclosure adds a new dimension, with the company confirming its production rate.
Production and sales follow different timetables
Mining ore is only one stage in the supply chain. It must move by rail to the coast, be shipped overseas and reach customers before recognised sales necessarily appear in the accounts.
Rio’s release explains that its Simandou production measure covers ore ready for train loading at the mine gate. Final crushing takes place in China.
Consequently, production, shipments and sales figures should not be treated as interchangeable.
The expansion signals that Guinea’s project is moving beyond its initial export phase. The challenge now is to sustain higher production while ensuring transport and customer deliveries keep pace.