This article first appeared on GuruFocus.

Rio Tinto (NYSE:RIO) appears to have finished 2025 firing on all cylinders. The miner reportedly set a new quarterly shipment record in the December quarter, delivering about 90.8 million tonnes and topping its previous high from 2017.

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That late year push helped Rio land squarely within its full year targets. Total shipments for 2025 came in at roughly 326 million tonnes, comfortably inside its guidance range of 323 million to 338 million tonnes, according to The West Australian. It's a sign that operations in Western Australia stayed steady and efficient right through year end.

The report described a closely fought race among the big iron ore players. Rio edged ahead on quarterly shipments, while rival BHP was also ramping output despite ongoing tensions with China. Adding another wrinkle, Rio has confirmed early stage discussions with Glencore.