Rio Tinto Q2 Results Overview
Rio Tinto (ASX:RIO) announced that global iron‑ore sales in the second quarter reached 88.8 million metric tonnes, representing a 5 % increase compared with the same quarter a year earlier. Pilbara‑region iron‑ore sales rose 7 % YoY to 85.3 million tonnes, marking the highest quarterly volume since 2020, while Pilbara production remained flat at 83.5 million tonnes on a 100 % basis and first‑half production was up 6 % year‑on‑year.
Chief Executive Simon Trott noted that copper‑equivalent production grew 3 % in the first half, driven by record Pilbara iron‑ore output since 2018, the ongoing ramp‑up at the Oyu Tolgoi copper mine and resilient aluminium operations despite geopolitical uncertainty. However, consolidated copper production fell 7 % YoY to 213,000 metric tonnes in the quarter, reflecting lower output at the Kennecott and Escondida mines, even though first‑half copper production edged 1 % higher.
The company revised its 2026 copper C1 net‑unit‑cost guidance to a range of 30‑50 U.S. cents per pound, down from the previous 65‑75 cents, citing higher gold prices and productivity gains. All other major 2026 production guidance, including iron‑ore volumes, was left unchanged. Rio Tinto said operational impacts from the Middle‑East conflict have been limited but it continues to monitor risks related to the Strait of Hormuz and global supply‑chain disruptions.