Rio Tinto (LSE:RIO) reported record Pilbara Q2 shipments and raised H1 sales while reaffirming full‑year guidance despite higher energy costs, is advancing Simandou, copper and lithium projects and eyeing a stake in Taca Taca as analysts trim its price target.
Previous Week Recap
- Pilbara Shipments Reach Peak: RIO: Q2 Pilbara iron ore shipments 85.3 Mt (+7% y/y), highest quarterly since 2020; H1 sales 157.7 Mt (+5% y/y). Reaffirmed full‑year guidance. Higher diesel/energy added ~$0.80/t.
- Simandou Progress, Next‑Gen Copper: RIO: Simandou construction progressing—SimFer mine, port work ongoing; rail line fully commissioned in Q1. Company advancing next‑gen copper growth at Resolution and Winu projects.
- RIO Eyeing Taca Taca Stake: Rio Tinto (RIO) named as potential bidder for a minority stake in First Quantum’s Taca Taca copper project in Argentina; interest noted in the divestment process.
- Codelco Maricunga JV Pending Approvals: Rio Tinto partner in Codelco’s Maricunga lithium JV; agreement unsigned and pending Chilean and Chinese approvals after clearances in Brazil, South Korea and Poland. Project timeline ~8 years.
- Berenberg Cuts Rio Target: Berenberg cut Rio Tinto (RIO) price target to 8,100p from 8,200p and kept a Hold rating. No further guidance or company updates were provided.
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