Rio Tinto NYSE:RIO dropped 0.40% in London trading after the global miner reported second-quarter global iron ore sales of 88.8 million tonnes, up 5% year over year, with Pilbara sales climbing 7% and first-half Pilbara output reaching its highest level since a 2018 record. The Anglo-Australian miner, one of the world's largest iron ore, copper, and aluminium producers, left its full-year production guidance unchanged.
CEO Simon Trott framed the half around copper, saying copper equivalent production rose 3% as the Oyu Tolgoi mine in Mongolia ramped up, delivering 31% first-half copper growth. Rio also cut its 2026 copper C1 unit cost guidance to 30-50 US cents per pound from 65-75 cents, citing higher gold prices and productivity gains.
Copper consolidated output fell 7% in the quarter to 213,000 tonnes on weaker production at Kennecott and Escondida, though first-half copper edged up 1%. Lithium was a bright spot, with second-quarter production up 20% as newer projects ramped. Rio Tinto reports half-year results on July 29.