Q2 Pilbara iron ore sales beat Visible Alpha estimates and rose year over year, while Oyu Tolgoi copper output grew 31% in H1 and Rio cut its 2026 copper unit cost outlook.
Rio Tinto said copper equivalent production rose 3% year over year in the first half, supported by stronger operating performance across copper, iron ore, aluminium and lithium, while the miner kept 2026 production guidance unchanged across its main products. In the second quarter, Pilbara iron ore sales rose 7% year over year to 85.3 million wet metric tonnes, topping the Visible Alpha consensus estimate of 83.6 million tonnes, while consolidated copper output fell 7% to 213 kt, slightly below the 214.7 kt consensus. Oyu Tolgoi copper production increased 31% in the first half, SimFer mine construction and port works at Simandou passed the three-quarters completion mark, and Rio lowered 2026 copper C1 net unit cost guidance to 30-50 U.S. cents per pound from 65-75 cents, citing higher-than-expected gold prices and productivity gains.