Rio Tinto (ASX:RIO) remains on track to meet its 2026 copper production guidance, despite reporting lower output during the June quarter.
Copper production totalled 213,000 tonnes, down 7% from both the corresponding period last year and the previous quarter.
Despite the decline, Rio maintained its full-year production guidance of 800,000–870,000 tonnes.
H1 copper production rose 1% year-over-year to 442,000 tonnes, supported by the continued ramp-up of the Oyu Tolgoi underground mine in Mongolia, where output increased 30%.
On a copper-equivalent basis, production was up 3% year-over-year in the first half of 2026.
Rio also lowered its copper C1 net unit cost guidance to US$0.30–0.50 ($0.42–0.71) per pound from US$0.65–0.75 per pound, citing stronger commodity prices and productivity improvements.
Iron ore production reached 87.1 million tonnes (Mt) during Q2, up 5% from the previous quarter but down 1% from Q2 2025. H1 output increased 5% to 169.9Mt.
The output exceeded Visible Alpha’s consensus estimate of 83.6Mt.
Rio is the world’s largest producer of the steelmaking material, with most output coming from its Pilbara operations in Western Australia.
CEO Simon Trott says the company delivered its highest first-half iron ore production from Pilbara since 2018.
“At Simandou, we continue to advance at pace. SimFer mine construction and port infrastructure are both now more than three-quarters complete, with full rail commissioning achieved in the first quarter,” Trott says, referring to its giant mine in Guinea.
Elsewhere, lithium production increased 20% year-over-year, driven by the ramp-up at the Rincon plant in Argentina and first production from the Sal de Vida and Fénix 1B projects ahead of schedule.
Rio also noted resilient aluminium production, supported by a strong recovery in bauxite output.
“Our scale, geographical diversification, and sophisticated supply chains continue to underpin our resilience and strong operational performance despite ongoing geopolitical uncertainty throughout the period,” Trott says.
Rio Tinto is a leading global mining group that focuses on finding, mining, and processing Earth’s mineral resources.
Write to Jackson Chen at Mining.com.au
Image: Oyu Tolgoi LLC
