Quarterly UpdatesJul 15, 2026, 01:06 PM
Rio Tinto H1 CuEq Production Up 3%; Q2 Iron Ore Sales +5%
AI Summary
Rio Tinto reported a 3% year-over-year increase in copper equivalent production for the first half of 2026, driven by strong performance in iron ore and copper. Q2 global iron ore sales rose 5% YoY, and Oyu Tolgoi copper production grew 31% YoY. The company reduced its copper C1 net unit cost guidance due to higher gold prices and productivity improvements. Significant progress was made on key projects like Simandou and lithium expansions, with first production ahead of plan at Sal de Vida and Fénix 1B. However, the company faced a $443 million payment for disputed tax assessments in Mongolia and a $1.2 billion cash outflow from increased working capital.
Key Highlights
- H1 2026 copper equivalent production increased 3% year-over-year.
- Q2 global iron ore sales rose 5% YoY to 89Mt; Pilbara sales up 7% YoY.
- Copper C1 net unit cost guidance reduced to US 30-50c/lb from US 65-75c/lb.
- Oyu Tolgoi copper production grew 31% YoY in H1, ramp-up on track.
- Lithium production increased 20% YoY in Q2, with first production at Sal de Vida and Fénix 1B ahead of plan.
- Simandou mine construction and port infrastructure are over three-quarters complete.
- Paid $443 million in disputed tax assessments to the Mongolian Tax Authority in March 2026.
- Experienced a $1.2 billion cash outflow from increased working capital in H1 2026.
Price Impact
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