Mining giant Rio Tinto has reported a robust first-half performance for 2026, driven by an increase in iron ore sales for the second quarter despite rising fuel costs from global uncertainty.
The miner’s performance was underpinned by a stellar period in Western Australia, where the company achieved its highest first-half Pilbara iron ore production since its record-setting run in 2018.
Pilbara iron ore production rose 6 per cent to 162.3 million tonnes in the first half, supported by the company’s ongoing productivity improvement program.
Second quarter sales were up 7 per cent year over year, the highest since 2020, supported by strong system performance and healthy stock levels.
Rio Tinto CEO Simon Trott attributed the strong results to the group’s operational excellence and robust supply networks.
“Our scale, geographical diversification and sophisticated supply chains continue to underpin our resilience and strong operational performance,” Trott said.
“In the Pilbara, we achieved our highest first half iron ore production since we set a record in 2018, through the successful implementation of our ongoing productivity improvement program.
“We are driving a step-change in operational performance to deliver industry-leading returns and growth for our shareholders.”
Beyond iron ore, copper emerged as a major growth driver. The Oyu Tolgoi mine expansion continued to ramp up on schedule, delivering a massive 31 per cent production surge for the first half.
Backed by productivity gains and high gold prices, Rio Tinto slashed its copper C1 net unit cost guidance to US 30–50c/lb, down from the previous US 65–75c/lb.
The global miner is also rapidly advancing its future commodities portfolio. In lithium, quarterly production leaped 20 per cent, boosted by the Rincon starter plant and ahead-of-plan first production at Sal de Vida and Fénix 1B.
Meanwhile, the massive SimFer iron ore project in Simandou is progressing rapidly, with mine construction and port infrastructure now more than three-quarters complete.
The company maintained all full-year production guidance, signalling strong momentum for the remainder of 2026. Operational impacts to Rio Tinto from the Middle East conflict remain limited but conditions in the Strait of Hormuz remain volatile.
The company will continue to monitor developments closely and maintain contingency plans to address potential escalation or further disruption to global energy.
