Rio Tinto Boosts Iron Ore Shipments as Copper Costs Fall

Chief Executive Simon Trott attributed the surge to productivity gains and healthy stock levels, noting the firm reached its highest first-half production in the Pilbara region since 2018. While iron-ore output remained flat at 83.5 million tons, the company successfully offset higher diesel costs—which climbed from $85 to $140 per barrel—by maintaining strict control over mining expenses. The miner reaffirmed its annual iron-ore cost guidance of $23.50 to $25.00 a ton.

In the copper division, the outlook has brightened due to elevated gold prices acting as a byproduct tailwind. Rio Tinto slashed its 2026 C1 net unit cost guidance for copper to 30-50 U.S. cents per pound, down from its previous estimate of 65-75 U.S. cents. This shift comes despite a 7% drop in second-quarter copper output to 213,000 tons. Production at the Kennecott smelter near Salt Lake City will remain constrained for roughly 75 days following a furnace breach, forcing a reduction in refined metal output for the remainder of the year.