The miner’s Pilbara operations averaged $85.2 per wet tonne, up from $83.2, while copper output fell 7% due to lower ore grades.
Rio Tinto posted a 5% year-on-year increase in global iron ore sales for Q2 2026, reaching 89 million tonnes. Pilbara operations contributed 85.3 million tonnes, with average pricing rising to $85.2 per wet tonne from $83.2 in the prior year.
First-half sales totaled 157.7 million tonnes, also up 5% YoY, but the company requires a strong second half to meet its annual forecast of 323–338 million tonnes. Copper production declined 7% in the quarter to 213,000 tonnes, driven by a 13% drop at Escondida due to lower ore grades.
Rio Tinto revised its 2026 copper C1 net unit cost forecast downward to $0.30–$0.50 per pound, citing higher gold prices and productivity gains. The company reported no major disruptions from the Middle East conflict but remains vigilant over potential risks in the Strait of Hormuz.