Rio Tinto Plc (LON:RIO) has released its second quarter 2026 production results
Driving performance to achieve 3% YoY CuEq1 growth in the first half
Rio Tinto Chief Executive Simon Trott said: “We are delivering growth as we drive performance across the group, with copper equivalent production up 3 per cent in the first half.
“Our scale, geographical diversification and sophisticated supply chains continue to underpin our resilience and strong operational performance despite ongoing geopolitical uncertainty throughout the period.
“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. In copper, Oyu Tolgoi continued to ramp up on schedule to deliver more than 30 per cent growth for the first half, while our integrated, large-scale aluminium business sustained its strong performance.
“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. We are progressing our next generation of copper growth options at Resolution and Winu, while in lithium we achieved first production ahead of plan at Sal de Vida and Fénix 1B.
“We are driving a step-change in operational performance to deliver industry leading returns and growth for our shareholders.”
1. Executive Summary
• Operational excellence: 3% YoY increase in copper equivalent (CuEq)1 production for the first half.
• Copper: Oyu Tolgoi ramp-up remains on track; H1 production delivered 31% YoY growth. Copper C1 net unit cost guidance has been reduced to US 30 – 50c/lb (from US 65 – 75c/lb).
• Iron ore: Q2 global iron ore sales were 89Mt, up 5% YoY. Q2 Pilbara sales up 7% YoY. SimFer mine construction and port infrastructure now both over three quarters complete.
• Aluminium: Resilience across the supply chain, with a strong recovery in bauxite.
• Lithium: Production rose 20% YoY in Q2 driven by the ramp-up at Rincon starter plant and delivery of first tonnes at Sal de Vida and Fénix 1B, ahead of plan.
| Production and sales2 | Q22026 | vs Q2 2025 | vs Q1 2026 | H12026 | vs H1 2025 | 2026 guidance10 | Guidance status | |
| Copper production (consolidated basis) | kt | 213 | -7 % | -7 % | 442 | +1 % | 800 – 870 | Unchanged |
| Global iron ore production3 (100% basis) | Mt9 | 87.1 | -1 % | +5 % | 169.9 | +5 % | NA | NA |
| Pilbara iron ore production (100% basis) | Mt9 | 83.5 | 0 % | +6 % | 162.3 | +6 % | NA | NA |
| Global iron ore sales4 (100% basis) | Mt9 | 88.8 | +5 % | +17 % | 164.5 | +4 % | 343 – 366 | Unchanged |
| Pilbara iron ore sales5 (100% basis) | Mt9 | 85.3 | +7 % | +18 % | 157.7 | +5 % | 323 – 338 | Unchanged |
| Bauxite production | Mt | 15.2 | -3 % | +14 % | 28.5 | -7 % | 58 – 61 | Unchanged |
| Alumina production6 | Mt | 2.0 | +10 % | -2 % | 4.0 | +8 % | 7.6 – 8.0 | Unchanged |
| Aluminium production7 | Mt | 0.84 | 0 % | +1 % | 1.68 | 0 % | 3.25 – 3.45 | Unchanged |
| Lithium carbonate equivalent (LCE) production8 | kt | 14.6 | +20 % | +15 % | 27.3 | +53 % | 61 – 64 | Unchanged |
1 Copper equivalent (CuEq) volume = Rio Tinto’s share of production volume / Volume conversion factor x Product price ($/t) / Copper price ($/t). Prices are based on long-term consensus prices. 2 Rio Tinto share unless otherwise stated. 3 Iron Ore production for Pilbara operations and Iron Ore Company of Canada (IOC) refers to saleable production (after crushing, screening and beneficiation). For Simandou, it represents ore ready for train loading at the SimFer mine gate: final (tertiary) crushing of Simandou ore takes place in China. 4 Includes all shipments from Pilbara and IOC, including those to our Portside trading business; excludes shipments from our Portside trading business. It also includes Simandou sales, where there is a ~2-3 month lag between mine gate production and sales for railing, shipping to China and tertiary crushing. 2026 sales guidance (100% basis) is 5-10 Mt for Simandou and 15-18 Mt for IOC. 5 Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances. 6 QAL production now included on a 100% basis. 7 Includes primary aluminium only. 8 H1 2025 represents production since March following completion of the Arcadium acquisition. Q1 2025 LCE production was 5.6kt (6.5kt on a 100% basis); LCE shipments were 3.8kt (5.0kt on a 100% basis). 9 Wet metric tonnes. 10 See further notes in Section 2, 2026 guidance.
2. Guidance
Production/sales guidance is unchanged1.
Unit cost guidance:
Pilbara iron ore unit cash costs unchanged.
• Note: Diesel prices increased from ~$85/bbl to ~$140/bbl during H1, resulting in a ~$0.8/t YoY increase in unit costs in H1. A US$10/bbl increase in diesel price is estimated to impact full year Pilbara unit costs by ~$0.15/t2.
Copper C1 net unit costs reduced
• Guidance range reduced to US 30 – 50c/lb (from US 65 – 75c/lb) due to higher than expected gold prices and productivity improvements.
| 2026 Guidance | |
| Pilbara iron ore unit cash costs, free on board (FOB) basis – US$ per wet metric tonne | 23.5 – 25.03 |
| Copper C1 net unit costs (Kennecott, Oyu Tolgoi and Escondida) – US cents per lb | 30 – 504 |
1 Guidance remains subject to weather impacts.
2 There will be timing differences between market rates and realised diesel prices due to contractual arrangements.
3 Subject to the impact of higher diesel prices and foreign exchange. Based on Australian dollar exchange rate of 0.67.
4 Gold price assumption is $4,026/oz (spot price as at 30 June 2026).
3. Group update
Expenditure on exploration and evaluation
• Year to date pre-tax and pre-divestment expenditure on exploration and evaluation charged to the Income Statement was $480 million compared with $334 million in 2025. Approximately 57% of the spend was by the Copper product group, 25% by central exploration and other operations and 18% by the Iron Ore product group.
• Copper accounts for the majority of total expenditure on exploration and evaluation.
Group financial update
• In February 2026, Oyu Tolgoi LLC received tax assessments amounting to MNT 1.6 trillion ($443 million) in primary tax, interest and penalties from the Mongolian Tax Authority, pertaining to tax audits covering the financial years 2021 and 2022. As required by Mongolian tax law, Oyu Tolgoi paid this amount in full in March 2026 reserving its rights to dispute the payment. These assessments are inconsistent with the Oyu Tolgoi Investment Agreement and applicable Mongolian legislation, and we are taking relevant steps including engaging in discussions with the Government of Mongolia to resolve this matter1.
• In H1 2026, in addition to the $443 million tax payment described above, we saw a cash outflow of ~$1.2 billion from an increase in working capital. Drivers include higher inventories, primarily in iron ore, following the impact of cyclones in Q1 on Pilbara port capacity and the ramp-up of Simandou, together with normal seasonal movements in amounts due to JV partners and employees.
• We have refined our definition of free cash flow to include Rio Tinto share of capital investment, effective from our H1 2026 financial results. Further detail on this change in methodology is available on our website.
Middle East conflict
Operational impacts to Rio Tinto remain limited, with no material disruption to production or outbound supply chains across our core commodities. Our scale, geographical diversification and trading and procurement capability continue to underpin resilience, enabling supply continuity of raw materials to our operations and products to our customers, despite significant global supply chain dislocation. Prices for our core commodities have remained broadly supportive in Q2, as detailed in our markets section.
Conditions in the Strait of Hormuz remain highly volatile. We continue to monitor developments closely and maintain contingency plans to address potential escalation or further disruption to global energy and logistics markets.
1 Further information in relation to these assessments can be found in our 2025 Annual Report in notes 10, 15 and 39 to the financial statements and in our 2025 Taxes and Royalties Paid report on page 23.
