Rio Tinto (LSE:RIO) reported second-quarter production results on Wednesday, confirming copper equivalent production rose 3% year-on-year in the first half.
The mining group cut its 2026 copper C1 net unit cost guidance to 30 to 50 US cents per lb, down from 65 to 75 cents, citing higher than expected gold prices and productivity improvements.
Copper output at the Oyu Tolgoi mine in Mongolia grew 31% year-on-year in the first half as the ramp-up continued on schedule, while global iron ore sales reached 89 million tonnes in the second quarter, up 5% year-on-year, with Pilbara sales up 7%.
Lithium carbonate equivalent production rose 20% year-on-year in the quarter, driven by the ramp-up at the Rincon starter plant and first output at Sal de Vida and Fénix 1B, both ahead of plan.
Chief executive Simon Trott said the group achieved its "highest first half iron ore production since we set a record in 2018" through an ongoing productivity improvement programme.
Construction at the Simandou iron ore project in Guinea, including the SimFer mine and port infrastructure, is now more than three-quarters complete, with full rail commissioning achieved in the first quarter.
Rio Tinto also disclosed a $443 million tax payment made in March to the Mongolian Tax Authority over Oyu Tolgoi, which it is disputing, alongside a roughly $1.2 billion working capital outflow in the first half tied to higher iron ore inventories following cyclone disruption in the Pilbara.
