Rio Tinto Group (RIO) Status update summary

Operational performance and production highlights

• Achieved 3% year-on-year copper equivalent growth in H1, with strong operational resilience across all major commodities.

• Oyu Tolgoi copper production up 31% YoY; iron ore sales in Pilbara up 7% YoY, reaching highest H1 output since 2018.

• Lithium production rose 20% YoY in Q2, driven by ramp-up at Rincon and first production at Sal de Vida and Fénix 1B.

• Aluminium business sustained strong performance, with bauxite recovering from weather disruptions.

• Simandou mine and port construction both over 75% complete, with full rail commissioning achieved.

Guidance and cost updates

• Production and sales guidance for 2026 remains unchanged across all major commodities.

• Copper C1 net unit cost guidance reduced to US 30-50c/lb (from US 65-75c/lb) due to higher gold prices and productivity gains.

• Pilbara iron ore unit cash costs unchanged, but higher diesel prices increased unit costs by ~$0.8/t YoY.

Financial and operational resilience

• Oyu Tolgoi paid $443 million in tax assessments in Mongolia, reserving rights to dispute; working capital outflow of ~$1.2 billion in H1 due to higher inventories and ramp-up activities.

• Limited operational impact from Middle East conflict; supply chains and commodity prices remained resilient.