Rio Tinto has reported better-than-expected second-quarter iron ore sales, supported by strong system performance, putting it on track to meet its annual forecast.
The world’s largest iron ore producer sold 85.3 million metric tonnes of the steel-making commodity from its Pilbara operations in the three months ended June 30, ahead of the market consensus estimate of 83.6Mt.
That compares with 79.9Mt of iron ore sold in the same quarter last year.
Average pricing in the first half at its Pilbara operations improved to $US85.2 ($A122) per wet metric tonne on a free on board basis from $US83.2 ($A119.1) last year.
Rio said copper production on a consolidated basis fell seven per cent to 213 Kt in the quarter, which was lower than the consensus estimate of 214.7Kt.
Separately, the miner reduced its 2026 copper C1 net unit cost forecast to between 30 and 50 US cents per pound from 65 to 75 US cents a pound, due to higher-than-expected gold prices and productivity improvements.
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