Rio Tinto iron ore sales on track to meet forecast

Rio Tinto reported better-than-expected second-quarter iron ore sales, supported by strong system performance, and is on track to meet its annual forecast.

The world’s largest iron ore producer sold 85.3 million mt of steelmaking product from its Pilbara operations in the three months ended June 30, above the market’s consensus estimate of 83.6 million tonnes.

This compares with 79.9 million tonnes of iron ore sold in the same quarter last year.

In the first half of Pilbara operations, the average price rose to US$85.2 ($A122) per metric tonne wet, free on board. Last year it stood at US$83.2 ($A119.1).

Rio said copper production on a consolidated basis fell seven percent in the quarter to 213 billion tonnes, below the consensus forecast of 214.7 billion tonnes.

Separately, the miner lowered its 2026 copper C1 net unit cost forecast to between 30 and 50 US cents per pound from 65 to 75 US cents per pound, due to higher-than-expected gold prices and productivity improvements.