Rio Tinto Q2 Iron Ore Shipments Jump 13%, Hit Highest Since 2018

Rio Tinto reported that its iron ore shipments from Western Australia’s Pilbara region rose 13% quarter-on-quarter to 79.9 million tonnes in the three months to 30 June, the miner’s strongest quarterly performance since 2018. Production from the operations reached 83.7 million tonnes, as the company recovered from cyclone-related disruptions earlier in the year. The Anglo-Australian group also produced 229,000 tonnes of copper on a consolidated basis during the period. Full-year guidance for Pilbara shipments was left unchanged, indicating management confidence in meeting previously outlined volume targets despite weather volatility. Rio Tinto said development of the Simandou iron ore project in Guinea is progressing faster than expected and that the date for its first shipment has been moved forward, though it did not disclose a specific timetable. The operational update comes as the company prepares for a leadership transition, with a new chief executive set to assume the role later this year.