Rio Tinto (ASX: RIO) reported a 28% increase in H1 CY26 EBITDA to US$14.8b, with copper, aluminium and lithium contributing to more than half of the result as the miner diversifies beyond iron ore.
Free cash flow increased 75% to US$3.8b, while net earnings rose 47% to US$6.7b, supported by favourable commodity prices, higher production volumes and productivity improvements.
Rio Tinto chief executive Simon Trott says the company achieved a “step-change” in performance.
“Our strong performance is underpinned by accelerating productivity across the business,” he said.
“We have already banked $870m of productivity benefits and are on track to reach an annualised run-rate of $1.8b by year-end, with significantly more to come as our multi-year program continues to scale.”
Oyu Tolgoi in Mongolia was a standout operational performer for Rio, with production increasing 31% from H1 CY25 as underground operations continued to ramp up.
Higher grades and improved recoveries supported the result despite planned concentrator maintenance, with the additional production largely offsetting lower output from Kennecott and Escondida.
Rio Tinto reported consolidated copper production of 442kt, up 1% from H1 CY25, while copper-equivalent production across its portfolio increased 3%.
Kennecott’s production was affected by reduced availability of high-quality copper concentrate, mine sequencing changes associated with geotechnical management, planned maintenance and a temporary shutdown following a fatality during Q1.
A flash converting furnace breach in late June is also expected to reduce Kennecott’s refined copper and gold production during H2, although Rio Tinto maintained its full-year total copper production guidance.
At Escondida, lower concentrate production resulting from expected lower grades and mine sequencing was partly offset by improved leaching performance and higher refined copper output.
In the Pilbara, iron ore production increased 6% to 162.3mt, representing the operation’s highest H1 production since 2018. Shipments rose 5% to 157.7mt.
Rio Tinto’s three Pilbara replacement mines remain on budget and on track to deliver first ore in 2027.
At Simandou in Guinea, SimFer mine construction and port infrastructure are each more than three-quarters complete, while full rail commissioning was achieved during Q1. The project recorded its first high-grade iron ore sales in April.
Bauxite production declined 7% to 28.5mt following significant weather disruptions during Q1, although production recovered strongly in the second quarter.
Reported lithium carbonate-equivalent production increased 53% to 27.3kt, heavily influenced by the Arcadium Lithium acquisition in March 2025.
Rio Tinto achieved first production at Fenix 1B and Sal de Vida ahead of schedule, while construction of its 60ktpa Rincon lithium development in Argentina continued. The company is targeting approximately 200ktpa of broader lithium capacity by 2028.
Alongside its operational and growth program, Rio Tinto highlighted safety as a continuing priority following two fatalities at Simandou and Kennecott during H1.
The company launched its Management Operating System on July 1, establishing a common approach to safety, risk and standards, people and leadership, planning and performance.
