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Rio Tinto Reports 18% Sequential Increase in Q2 Iron Ore Shipments
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Key Takeaways
Rio Tinto shipped 85.3 Mt of Pilbara iron ore in Q2, up 7% y/y and 18% sequentially.
RIO reported flat Pilbara iron ore output, while alumina rose 10% and mined copper fell 7% y/y.
Rio Tinto maintained its 2026 production view, with Pilbara shipments expected at the lower end of 323-338 Mt.
Rio Tinto Group (RIO - Free Report) reported iron ore shipments from Pilbara (on a 100% basis) of 85.3 million tons (Mt) for the second quarter of 2025, which increased 7% year over year. On a sequential basis, shipments rose 18%. Total iron ore production from Pilbara for the quarter was 83.5 Mt, in line with the year-ago quarter. This marked the highest first-half iron ore production at Pilbara since 2018.
Bauxite production dipped 3% year over year to 15.2 Mt in the second quarter. However, the figure marked a 14% increase from first-quarter 2026. Rio Tinto’s aluminum output was steady year over year at 840 thousand tons. Alumina production increased 10% to 2 Mt.
In the second quarter, mined copper production was 213 thousand tons, 7% lower than the year-ago quarter. Production at Kennecott was 49% lower year over year due to lower cathode production. Copper production at Escondida decreased 13% year over year due to expected lower ore grades from the mine sequence.
Oyu Tolgoi’s production rose 12% year over year to 97 thousand tons, driven by the ramp-up of underground operations, and a higher combined grade from the open pit and underground.
Titanium dioxide slag production declined 15% from the year-ago quarter, led by weak market conditions.
Rio Tinto’s Production Guidance for 2026
RIO expects Pilbara iron ore shipments (100% basis) at the lower end of 323-338 Mt.
The company retains its Bauxite’s guidance at 58-61 Mt. Alumina production is anticipated between 7.6 and 8 Mt, while aluminum production is expected to be 3.25-3.45 Mt for 2026. The copper output guidance remains unchanged at 800-870 kt.
RIO Share Price Performance
In a year, shares of the company have gained 64.2% compared with the industry’s 38.7% growth.
Image Source: Zacks Investment Research
Rio Tinto’s Peer Performances
BHP Group Limited (BHP - Free Report) announced that its iron ore production dipped 3% year over year to 68.1 Mt in the fourth quarter of fiscal 2026 (ended June 30, 2026). However, the production increased 8% from the third quarter’s reported figure and 1% year over year, bringing the company’s total iron ore production for fiscal 2026 to a record 264.7 Mt. It came within its fiscal 2026 iron ore production guidance at 258-269 Mt.
BHP Group’s copper output declined 5% year over year to 491.9 kt in the fourth quarter but increased 3% sequentially. The company’s fiscal 2026 copper output fell 3% year over year to 1,952.8 kt. BHP Group’s guidance for copper production for fiscal 2026 was 1,900-2,000 kt.
RIO’s Zacks Rank & Stocks to Consider
Rio Tinto currently carries a Zacks Rank #3 (Hold).
Carpenter Technology has an average trailing four-quarter earnings surprise of 8.9%. The Zacks Consensus Estimate for Carpenter Technology’s 2026 earnings is pegged at $10.57 per share, indicating 41.3% year-over-year growth. Its shares have surged 101% in a year.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have surged 66% so far this year.
View the Zacks #1 Rank List
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Rio Tinto Reports 18% Sequential Increase in Q2 Iron Ore Shipments
Key Takeaways
Rio Tinto Group (RIO - Free Report) reported iron ore shipments from Pilbara (on a 100% basis) of 85.3 million tons (Mt) for the second quarter of 2025, which increased 7% year over year. On a sequential basis, shipments rose 18%. Total iron ore production from Pilbara for the quarter was 83.5 Mt, in line with the year-ago quarter. This marked the highest first-half iron ore production at Pilbara since 2018.
Bauxite production dipped 3% year over year to 15.2 Mt in the second quarter. However, the figure marked a 14% increase from first-quarter 2026. Rio Tinto’s aluminum output was steady year over year at 840 thousand tons. Alumina production increased 10% to 2 Mt.
In the second quarter, mined copper production was 213 thousand tons, 7% lower than the year-ago quarter. Production at Kennecott was 49% lower year over year due to lower cathode production. Copper production at Escondida decreased 13% year over year due to expected lower ore grades from the mine sequence.
Oyu Tolgoi’s production rose 12% year over year to 97 thousand tons, driven by the ramp-up of underground operations, and a higher combined grade from the open pit and underground.
Titanium dioxide slag production declined 15% from the year-ago quarter, led by weak market conditions.
Rio Tinto’s Production Guidance for 2026
RIO expects Pilbara iron ore shipments (100% basis) at the lower end of 323-338 Mt.
The company retains its Bauxite’s guidance at 58-61 Mt. Alumina production is anticipated between 7.6 and 8 Mt, while aluminum production is expected to be 3.25-3.45 Mt for 2026. The copper output guidance remains unchanged at 800-870 kt.
RIO Share Price Performance
In a year, shares of the company have gained 64.2% compared with the industry’s 38.7% growth.
Rio Tinto’s Peer Performances
BHP Group Limited (BHP - Free Report) announced that its iron ore production dipped 3% year over year to 68.1 Mt in the fourth quarter of fiscal 2026 (ended June 30, 2026). However, the production increased 8% from the third quarter’s reported figure and 1% year over year, bringing the company’s total iron ore production for fiscal 2026 to a record 264.7 Mt. It came within its fiscal 2026 iron ore production guidance at 258-269 Mt.
BHP Group’s copper output declined 5% year over year to 491.9 kt in the fourth quarter but increased 3% sequentially. The company’s fiscal 2026 copper output fell 3% year over year to 1,952.8 kt. BHP Group’s guidance for copper production for fiscal 2026 was 1,900-2,000 kt.
RIO’s Zacks Rank & Stocks to Consider
Rio Tinto currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) and Albemarle Corporation (ALB - Free Report) . CRS sports a Zacks Rank #1 (Strong Buy) at present and ALB carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 8.9%. The Zacks Consensus Estimate for Carpenter Technology’s 2026 earnings is pegged at $10.57 per share, indicating 41.3% year-over-year growth. Its shares have surged 101% in a year.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have surged 66% so far this year.