Rio Tinto said that in the second fiscal quarter, iron ore sales in its Australian mining business reached the highest level since 2020, and at the same time lowered cost expectations for the copper business on the grounds that gold prices were higher than expected and productivity increased. The company is one of the world's largest producers of iron ore, and most of its revenue comes from selling this steelmaking raw material. The company said its Pilbara business shipped 85.3 million tons of iron ore in the three months ending June. This figure was up 7% year over year, up 18% from the previous fiscal quarter. According to average estimates compiled by Visible Alpha, analysts expect shipments of around 83.4 million tons in the second fiscal quarter. In terms of the copper business, Rio Tinto said it currently expects the C1 net unit cost to be between 30-50 cents per pound in 2026. The company previously estimated annual costs at 65-75 cents per pound.

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