Rio Tinto has reported a 3% year-on-year increase in copper equivalent production for the first half of 2026, with chief executive Simon Trott highlighting operational performance across the group despite ongoing geopolitical uncertainty.
It said copper production rose 31% year-on-year in the first half, driven by the continued ramp-up of Oyu Tolgoi.
The company lowered its copper C1 net unit cost guidance to 30-50 US cents per pound, down from 65-75 cents, citing higher gold prices and productivity improvements.
Rio Tinto also disclosed that Oyu Tolgoi received tax assessments of MNT 1.6 trillion ($443 million) from the Mongolian Tax Authority for the 2021 and 2022 financial years, which the company is disputing as inconsistent with the Oyu Tolgoi investment agreement.
Aluminium production remained resilient, while lithium production rose 20% year-on-year in the second quarter, driven by the ramp-up at Rincon and first production at Sal de Vida and Fénix 1B ahead of plan.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
