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Rio Tinto (NYSE:RIO) posted its strongest second-quarter iron ore production since 2018, delivering a positive signal just as newly appointed CEO Simon Trott prepares to take the helm. Trott, 50, previously led the company’s iron ore division—its most profitable segment—and will officially assume the CEO role on August 25, succeeding Jakob Stausholm.
Production at the Pilbara mines in Western Australia reached 83.7 million metric tons in Q2, marking the highest quarterly output in seven years. However, shipments totaled 79.9 million tons—up 13% from Q1 but slightly below the consensus estimate of 81.98 million tons. H1 shipments were the lowest since 2014 due to disruptions from four cyclones earlier in the year. Rio expects full-year iron ore shipments to reach the lower end of its 323–338 million ton guidance range.
Despite the production boost, Rio Tinto shares dipped 0.2% to A$110.08, outperforming the broader mining index, which fell over 1%. Analysts expressed optimism about Trott’s leadership, noting his potential to restore Rio's competitive edge in Pilbara operations, where it now ranks third in cost efficiency.
Meanwhile, Rio flagged a $300 million cost impact at its Canadian aluminium unit due to U.S. tariffs, partly offset by stronger U.S. premiums. On the copper front, consolidated Q2 output rose 9% to 229,000 tons, with full-year guidance expected at the higher end. Costs are projected at the lower end as production ramps up at the Oyu Tolgoi underground mine in Mongolia.
Rio also reaffirmed its target for first shipments from the Simandou high-grade iron ore project in Guinea by November, potentially bolstering future output and market competitiveness.
