RIO +0.22%: Reported 2nd quarter results showing mixed operational performance with Pilbara iron ore shipments soft but copper and bauxite production outperforming.
- Pilbara iron ore shipments 79.9 million tons, -0.5% y/y, estimate 81.93 million
- Copper production 228,500 tons, +15% y/y
- Bauxite production 15.6 million tons, +6.1% y/y, estimate 14.38 million
The market’s focus was on copper production, which beat consensus by 13% due to earlier than expected ramp up of the Olu Tolgoi site in Mongolia. Further, Guinean iron ore project Simandou has accelerated first shipments, expected November of this year, meaning iron ore production will be on track to hit prior FY26 targets.
MM remains bullish toward RIO into 2026
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