LONDON, April 22, 2026, 17:14 (BST)
- Rio Tinto increased its iron ore and copper production in the first quarter, but left 2026 guidance as is.
- The miner flagged ongoing uncertainty around supply-chain risks tied to the Middle East conflict, saying visibility for the second half remains limited.
- Shares in London finished the session 2.3% stronger, settling at 7,458 pence.
Rio Tinto plc posted higher first-quarter numbers for iron ore and copper production, though the miner flagged uncertainty around fuel and supply chains for the second half due to the Middle East war. The company left its 2026 production and sales targets untouched—investors read that as an indication the immediate impact should be contained.
Timing is key here. Rio Tinto wants investors to see that its Australian iron ore operations are still reliably producing, even as copper output from Mongolia’s Oyu Tolgoi ramps up. That copper link matters—think power lines, data centers, electrification.
Higher fuel bills and shipping jitters tied to the Middle East conflict are hitting miners. For now, Rio said the direct impact on its business has been “limited”. Still, the company flagged it doesn’t have a clear view of its supply chains as the year goes on. Reuters
Rio reported a 13% jump in Pilbara iron ore output, hitting 78.8 million metric tons on a 100% basis. Global iron ore production climbed 12% to 82.8 million tons. Pilbara sales edged up 2% to 72.4 million tons, though two tropical cyclones cut shipments by about 8 million tons. The company says it expects to recover about half that lost volume.
Copper production climbed 9% to 229,000 tons, with the boost coming from Oyu Tolgoi’s 56% surge to 102,000 tons, according to Argus. Rio left its full-year copper target unchanged at 800,000 to 870,000 tons.
Chief Executive Simon Trott credited “operating excellence” for the quarter’s rise in copper-equivalent output—a metric that translates various commodities into copper terms, letting investors line up production numbers across the group’s assets. Trott added that the company’s size had bolstered supply-chain stability as it kept a close watch on developments in the Middle East. Riotinto
It’s risk that’s driving things now. Jet fuel and diesel supplies are “the key risk to operations” in the second half, Baden Moore, who heads resources and energy research at CLSA Australia, told Reuters. Shortages could disrupt equipment use, freight, and even how workers get to sites. Reuters
Rio flagged that rising diesel prices have pushed costs higher, though the company’s size and global buying power are still providing some cushion. According to Argus, Rio burns through roughly 28,000 barrels of gasoil daily—about two-thirds of that at its Pilbara iron ore operations. Starting in May, every $10-per-barrel swing in oil prices is set to tack on around $0.15 per ton to Pilbara unit costs.
Some areas lagged. Bauxite production dropped 11% to 13.3 million tons, as heavy rain at Weipa, Queensland and cyclones disrupting both Weipa and Gove took their toll. Lithium carbonate equivalent was off even more, down 26% to 12,700 tons after adverse weather at Olaroz and Fenix in Argentina. Even so, Rio stuck with its guidance for bauxite, aluminium, alumina and lithium.
The update comes in the middle of a hectic week across the sector. BHP, a competitor, topped third-quarter iron ore forecasts, settled a spat with China’s state iron ore buyer, and now expects full-year copper production to hit the upper end of its guidance. That raises the bar for Rio, which faces mounting calls to deliver on both iron ore restraint and copper expansion.
Rio’s London-listed shares finished Wednesday up 2.3% at 7,458 pence, hovering close to their 52-week peak, ADVFN data show. Investors seemed to latch onto steady guidance and rising volumes, shrugging off the ongoing fuel warning that clouds the second half.
