PERTH, Australia, March 30, 2026, 20:11 AWST
- Rio Tinto restarted ship loading at East Intercourse Island, Parker Point and Cape Lambert B after Cyclone Narelle, while Cape Lambert A remains under repair. 1
- The miner kept 2026 Pilbara shipment guidance unchanged at 323 million to 338 million tonnes despite estimating an 8 million-tonne hit from February and March cyclones. 2
- Rio’s London-listed shares rose 3.5% in morning trade, giving the biggest lift to the FTSE 100. 3
Rio Tinto plc said on Monday it had restarted ship loading at three of its four Pilbara iron ore terminals in Western Australia after Tropical Cyclone Narelle, and kept shipment guidance — its forecast for annual exports — unchanged. Cape Lambert A, the last terminal still offline, is expected to return in the coming days. 1
The update matters because Pilbara iron ore remains the backbone of Rio’s earnings. Iron ore still made up about 60% of group earnings in 2025, so the company’s ability to hold guidance after a storm hit goes straight to revenue and cash flow expectations. 4
Investors took it well. Rio’s London shares rose 3.5% in morning trade, the biggest single boost to the FTSE 100, after last week’s storm had sharpened concerns over supply from Australia’s main iron ore belt. 3
Port closures across Rio’s four Pilbara terminals began on March 24. Loading resumed at East Intercourse Island, Parker Point and Cape Lambert B on March 28, and the miner said the February and March cyclones are estimated to have cut shipments by about 8 million tonnes, with roughly half of that loss potentially recoverable. 2
Narelle’s disruption was not limited to Rio. Earlier in the month the storm forced Rio to shut its Amrun and Andoom bauxite mines in Queensland — bauxite is the ore used to make aluminium — while South32 suspended the Gemco manganese mine it co-owns with Anglo American. 5
Rio also found support from a stronger metals backdrop. Aluminium prices on the London Metal Exchange jumped 6% toward four-year highs after Iranian attacks damaged Gulf smelters, and Michael Hewson, senior market analyst at iForex, said markets were “underpricing the prospect that this outbreak of hostilities will not have a speedy conclusion.” 6
That broader rally matters for Rio because the group is trying to grow copper, aluminium and lithium, but it still leans on Pilbara cash flows more than any other business. Rio’s February results showed copper’s share of earnings rising, yet iron ore remained the largest contributor by a wide margin. 4
But the recovery is not complete. Cape Lambert A is still being repaired, Rio has identified a path to recover only around half the lost tonnage, and the company had already flagged higher Pilbara unit costs after earlier weather disruptions in its February earnings report. 2
That suggests Rio still needs a clean second quarter through its rail and port network if it is to catch up on volumes while holding its 323 million-to-338 million tonne export target. For now, the miner is betting the Pilbara system can do it. 2
