PERTH, Australia, March 30, 2026, 20:11 AWST
- Rio Tinto has resumed loading vessels at East Intercourse Island, Parker Point, and Cape Lambert B following Cyclone Narelle. Cape Lambert A, though, is still being fixed.
- The miner left its 2026 Pilbara shipment target steady at 323 million to 338 million tonnes, even after forecasting an 8 million-tonne reduction tied to cyclone disruptions in February and March.
- Rio’s London shares jumped 3.5% early, delivering the heaviest boost to the FTSE 100.
Rio Tinto plc has resumed ship loading at three out of four Pilbara iron ore terminals in Western Australia after Tropical Cyclone Narelle, the company said Monday. Shipment guidance remains as previously forecast for annual exports. Cape Lambert A, the only terminal yet to restart, should be back online within days.
This update cuts straight to the heart of Rio’s numbers: Pilbara iron ore still accounts for roughly 60% of group earnings in 2025. After weathering the recent storm, the fact that Rio kept its guidance intact directly impacts revenue and cash flow forecasts.
Investors shrugged it off. Rio’s London-listed stock jumped 3.5% in the morning session, putting the biggest lift under the FTSE 100 after last week’s storm stoked fresh worries about supply out of Australia’s key iron ore region.
Rio shut down all four Pilbara ports starting March 24. By March 28, loading activity had restarted at East Intercourse Island, Parker Point, and Cape Lambert B. According to the company, cyclones in February and March likely wiped out around 8 million tonnes in shipments, though about half of that could still be made up.
Narelle didn’t just hit Rio. The storm earlier this month led Rio to close its Amrun and Andoom bauxite mines in Queensland — bauxite being the raw material for aluminium — and South32 also halted production at the Gemco manganese mine, which it runs with Anglo American.
Rio shares caught a lift, too, thanks to firmer metals. Aluminium on the London Metal Exchange surged 6%, nearing a four-year peak after Iranian strikes hit Gulf smelters. “Markets are underpricing the prospect that this outbreak of hostilities will not have a speedy conclusion,” said Michael Hewson, senior market analyst at iForex. Reuters
The wider rally holds real significance for Rio. The group has its sights set on building up copper, aluminium, and lithium, though Pilbara cash still dominates the balance sheet. In February, Rio’s results pointed to copper taking a bigger chunk of earnings. Even so, iron ore was far ahead as the primary profit engine.
The recovery remains partial. Repairs continue at Cape Lambert A, and so far, Rio has mapped out a way to get back just about half of the tonnage lost. The company had previously warned of increased Pilbara unit costs after weather disruptions, flagging the issue in its February earnings report.
That leaves Rio banking on an untroubled second quarter across its rail and port network to close the gap and stay on course for its 323 million-to-338 million tonne export goal. The company’s wager, for now, is on the Pilbara system pulling it off.
