Australia: Rio Tinto’s Pilbara shipments climb 7% y-o-y as Q2 operations normalise

• • Pilbara shipments hit highest Q2 level since 2020

• • FY’26 iron ore sales guidance unchanged at 323-338 mnt

Rio Tinto Plc reported stable iron ore production of 83.5 million tonnes (mnt) (100% basis) from its Pilbara operations in Western Australia in Q2 CY’26, unchanged year-on-year but up 6% q-o-q as supported by improved equipment utilisation and plant operating time, while shipments recovered from cyclone-related disruptions experienced in the previous quarter.

Shipments increased 7% y-o-y and 18% q-o-q to 85.3 mnt, marking the strongest second-quarter performance since 2020 on improved system reliability and healthy stock levels.

Production momentum remains healthy:

As per company reports, Pilbara production remained steady during the quarter as productivity initiatives improved equipment utilisation and plant operating time. Better system performance and healthy inventories supported the strongest second-quarter shipments since 2020 despite flat annual production. Rio Tinto said SP10 products accounted for around 8% of total Pilbara sales during the quarter.

Meanwhile, the Simandou project in Guinea continued its phased ramp-up. Production increased 16% q-o-q to 0.7 mnt (100% basis), while 1.6 mnt was shipped to China during Q2. Commercial sales reached 0.4 mnt following tertiary crushing in China, with permanent crushing facilities expected to support higher output from H2 CY’26.

At the Iron Ore Company of Canada (IOC), pellet and concentrate production fell 31% y-o-y to 2.9 mnt due to lower concentrator feed and ongoing pit health initiatives. Moreover, sales declined 30% y-o-y to 3.2 mnt, due to lower concentrator feed and reduced train unloading capacity at the port.

Despite flat quarterly production, Pilbara operations recorded their highest first-half output since 2018, reflecting sustained operational improvements and stronger mine productivity.

All figures mentioned are on 100% basis, which means that the shipments include material transported from the Pilbara mines to the portside trading facility in China, which may not be sold onward by the group during the same period.

Shipments recover as supply chain normalises:

Rio Tinto’sPilbara iron ore shipments (100% basis) increased by 7% y-o-y to 85.3 mnt in Q2 CY’26, supported by stronger system performance and improved stock availability. On a q-o-q basis, shipments rose 18%, as operations recovered from cyclone-related disruptions that had affected logistics in the previous quarter. SP10 products accounted for around 8% of total shipments during the quarter.

Looking ahead, Rio Tinto expects port outload capacity to remain below 360 mntpa during certain quarters between H2 CY’26 and 2028 due to scheduled infrastructure upgrades, including the Parker Point reclaimer project, which are aimed at improving long-term system flexibility and supporting future growth from the Rhodes Ridge project.

Guidance remains unchanged:

Rio Tinto retained its FY’26 Pilbara shipment guidance at 323-338 mnt, although it noted that scheduled port infrastructure upgrades across H2 CY’26-2028 will temporarily reduce outload capacity. Guidance remains subject to weather conditions.