Australia-based mining giant Rio Tinto recorded consolidated sales revenue of $31.03 billion in the first half of 2026, up 15 percent year on year, while its underlying EBITDA increased by 28 percent to $14.83 billion and its net earnings surged by 47 percent to $6.66 billion, supported by stronger commodity prices, higher sales volumes and productivity improvements.
The company produced 162.3 million mt of iron ore at its Pilbara operations during the given period, up 6 percent year on year and representing its highest first-half output since the record achieved in 2018, while shipments increased by five percent to 157.7 million mt as productivity gains offset the impact of tropical cyclones.
Rio Tinto's iron ore segment revenue rose by four percent to $14.03 billion, supported by higher volumes and a 2 percent increase in the average realized Pilbara iron ore price to $92.6/dmt FOB, whereas the segment's underlying EBITDA edged down by one percent to $6.77 billion amid a weaker contribution from the Iron Ore Company of Canada (IOC) and higher evaluation expenditure. Pilbara unit cash costs increased by $0.70/mt to $25.00/mt due to the stronger Australian dollar, inflation and elevated diesel prices.
Meanwhile, IOC's pellet and concentrate sales fell by 19 percent to 6.5 million mt, while Rio Tinto recorded 0.4 million mt of sales from the Simandou project at an average grade of 65.8 percent Fe after shipping 2.2 million mt to China. Construction of the SimFer mine and port was approximately 77 percent and 85 percent complete, respectively.
Rio Tinto maintained its 2026 guidance at 343-366 million mt for total iron ore sales, including 323-338 million mt from Pilbara, 15-18 million mt from IOC and 5-10 million mt from Simandou.
