Rio Tinto Exceeds Expectations as Copper Drives Growth
Rio Tinto's half-year earnings report has exceeded analyst expectations, with copper and lithium driving growth. The company's underlying EBITDA rose by 28% year-on-year to around US$14.8 billion, while revenue increased by 15% to about US$31.0 billion.
Copper was the standout performer, with earnings before interest, tax, depreciation, and amortisation (EBITDA) surging 84%. The company's flagship Oyu Tolgoi underground operation in Mongolia lifted its output by 31%, while copper prices averaged roughly 39% higher over the period.
Rio's growth pipeline is broadening, with the giant Simandou iron ore project on schedule for its first high-grade sales. In lithium, output jumped 53% to 27,300 tonnes of lithium carbonate equivalent, with the Rincon project in Argentina and the former Arcadium Lithium assets reaching production ahead of plan.