Rio Tinto Group reported second-quarter iron ore shipments below market expectations while projecting its full-year copper production will likely reach the upper limit of its guidance range. As the world's largest steelmaking raw material producer, Rio Tinto saw its operations disrupted by frequent tropical cyclones earlier this year but is gradually restoring output.

The miner shipped 79.9 million tonnes from its Pilbara operations during the June quarter, marking a 13% increase from the previous quarter yet falling short of Visible Alpha's consensus estimate of 81.98 million tonnes. Notably, shipments of lower-grade SP10 iron ore rose to 29% of Pilbara's total volume.

With the Oyu Tolgoi underground mine in Mongolia ramping up production, Rio Tinto anticipates copper output will hit the top end of its annual forecast while unit costs approach the lower boundary. The company reaffirmed its iron ore shipment guidance at the lower end of the 323-338 million tonne range.

This update follows Rio Tinto's announcement appointing Simon Trott, head of its highest-earning iron ore division, as CEO succeeding Jakob Stausholm who unexpectedly stepped down after four-and-a-half years. Trott is expected to lead a new growth phase focused on core asset expansion, including a planned $13 billion iron ore investment, new lithium ventures, and continued copper growth.

Earlier this year, Rio Tinto completed its major acquisition of Arcadium Lithium Ltd., signaling the diversified miner's renewed focus on battery metals after years of M&A avoidance. In aluminum developments, Aluminerie Alouette—40%-owned by Rio Tinto—committed $1.1 billion to modernize its Quebec facility following a new power supply agreement with Hydro-Quebec. This expansion unfolds amid trade tensions as the U.S. imposes 50% tariffs on aluminum imports, potentially impacting American manufacturers.