Rio Tinto reported higher second-quarter iron ore and copper production, boosted by the ramp-up of its massive Oyu Tolgoi copper mine in Mongolia, as the company prepares for a leadership transition.
The results come as iron ore chief Simon Trott is set to take over as chief executive on August 25, succeeding Jakob Stausholm.
Pilbara iron ore production rose 5% from a year earlier to 83.7 million metric tons, its highest second-quarter output since 2018, the company said.
Rio Tinto also said it is changing the specifications for its flagship Pilbara Blend product, resulting in a slightly lower iron content.
Meanwhile, the company accelerated the timeline for its giant Simandou iron ore project in Guinea, with the first shipment now expected around November 2025.
Consolidated copper production jumped 15% to 229,000 metric tons, driven by Oyu Tolgoi, and the company now expects full-year copper output to be at the higher end of its guidance range.
Outgoing CEO Jakob Stausholm said, "We delivered excellent operational performance from our mine operations with record production from our bauxite business and from Oyu Tolgoi as it ramps up to become the world's fourth largest copper mine before the end of the decade."
The company maintained its full-year iron ore shipment guidance of 323 to 338 million tons but said it expects to be at the lower end of the range due to cyclones earlier in the year.
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