Rio Tinto increases half year production up by 3%

• Rio Tinto achieved a 3% year-on-year increase in copper equivalent production during the first half of the year.
• Following the release of the operational update, the company's share price traded down at $163.61.
• The production growth was driven by an ongoing productivity programme in the Pilbara and a 31% volume ramp-up at Oyu Tolgoi.

Rio Tinto (ASX:RIO) lifted first-half copper equivalent production by 3% through operational performance improvements across its global mining assets.

This production increase follows a period where the company achieved its highest first-half Pilbara iron ore output since 2018.

"We are delivering growth as we drive performance across the group, with copper equivalent production up 3% in the first half," said Rio Tinto CEO Simon Trott.

The company reduced its copper C1 net unit cost guidance to US 30–50c/lb and increased quarterly lithium carbonate equivalent production by 20%.

Following the announcement, the Rio Tinto share price was down at $163.61.

The group is currently advancing its Simandou iron ore project where construction of mine and port infrastructure is over three-quarters complete.

These long-term developments form part of an ongoing corporate strategy to expand global copper and lithium capacity for the energy transition.