British-Australian mining company Rio Tinto has advanced construction at its Brockman Syncline 1, Hope Downs 2 and West Angelas iron ore mines, expecting to start production at all three mines in 2027, according to a statement released today.
,The mines should be built in connection with the replacement of old mines that deplete the company's resources. Pilbara capital's investments increased by 34% in January-June compared to the same period last year, reflecting continued investment in projects in the Pilbara, according to a half-year report released on July 29.
The company recorded higher profitability at its iron ore mining operations in the Pilbara in January-June compared to the previous year, despite constraints related to the strengthening of the Australian dollar and higher diesel prices. Underlying earnings before interest, taxes, depreciation and amortization (ebitda) at Rio Tinto's iron ore operations in the Pilbara region of Western Australia (Washington) totaled $7 billion in January-June, up 5% from the same period last year due to higher iron ore prices and increased production.
In January-June, Rio Tinto received an average of USD 105 per dry metric ton (dmt) of ore in China for 61% and USD122 per metric ton of products in China for 65% in January-June 2025, compared with USD 101 and 113 per ton, respectively, in January-June 2025. of the year. Unit costs for
Increased by $0.70. Up to $25 per ton per annum. Per ton due to the growth of the Australian dollar by $ 2.10. Per ton and an increase in diesel fuel prices by $0.80. Per ton. This was in line with Rio Tinto's higher unit cost forecast for 2026 of $23.50–$25 per crude metric ton (wmt) on fob terms. Reducing the cost of
This was offset by productivity improvement initiatives that increased plant operating time and allowed Rio Tinto to produce higher volumes of products, the company said. In January-June, the company achieved the highest half-year iron ore production rate - 15% in eight years (16% in January-June).
The annual forecast for iron ore sales at the company's Pilbara facilities for 2026 remains at 323-338 million tonnes.
The Argus ICX iron ore price index was last estimated at $97.10 per tonne cfr Qingdao at a 61 percent rate as of July 28, up from $97.65 per dmt on July 21. Argus last estimated fines of 65% Fe at $113.75 per dmt in Qingdao on July 28, up from $114.40 per dmt on July 21.