Aluminum price rally as driver
On August 5, 2026, Rio Tinto Group reported that in the first half of 2026, its aluminum and lithium business segment (including bauxite, alumina, primary aluminum and lithium) EBITDA increased 38% year on year to USD 3.311 billion. Growth was mainly driven by higher aluminum prices and increased product premiums, which offset adverse foreign exchange, inflation, and higher energy and aluminum raw material costs. Rio Tinto Chief Executive Simon Trott noted that nearly 60% of the Group's total underlying EBITDA of USD 14.8 billion in the first half came from copper, aluminum and lithium. In the first half, Rio Tinto's aluminum production was unchanged at 1.68 million tonnes, with revenue of USD 9.401 billion and EBITDA of USD 3.093 billion. The average realized aluminum price rose 39% year on year to USD 4,343 per tonne.
Alumina output up 8%
Value-added products (VAP) accounted for 41% of primary aluminum sales, down from 46% in the first half of 2025. In the first half, Rio Tinto's alumina production reached 4 million tonnes, up 8% year on year, with revenue of USD 1.528 billion and EBITDA of negative USD 2 million. The realized alumina price fell 29% to USD 308 per tonne. In the first half, Rio Tinto's bauxite production fell 7% to 28.5 million tonnes, mainly due to weather disruptions in the first quarter, with revenue of USD 1.479 billion and EBITDA of USD 464 million. The realized bauxite price fell 27% year on year to USD 56 per dry tonne. The company expects to produce 3.25 million to 3.45 million tonnes of aluminum, 7.6 million to 8.0 million tonnes of alumina, and 58 million to 61 million tonnes of bauxite by the end of 2026.