Daily Mining Update
Daily Mining Update
Posted inDaily Update Mining

Daily Mining Update (July 20, 2026): Rio Tinto Q2 results, Cameco Cigar Lake restart, Savannah Barroso DFS

Posted inDaily Update, Mining

Daily Mining Update — July 20, 2026

Key mining and natural resource company developments from the last couple of days include quarterly production updates from major diversified miners, a uranium mine restart in Canada, and a new lithium feasibility study update in Portugal.

1) Rio Tinto releases Q2 2026 production results

  • Rio Tinto reported consolidated copper production of 213 kt in Q2 2026 and 442 kt in H1 2026, with 2026 guidance reiterated at 800–870 kt. (Business Wire)
  • The company said Oyu Tolgoi’s ramp-up remains on track, with 31% year-over-year growth in H1 copper production at the operation. (Business Wire)
  • Rio Tinto also reported lithium carbonate equivalent (LCE) production of 14.6 kt in Q2 2026 (up 20% year-over-year) and kept 2026 LCE guidance at 61–64 kt. (Business Wire)

2) Cameco: Cigar Lake mine resumes production

  • Cameco said its Cigar Lake uranium mine in northern Saskatchewan has resumed production after a temporary suspension tied to challenges at Orano’s McClean Lake mill, where Cigar Lake ore is processed. (Business Wire)
  • The company stated that its 2026 production outlook for Cigar Lake remains 17.5–18.0 million pounds U3O8 (100% basis). (Business Wire)

3) Savannah Resources publishes Barroso Lithium Project DFS (Portugal)

  • Savannah Resources released Phase 1 Definitive Feasibility Study results for its Barroso Lithium Project, outlining a 14-year Phase 1 operation producing an average of 183 ktpa of spodumene concentrate (total 2.56 Mt over life-of-mine). (Investegate (RNS))
  • The DFS cited initial CAPEX of US$417 million and referenced a €110 million Portuguese State grant; the company said preparation for construction in 2027 is now the key priority. (Investegate (RNS))

4) Antofagasta: H1 2026 copper output down, guidance reiterated

  • Antofagasta reported first-half 2026 copper output of 285,000 tonnes (down 9.5%), citing lower production at two key mines, while reiterating full-year guidance of 650,000–700,000 tonnes. (Mining Weekly (Reuters))
  • The company also nudged up its forecast cash cost (before by-product credits) to $2.40–$2.60/lb, attributing the change to persistently higher fuel prices. (Mining Weekly (Reuters))

5) BHP copper production update (FY2026)

  • A production update attributed to BHP reported Q4 FY2026 copper production of 491,900 mt (down 5% year-over-year) and FY2026 copper production of 1.95 million mt (down 3% year-over-year), with declines mentioned at Escondida and Pampa Norte. (news.metal.com)

Disclaimer: This article is for informational purposes only and is not financial advice.

If you have a press release or company update you’d like included in future Daily Mining Updates, contact Natural Resource Stocks with the link and publication date.