Rio Tinto enters the second half of the year with a visibly firmer operating base and a broader mix of profit sources. The recovery of output at Pilbara following the cyclones, the increasing contribution of aluminium and copper and the rapidly advancing project front give the results a stability that is more valuable than one-off fluctuations in the commodity cycle. At the same time, the company maintains discipline in capital allocation and shareholder returns, underlined by a conservative balance sheet and a predictable dividend policy.

Meanwhile, management is banking on a combination of quality execution and diversification: the mining system in Western Australia is returning to high utilisation, bauxite and copper production are surprising to the upside, and key growth projects - from Simandou to Western Range to lithium - are moving forward. All this without changing medium-term ambitions, but with more realistic short-term costs and taxes.

How was Rio Tinto's half year?

For the…