ASX Mining Companies to Keep an Eye on in FY27: RIO, S32 and CSC

These mining shares are showing growth momentum, supported by strong financial results, higher production, project expansion and improved operational performance across the sector.

Capstone Copper Corp. (ASX: CSC)

Capstone Copper Corp. (ASX: CSC), on 30 July 2026, reported second quarter 2026 results with record revenue of $739.7 million, up from $543.2 million a year earlier. Adjusted EBITDA reached a record $354.0 million for the seventh straight quarter.

The net income attributable to shareholders increased to $74.3 million, while adjusted net income rose to $97.6 million. Net debt fell to $674.9 million.

Quarterly copper production totalled 51,759 tonnes at C1 cash costs of $2.82 per pound. Record sulphide production of 18,190 tonnes was recorded at Mantoverde. The operations of Mantos Blancos and Cozamin were impressive. Pinto Valley was affected by unplanned maintenance during the quarter.

The company kept its 2026 production guidance at 200,000-230,000 tonnes, C1 cash cost guidance at $2.45-$2.75 per pound and capital spending at $790 million. Higher second half production is expected after the MV Optimized project progresses.
The new 3 year labour agreements were completed at Mantos Blancos during June 2026.

South32 Limited (ASX: S32)

South32 Limited (ASX: S32), on 20 July 2026, reported FY26 production above overall guidance while quarterly sales volumes increased 15% after inventory reductions supported cash generation. Aluminium production finished 1% above guidance, alumina met guidance, Sierra Gorda exceeded guidance by 2%, Cannington ended strongly with quarterly production up 29% and manganese production also finished 2% above guidance.

On 1 July 2026, the company announced the sale of its aluminium value chain assets, excluding Mozal Aluminium, to Alcoa for up to US$5.6B plus about US$1.2B in rehabilitation provisions. The transaction is expected in H2 FY27. During FY26, South32 returned US$327M to shareholders.

At Hermosa, about US$710M was invested during FY26. On 30 April 2026, Taylor's mine life increased to about 33 years, first production stayed on track for H2 FY28 and growth capital was updated to US$3.3B. On 7 July 2026, federal permitting was completed.

Ambler Metals started summer drilling. On 14 May 2026, Arctic received FAST-41 project status. FY26 exploration spending totalled US$94M.

Rio Tinto Limited (ASX: RIO)

Rio Tinto Limited (ASX: RIO), on 29 July 2026, announced its 2026 half year results with a 3% rise in copper equivalent production. RIO's underlying EBITDA was up by 28% to reach $14.8 billion and the free cash flow jumped by 75% to $3.8 billion with profit after tax at $6.7 billion. The company declared a $3.4 billion interim dividend, up 43%.

Operational progress included strong Pilbara iron ore production, first high-grade iron ore sales from Simandou, and early lithium production achievements. Productivity benefits reached $870 million with a target of $1.8 billion annualised run rate by year end.

The company also reported safety actions after two fatalities, the launch of its Management Operating System, emission reduction progress, renewable energy projects, battery electric equipment trials and bio-pellet agreements for alumina operations.

(Source: Company Report)