Rio Tinto Ltd (ASX: RIO), Fortescue Ltd (ASX: FMG) and BHP Group Ltd (ASX: BHP) shares all underperformed the 2.3% gains posted by the S&P/ASX 200 Index (ASX: XJO) in July.
Of the three ASX 200 mining stocks, only BHP managed to finish the month just past in the green.
On 30 June, BHP shares closed trading for $59.40. When the closing bell sounded on 31 July, shares were changing hands for $60.31, up 1.5% for the month.
Rio Tinto shares went the other direction. Rio Tinto shares closed June at $172.51 and finished out July trading for $170.57 each, down 1.1%.
And Fortescue shares trailed the pack in July, closing the month down 3.3% to trade for $18.51 apiece.
Looking at the miners' top two revenue earners, the iron ore price traded in a pretty steady range of around US$98 per tonne in July. Meanwhile, the copper price increased by 3.5% to end the month at US$13,791 per tonne, according to data from Bloomberg.
All three ASX 200 mining stocks also reported quarterly or half-year results in July.
Image source: Getty Images
BHP shares slide on FY 2027 copper guidance
BHP released its June quarter (Q4 FY 2026) update on 16 July.
Over the three-month period, the mining giant produced 491,900 tonnes of copper, up 3% quarter on quarter. This brought full-year copper production to 1.95 million tonnes, down 3% year-on-year. But that production dip was more than offset by a 35% increase in the average realised price the company received for the red metal, which climbed to US$5.74 per pound in FY 2026.
On the iron ore front, BHP produced 264.7 million tonnes of the industrial metal in FY 2026, up 1% from FY 2025.
BHP shares closed down 2.3% on the day, however, partly pressured by FY 2027 copper guidance.
In the financial year ahead, the miner expects to produce 1.65 million to 1.8 million tonnes of copper and 260 million to 272 million tonnes of iron ore.
The lower copper production was said to predominantly relate to the forecast grade decline at BHP's Escondida copper mine.
Fortescue shares slip Iron Bridge impairment
Fortescue shares closed down 1.9% on 31 July following the release of the miner's own June quarter production update.
Like BHP shares, Fortescue enjoyed a broadly strong year, reporting all-time high total iron ore shipments of 201.3 million tonnes for FY 2026, up 1% year on year. And management provided FY 2027 shipment guidance in the range of 197 million tonnes to 207 million tonnes.
But investors were reaching for the sell buttons after the company reported that it expects to recognise a non-cash impairment charge of US$750 million before tax on its Iron Bridge magnetite project.
Fortescue said, "The carrying value assessment for Iron Bridge considers the revised ramp-up schedule and a range of production scenarios, including the nameplate capacity of 22Mt."
Rio Tinto shares jump on earnings lift
Rio Tinto reported its half-year (H1 2026) results on 29 July.
Unlike Fortescue and BHP shares, Rio Tinto shares jumped 3.7% on the day of the release.
Highlights for the half-year included a 15% increase in revenue to US$31.0 billion. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 28% to US$14.8 billion.
With Rio Tinto achieving a 47% year-on-year increase in profit after tax attributable to US$6.7 billion, management declared a fully franked interim dividend of AU$3.072 per share, up 38.4%.
