Updates

** Shares of mining major Rio Tinto RIO.AX rises as much as 2.8% to A$168.17, their highest since July 7

** Anglo-Australian miner sold 85.3 million metric tons of iron ore from its Pilbara operations in Q2, compared with 79.9 Mt in prior corresponding period

** Sales above Visible Alpha consensus estimate of 83.6 Mt

** Analysts at Jefferies reiterate "hold"

** While mostly an uneventful report from Rio, the q/q rebound in volumes at certain assets in 2Q is encouraging - Jefferies

** Co said higher fuel costs due to Middle East conflict had raised current costs and would continue to affect annual results

** Average pricing in H1 at Pilbara operations improved to $85.2 per wet metric ton on a free-on-board basis vs $83.2 per wmt last year - RIO

** RIO up 12.5% YTD, including session moves