Highlights

  • Macquarie Research has maintained positive ratings on Rio Tinto, Orica, and Whitehaven Coal amid improving operational performance and Commodity market trends.
  • Rio Tinto shares have surged nearly 54% over the past year, while Orica and Whitehaven Coal have also delivered strong gains.
  • Strong copper Demand, resilient Mining activity, and operational efficiency remain key themes supporting broker sentiment across the sector.

Australia’s mining sector has remained a major focus for investors in 2026 as commodity demand, operational expansion, and global infrastructure spending continue to support resource companies.

Several ASX-listed mining and mining-services companies have delivered strong share price performance over the past year, driven by improving production trends, disciplined cost management, and growing exposure to commodities linked to electrification and industrial demand.

Among the companies attracting positive broker attention are Rio Tinto (ASX:RIO), Orica Ltd (ASX:ORI), and Whitehaven Coal Ltd (ASX:WHC). Macquarie Research has maintained favorable ratings on all three stocks, reflecting confidence in their operational momentum and broader industry positioning.

Here is a closer look at the three ASX mining-related stocks receiving positive ratings from Macquarie Research.

Rio Tinto

Rio Tinto has remained one of the strongest-performing large-cap mining stocks on the ASX over the past year. The company’s shares closed at AUD 178.72 on May 8, down 0.84% for the session, but the stock has still surged 53.96% over the past 12 months and gained 37.70% over the last six months.

Macquarie Research currently maintains an “Outperform” rating on Rio Tinto with a target price of AUD 186.

Investor confidence in Rio Tinto has been supported by strong operational performance across copper, iron ore, aluminium, and lithium Assets. In its first-quarter 2026 production update, the company reported a 9% year-on-year increase in copper equivalent production.

A key contributor to this growth was the continued ramp-up of the Oyu Tolgoi underground copper mine in Mongolia, which has become increasingly important to Rio Tinto’s Long-term Growth strategy.

Iron ore operations also delivered strong results despite weather disruptions in Western Australia. Pilbara production rose 13% year-on-year, marking the company’s second-highest first-quarter Pilbara production result since 2018.

Rio Tinto also continued progressing major growth projects during the quarter. The first SimFer shipment from the Simandou iron ore project in Guinea was delivered to China, while lithium projects Fenix 1B and Sal de Vida achieved mechanical completion ahead of planned production in the second half of 2026.

The company additionally highlighted productivity initiatives that have already delivered US$650 million in annualized benefits.

Orica Ltd

Mining services and explosives company Orica has also remained firmly on investor watchlists following a strong first-half FY2026 performance.

Orica shares closed at AUD 21.73 on May 8, down 3.42% for the day, although the stock remains more than 20% higher over the past year.

Macquarie Research maintained an “Outperform” rating on Orica with a target price of AUD 25.86.

The company recently reported first-half EBIT of AUD 512 million, representing its highest first-half EBIT result in more than two decades. Net profit after tax before significant items increased 8% year-on-year to AUD 283.1 million.

Management attributed the strong performance to continued demand for premium blasting products, advanced mining technologies, and robust conditions in gold and copper markets.

Orica’s Digital Solutions division delivered particularly strong growth, with EBIT increasing 25% during the half as mining companies continued adopting technology-driven productivity and monitoring solutions.

Specialty Mining Chemicals EBIT also rose 20%, supported by strong sodium cyanide demand and operational efficiency improvements.

The company further strengthened its growth profile through strategic acquisitions, including the purchase of Nelson Brothers’ explosives Business in North America and the Danafloat product range focused on copper processing applications.

Orica also completed a AUD 500 million share buyback during the period and launched an organization-wide cost reduction program expected to generate at least AUD 100 million in enduring savings.

Whitehaven Coal Ltd

Whitehaven Coal has been another strong-performing ASX mining stock over the past year, supported by stronger coal prices and operational resilience.

The company’s shares closed at AUD 7.89 on May 8, down 2.71% for the session. Despite the daily decline, Whitehaven shares have climbed 53.20% over the past 12 months.

Macquarie Research currently maintains an “Outperform” rating on Whitehaven Coal with a target price of AUD 9.75.

The company’s March 2026 quarterly production report highlighted solid sales performance despite seasonal weather disruptions affecting Queensland operations.

Managed ROM coal production totaled 9.5 million tonnes during the quarter, while Equity sales of produced coal reached 6.8 million tonnes, broadly in line with the prior quarter.

Coal pricing conditions also improved during the period. Premium low volatile hard coking coal prices increased 18% quarter-on-quarter, while thermal coal benchmark prices rose 11%.

Queensland operations continued benefiting from metallurgical coal demand, while New South Wales operations maintained relatively stable production and sales levels.

Whitehaven also made progress in strengthening its Balance Sheet. Net Debt declined to AUD 0.6 billion by the end of March 2026, and the company completed a refinancing package expected to deliver annualized interest savings of AUD 50 million to AUD 55 million.

Management reiterated FY2026 guidance across production, sales, and Capital Expenditure metrics, with production tracking toward the upper half of guidance ranges.

The company’s increasing exposure to metallurgical coal markets following recent acquisitions has become an important Factor supporting investor interest, particularly as steelmaking coal demand remains relatively resilient.

Mining Sector Sentiment Remains Closely Tied to Commodity Trends

The positive broker ratings across Rio Tinto, Orica, and Whitehaven Coal reflect broader investor interest in companies benefiting from mining production growth, commodity demand, and operational Diversification.

Copper demand linked to electrification trends, resilient iron ore production, and stable metallurgical coal markets have all contributed to improved sentiment toward Australian resource stocks.

At the same time, investors continue to monitor global economic conditions, commodity price Volatility, geopolitical risks, and weather-related disruptions, all of which remain significant factors influencing mining sector performance.

Operational efficiency, balance sheet management, and exposure to future-facing commodities such as copper and lithium have increasingly become key themes shaping broker outlooks across the sector.

Conclusion

Rio Tinto, Orica, and Whitehaven Coal have all attracted positive ratings from Macquarie Research as investors continue assessing opportunities across the ASX mining sector. Strong operational updates, improving commodity market conditions, productivity initiatives, and strategic growth investments have supported market confidence in each company. While commodity markets remain exposed to external risks and economic uncertainty, the three companies have continued demonstrating operational resilience and strong positioning within their respective segments of the mining industry.