Rio Tinto Posts Highest Half-Year Earnings in Four Years as Copper and Aluminum Overtake Iron Ore

Published: Jul 30, 2026 09:33

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Rio Tinto reported underlying earnings of US$6.85 billion for the first half of 2026, up 43% year-on-year and the highest first-half result in four years. Driven by electrification, artificial intelligence and energy transition demand, its copper and aluminum businesses together contributed about 56% of group profits, surpassing iron ore for the first time. Copper EBITDA rose 84% year-on-year to US$5.7 billion, while iron ore EBITDA declined 1% to US$6.8 billion. The company said higher copper production, stronger commodity prices and productivity improvements were the key drivers of earnings growth. Rio Tinto also reported that productivity initiatives generated approximately US$870 million in benefits during the first half and remain on track to deliver annualized gains of US$1.8 billion by year-end. The company maintained its 2026 production guidance and declared an interim dividend of US$2.11 per share, its highest interim payout in four years. The miner added that it expects to achieve around half of its previously announced US$5–10 billion portfolio optimization target by the end of this year, while acknowledging uncertainties surrounding its 2030 emissions reduction target.

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