LONDON, March 16, 2026, 16:14 GMT
Rio Tinto plc shares picked up roughly 1.1% in London on Monday, making up some ground after dropping 2.63% on Friday, even though the broader mining sector lost traction. By 16:13 GMT, the stock was sitting near 6,738 pence, market data showed. Reuters pointed out that London-listed miners faced pressure as copper prices slipped.
That shift matters—Rio’s days as a pure iron ore bet are over. With Middle East turmoil driving aluminium to prices not seen in four years and Brent crude stuck above $100, the group sees higher selling prices in some parts of the business, but faces a squeeze from rising mining and freight outlays everywhere else.
When Rio posted results in February, iron ore accounted for roughly 60% of group earnings—down from last year’s 70%. Copper’s slice jumped, now making up about 30%. The balance came from aluminium and lithium. That shift puts added emphasis on how non-iron ore metals are influencing the shares.
Right now, aluminium stands out as the steadier option. Hindalco sent a warning to customers this Sunday, flagging a potential hitch in its extruded aluminium products. The culprit: gas shortages linked to the Iran war. Extruded aluminium—essential for construction, EVs, and electronics—could see supply issues.
Investor cash is on the move. George Cheveley, co-manager of Ninety One’s Global Natural Resources Fund, told Reuters, “We could lose a significant amount of supply” in aluminium. The fund has responded by picking up more shares in producers that haven’t been affected, such as Hongqiao and Rio Tinto. Reuters
Copper’s picture looks tougher. On Monday, Reuters reported that London mining stocks slipped as copper prices dropped. Rio Tinto continues to grapple with fallout from last Thursday’s fatal contractor accident at its Kennecott mine in Utah — still offline for now. The company describes Kennecott as among the world’s leading copper producers.
Rio is sticking to its line that diversification and stricter spending controls help buffer turbulence like this. Back in February, Chief Executive Simon Trott pointed to a “diversifying portfolio and firm cost discipline” as the backbone for 2025’s results. Andy Forster at Argo Investments, weighing in on the full-year report, called it “A good result” but added, “not as impressive as BHP.” Rio Tinto
The case for an extended rally looks shaky. Brent traded near $101.68 a barrel on Monday, up over 40% since Feb. 28. That kind of surge bites into diesel-reliant mining, shipping, and processing costs. If copper prices slide further or the Kennecott pause drags on, Rio could end up leaning more on aluminium. Despite Monday’s bounce, shares are still trading well below the £75.57 peak touched on Feb. 25.
