LONDON, March 16, 2026, 16:14 GMT
Rio Tinto plc shares traded about 1.1% higher in London on Monday, clawing back part of Friday’s 2.63% slide even as the wider mining sector softened. The stock was around 6,738 pence by 16:13 GMT, according to market data, while Reuters reported London-listed miners were under pressure from weaker copper prices. 1
The move matters because Rio is no longer just an iron ore trade. Middle East disruption has pushed aluminium prices to four-year highs and kept Brent crude above $100 a barrel, a mix that can lift selling prices in one unit and raise mining and freight costs across the group. 2
At Rio’s February results, iron ore’s share of group earnings fell to about 60% from 70% a year earlier. Copper doubled its share to around 30%, with aluminium and lithium making up the rest, underlining why moves in metals beyond iron ore are carrying more weight for the stock. 3
Aluminium is the cleaner support right now. Hindalco warned customers on Sunday of possible disruption in extruded aluminium products after gas shortages tied to the Iran war; extruded metal is aluminium shaped for use in construction, electric vehicles and electronics. 4
That backdrop is already shifting investor money. George Cheveley, who helps run Ninety One’s Global Natural Resources Fund, told Reuters, “We could lose a significant amount of supply” in aluminium and said the fund had added unaffected producers including Hongqiao and Rio Tinto. 5
Copper tells a less friendly story. Reuters said mining shares in London were weaker on Monday as copper prices fell, and Rio is still dealing with a suspension at its Kennecott mine in Utah after a contractor died there on Thursday. The site is one of the world’s top-producing copper mines, according to the company. 6
Rio has argued that diversification and tighter spending should cushion exactly this kind of swing. In a February results statement, Chief Executive Simon Trott said a “diversifying portfolio and firm cost discipline” helped underpin 2025 performance, while Andy Forster of Argo Investments said the full-year numbers were “A good result” but “not as impressive as BHP.” 7
But the case for a longer rise is still fragile. Brent was around $101.68 a barrel on Monday after a jump of more than 40% since Feb. 28, which can squeeze diesel-heavy mine operations, transport and processing, and any deeper fall in copper or a longer Kennecott outage would leave Rio leaning harder on aluminium. Even after Monday’s rebound, the stock remains well below its £75.57 52-week high reached on Feb. 25. 8
