LONDON, June 29, 2026, 10:01 BST
- Rio Tinto slipped 0.36% to 7,140p as the FTSE 100 shed 0.19%.
- Iron ore hovered close to $100 a tonne following an 8.18% fall over the last month, which is a clearer signal for Rio than Monday’s minor share move.
- Rio’s current market value is around £19 billion under what its equity was worth at the 12-month high, using quoted figures.
- The next key dates are the July 15 operations review and the July 29 half-year results.
London stocks were open for their usual weekday session with the clock on. Rio Tinto plc (LON:RIO) traded at 7,140p ask, off 26p or 0.36%. That put shares a bit below the FTSE 100 (INDEXFTSE:UKX), which slipped 0.19% to 10,488.30 as of 09:46 BST.
| Latest quoted read | Rio Tinto (LON:RIO) | FTSE 100 (INDEXFTSE:UKX) | Iron ore |
|---|---|---|---|
| Level | 7,140p on the sell side, 7,142p to buy | 10,488.30 | $100.33 per tonne |
| Day move | Down 0.36% | Off 0.19% | Down 0.04% on June 26 |
| Other marker | Market cap at £116.16 billion | Up 19.20% for the year | Off 8.18% over the month |
That slight lag is an issue since Rio is still mainly priced as an iron ore stock. AJ Bell calls iron ore Rio’s top commodity, with copper and aluminium bringing in less. AJ Bell puts Rio’s market cap at £116.16 billion, shows a 4% dividend yield and a price/earnings ratio of 16.31 for its London shares.
The stock trades well below its year high. AJ Bell lists a peak of 8,325p, while the latest price is 7,140p, which is roughly 14% down. That drop, multiplied by the market cap, works out to an implied hit of about £19 billion. This is a rough price math, not a formal broker call.
Iron ore stands out with a clear move. Trading Economics priced iron ore at $100.33 per tonne on June 26, off 8.18% over the month but up 6.18% from a year ago. Rio shares took the latest monthly drop harder than the annual gain, since Pilbara output still shapes dividends and buyback room.
| Operating read-through | Latest sourced figure | Why it matters for the stock |
|---|---|---|
| Pilbara iron ore sales, Q1 | 72.4 mln tonnes, up 2.4% year on year | Main cash contributor |
| 2026 Pilbara sales guidance | 323 mln-338 mln tonnes | Watch for July volume |
| Q1 mined copper output | 229,000 tonnes vs 210,000 tonnes a year earlier | Diversification readout |
| Lithium target | At least 61,000 tonnes this year; capacity of 200,000 tonnes by 2028 if demand supports it | Growth lever, not a cash driver yet |
Rio held its 2026 Pilbara iron ore sales target at 323 million to 338 million tonnes as it posted first-quarter production numbers. Mined copper in Q1 was up at 229,000 tonnes from 210,000 tonnes last year, driven by Oyu Tolgoi.
London investors aren’t shifting focus from ore to lithium just yet. Jérôme Pécresse, who runs Rio’s aluminium and lithium unit, told Reuters last week the miner is targeting at least 61,000 metric tons of lithium output this year, with the option to grow to 200,000 tons by 2028 if demand holds up. “We want to show that we can build on time and on budget,” he said. Reuters
Macro signals eased off compared to the drop in ore prices. European shares and U.S. futures traded higher after the U.S. and Iran agreed to pause hostilities and reopen talks. Brent crude sat near $72.20 a barrel, off 22% for the month. “The market can take some relief in the lower oil prices and its impact on the global economy,” said Mohit Kumar, chief European economist at Jefferies. Reuters
For Rio, lower oil prices could ease diesel and freight costs, but that doesn’t solve the short-term ore issue. The company said in April it had little visibility on Middle East supply chains for the second half. Baden Moore at CLSA Australia pointed to diesel and jet fuel shortages as his main operating risk for that time.
Rio set July 15 for its 2026 Q2 operations review and July 29 for half-year results. Investors are watching those dates more than the lithium target. The July 15 update will show if Pilbara shipments can make up for an iron ore price near $100 a tonne.
