LONDON, June 30, 2026, 14:02 BST
- Rio Tinto gained 1.96% to GBX 7,215 as of 13:40 BST, outperforming the FTSE 100, which was up 0.85%.
- Rio Tinto said it struck a deal with the Mongolian government to reset the Oyu Tolgoi shareholder loan interest rate and look to bring forward distributions.
- Rio’s 66% slice of expected Oyu Tolgoi copper output is worth about $4.4 billion a year at the latest LME copper cash price, before costs, royalties, and taxes.
Rio Tinto plc (LON:RIO) gained 1.96% to trade at GBX 7,215 by 13:40 BST Tuesday, outpacing the FTSE 100, which was up 0.85%. The London Stock Exchange was open in its usual hours, with its June 30 session listed from 0800 to 1630 local time.
The stock traded higher as miners rallied. Reuters said Tuesday that industrial metal mining stocks were up 2.1%. Rio Tinto, Anglo American plc (LON:AAL), and Glencore PLC (LON:GLEN) all gained between 1.7% and 2.8% as the FTSE 100 was on track for its sixth straight quarter of gains.
Rio Tinto’s main news was in Mongolia. The company said it reached a deal with the government to change the shareholder loan interest rate at Oyu Tolgoi, address issues around the Entrée lease, and try to speed up shareholder payouts. It did not say what the new interest rate will be or when distributions might start. “Oyu is becoming a lower risk, steady state operation,” Rio Tinto Copper CEO Katie Jackson said. Rio Tinto
The main value comes from the scale, not just the loan rate. Oyu Tolgoi is still set to produce about 500,000 tonnes of copper a year from 2028 to 2036. Rio holds a 66% stake in Oyu Tolgoi LLC and Mongolia owns 34%.
| Oyu Tolgoi copper math | Calculation | Value |
|---|---|---|
| Targeted average annual output from 2028 to 2036 | Company’s target | 500,000 tonnes/year |
| Rio’s share of output | 66% of 500,000 tonnes | 330,000 tonnes/year |
| Latest LME copper cash price | Cash seller | $13,287/tonne |
| Total project gross metal value at 100% | 500,000 tonnes × $13,287 | $6.64 billion/year |
| Gross metal value for Rio’s 66% stake | 330,000 tonnes × $13,287 | $4.38 billion/year |
The $4.38 billion is just a spot metal value. It’s not a revenue estimate or a cash flow figure for the company. It doesn’t include costs, royalties, taxes, treatment charges, by-products, or contract terms. For context, Hargreaves Lansdown lists Rio’s 2025 revenue at $57.64 billion. At the LME price above, the attributable Oyu copper comes out to about 7.6% of that base.
Rio is getting a break on timing here as copper prices have held up better than iron ore. Trading Economics showed copper at $6.20 a pound on June 30, off 4.92% for the month but up 22.77% year-over-year. Iron ore was at $100.26 per tonne on June 29, dropping 4.54% in June but still higher by 6.13% from last year.
| London line | Latest quoted level | Move |
|---|---|---|
| Rio Tinto plc (LON:RIO) | GBX 7,215 | up 1.96% |
| BHP Group Ltd (LON:BHP) | 3,116p/3,118p sell/buy | up 2.16% |
| Glencore PLC (LON:GLEN) | GBX 524.30 | up 2.60% |
| Anglo American plc (LON:AAL) | GBX 3,736 | up 3.01% |
| Antofagasta plc (LON:ANTO) | GBX 3,866 | up 3.18% |
| FTSE 100 | 10,573.56 | up 0.85% |
Rio wasn’t the strongest among London miners. Antofagasta and Anglo, both with big copper exposure, traded firmer. BHP also moved ahead of Rio on the late numbers. Still, Rio’s London gain came in at more than double the FTSE 100’s.
Rio shares bounced but are still down sharply from the May high. According to Google Finance, the 52-week high stands at GBX 9,117. At Tuesday’s price, shares are about 21% under that mark. Rio finished Monday at £70.76, off 1.28%. The FTSE 100 lost 0.23% the same day.
Rio Tinto’s next key dates are coming up. The miner has its second-quarter operations review for 2026 on July 15, with half-year earnings set for July 29.
