New York, March 18, 2026, 13:19 EDT
Rio Tinto plc’s U.S.-listed shares fell 1.1% to $88.79 in midday trade on Wednesday, as investors weighed a major step forward at its Resolution Copper project in Arizona against weaker copper prices and a renewed bout of inflation anxiety across markets. The stock had traded as high as $90.80 earlier in the session. 1
The muted reaction matters because Rio is trying to shift more of its story toward copper while iron ore still does most of the earning. In February, the miner reported flat 2025 underlying earnings — its profit measure excluding one-off items — of $10.87 billion, with copper contributing about 30% of group earnings and iron ore still around 60%. 2
Rio said on Monday it had gained control of the 2,400 Arizona acres needed for Resolution, a deposit that Reuters reported holds more than 40 billion pounds of copper. Rio and its 45%-owned partner BHP have already spent more than $2 billion on the project, but Rio still has not said when production might begin. 3
Rio said it will spend about $500 million over the next two years on drilling, early works and community support, with around 100 jobs in this phase. Katie Jackson, chief executive of Rio Tinto Copper, called the land exchange a “significant milestone” and said it could help build “a stronger copper business”; the company says Resolution could eventually meet up to 25% of U.S. copper demand and add $1 billion a year to Arizona’s economy. 4
Wednesday’s backdrop was not helping miners. Reuters/LSEG data showed copper down about 2%, Brent crude up nearly 5% and the FTSE 100 off roughly 0.9%, while U.S. producer prices rose 0.7% in February, more than twice the 0.3% forecast in a Reuters poll, feeding worries that higher oil and stickier inflation could keep interest rates elevated. 1
That caution has been hanging over Rio since its annual results. Its London shares fell 3.4% on the day of the February release, and Andy Forster of Argo Investments said the numbers were “not as impressive as BHP,” a view that reflected softer iron ore prices, higher Pilbara costs and lingering questions after Rio’s merger talks with Glencore collapsed. 2
Still, the Arizona win is a long way from cash flow. Rio said more drilling is needed before it can forecast first output, state permits are still outstanding, and AP reported that a group of Apache women has asked the U.S. Supreme Court to intervene after the federal land transfer. 3
If built, Resolution would deepen Rio’s copper pipeline at a time when BHP is also leaning harder into the metal and big miners are finding large deals difficult to close. Wednesday’s price action suggested investors support the strategy, but are not yet ready to pay up for a project that still sits years from production. 5
