LONDON, March 12, 2026, 14:47 GMT
Rio Tinto gained 0.5% to 6,826 pence in London on Thursday, pulling ahead as the broader market stumbled. By late morning, the FTSE 100 was off 0.4%. Miners, though, managed to sidestep the drop. 1
This is significant for Rio, which is pushing to bulk up in copper, aluminium and lithium even though iron ore remains its main cash cow. In February, the company reported iron ore made up about 60% of group earnings for the year—down from 70%. Copper’s share, meanwhile, jumped to about 30% after doubling. So, when Rio signs off on new projects or funding plans, investors feel the impact more acutely. 2
Iron ore got a lift in the short term. With China expanding its ban on BHP’s Newman fines for domestic buyers—contract negotiations still unresolved—benchmark April iron ore on the Singapore Exchange climbed over 4%, hitting $108.95 a tonne, the strongest level since January. 3
Brazil threw in a Rio-side kicker: CADE, the nation’s antitrust regulator, cleared Rio and Chalco’s joint move for Votorantim’s 68.596% piece of aluminium producer CBA—no conditions attached. Rio’s slice comes in at roughly $297.8 million. After closing, the partners are set to launch a mandatory tender offer for the outstanding shares. Jérôme Pécresse, who heads aluminium and lithium at Rio, called the deal “aligned with our strategy” to grow its low-carbon aluminium presence. 4
The day before, Rio secured $1.175 billion in financing for its Rincon project in Argentina, with money coming from IFC, IDB Invest, Export Finance Australia, and JBIC. Pécresse called it a move that “broadens our funding sources.” And according to Reuters, Rio has now kicked off its first commercial shipment from Rincon—a site aiming for annual output of roughly 60,000 tonnes of battery-grade lithium carbonate, the key refined chemical for EV batteries. First production is on track for 2028. 5
When the Brazil acquisition surfaced in January, CLSA’s Baden Moore described it as a “bullish signal” for aluminium, though he also noted the deal wouldn’t “move the dial” for Rio financially. That assessment continues to hold up. The CBA buy is a modest outlay, but it strengthens Rio’s commitment to low-carbon metals. 6
Mining shares split on Thursday, with Glencore gaining 1.1% in London as Anglo American slipped 2.0%. Investors aren’t snapping up the sector wholesale—stock by stock, they’re making calls. 7
This isn’t a one-way street. George Cheveley, who runs Ninety One’s natural resources fund, flagged that an aluminium supply crunch could vanish if demand slips—“If it falls 5%, then the problem is solved,” he said. Rio faces a separate headache in Mongolia, with the government seeking to reopen Oyu Tolgoi copper mine terms—pushing for cheaper loan rates, lower fees, and possibly higher export taxes. 8
Copper’s been on a tear, jumping 59% from its April bottom, according to a Reuters commodities note last month. Iron ore, though, hasn’t kept up, stuck near $100 a tonne and still tied closely to China’s fortunes—reshaping profit drivers for the heavyweights. That’s left investors scrutinizing every new move into aluminium and lithium more closely, even as Pilbara iron ore keeps steering Rio’s share price most days. 9
