LONDON, March 11, 2026, 14:51 GMT
Rio Tinto shares slipped in London on Wednesday, even after the miner secured $1.175 billion in financing for its Rincon lithium project in Argentina and said the site had made its first commercial shipment of lithium carbonate. The stock was down 1.2% at 6,754 pence by 12:26 GMT, after closing 3.04% higher on Tuesday at 6,837 pence. 1
The move matters because Rio is under pressure to show it can build growth outside iron ore with funded internal projects rather than another large takeover. Last month the miner reported flat annual earnings that missed expectations, with weaker iron ore prices weighing on its main business even as copper softened the hit. 2
That shift is already showing up in the mix. Iron ore’s share of group earnings fell to about 60% from 70% a year earlier, while copper doubled to roughly 30%; rival BHP, meanwhile, said copper overtook iron ore in its earnings for the first time, underlining how the big miners are leaning harder into metals tied to electrification and data-centre demand. 2
Rincon sits near the centre of Rio’s pitch. The company said loans from the IFC, IDB Invest, Export Finance Australia and Japan Bank for International Cooperation will help fund the $2.5 billion project, which targets about 60,000 tonnes a year of battery-grade lithium carbonate, the refined chemical sold to battery makers. First production is expected in 2028, followed by a three-year ramp-up, and the mine life is pegged at 40 years. 3
Jérôme Pécresse, Rio’s aluminium and lithium chief, said the package “broadens our funding sources” as the group expands its lithium pipeline. That reads more comfortably for some investors than another round of dealmaking: after Rio abandoned its Glencore pursuit in February, Jefferies analyst Christopher LaFemina said Rio would likely “go it alone.” 3
Rio’s core iron ore engine is not rolling over. China imported 210.02 million metric tons of iron ore in January and February, up 10% from a year earlier, helped by stronger Australian exports and firmer domestic demand; Alexis Ellender, an analyst at Kpler, said the jump was “mainly attributable to strong December exports from Australia.” 4
There is also support from aluminium. Reuters reported that investment firm Ninety One increased its exposure to the metal after turmoil around the Strait of Hormuz threatened regional supply, and added Rio Tinto as one of the producers less exposed to that bottleneck. 5
But Rio is not getting a clean run. Mongolia is pressing the miner to rewrite terms at the $18 billion Oyu Tolgoi copper mine, calling the existing structure “unfair” and seeking to cut the interest rate on a development loan to below 6% from more than 11%, while also pushing for lower management fees; the report said export taxes could rise if talks sour. 6
For now, the market appears to be treating the Argentina financing as a useful step rather than a full rerating trigger. Rio still draws most of its earnings from iron ore, and investors are likely to keep watching whether Rincon and Oyu Tolgoi can shift that balance further without the cost and execution risk that come with a major merger. 2
