London, Feb 27, 2026, 08:51 GMT — Regular session
Rio Tinto shares bounced 1.8% to 7,413 pence early Friday in London, recovering part of Thursday’s drop after the miner signed a fresh cooperation deal with Chile’s state copper company Codelco. The stock started the session at 7,426 pence, up from Thursday’s close at 7,282, and has been volatile this week—reaching as high as 7,557 pence on Wednesday, its 52-week peak.
Timing is key here. Investors are pouring money into miners focused on copper and lithium, with copper prices holding up. Still, the market hasn’t lost sight of the China-connected bulk commodities—iron ore chief among them—which continue to generate much of the sector’s cash flow.
Codelco and Rio Tinto have inked a memorandum of understanding aimed at scoping out new development and investment prospects, according to the companies. A joint steering committee, made up of senior management from both sides, will take charge of identifying pilot projects and directing future initiatives. Their collaboration zeroes in on project management, operational standards, and supply chain coordination. The effort builds off the companies’ existing partnerships in Chile, notably the Nuevo Cobre copper initiative and lithium activities at the Maricunga salt flat, the report noted.
Copper held its ground in early European trade, with the LME’s three-month contract inching 0.12% higher to $13,320.50 per tonne. On track for a 2.77% weekly gain, prices are bumping up against technical resistance near $13,500, according to Sucden Financial analysts.
Iron ore was under a bit of pressure for Rio’s earnings. On the Dalian Commodity Exchange, the May contract in China edged down 0.27%, settling at 746.5 yuan a tonne. Over in Singapore, April’s benchmark contract slipped 0.22% to $98.15. Traders are eyeing steel production cuts from March 4, which could weigh on demand for the raw material.
Last week, Rio’s annual numbers put the spotlight back on iron ore versus copper. Underlying earnings for 2025 landed at $10.87 billion, matching last year but coming up short of forecasts. The miner set a final dividend at 254 U.S. cents per share. “A good result, perhaps as not as impressive as BHP, particularly with capital liberation,” commented Andy Forster at Argo Investments in Sydney. Reuters
Not every analyst is on board with the rally. RBC’s Ben Davis maintained his Neutral stance and stuck with a 5,900 pence price target, MarketScreener noted. The site also points to Rio’s next update: a first-quarter operations review set for April 20.
There’s a chance the copper trade could get crowded right when iron ore loses steam. Should Chinese steel production pull back harder than forecasts suggest, iron ore prices might tumble—taking the sector lower too. And if copper’s surge stalls, that could reveal whether the recent buying was truly about “metal fundamentals” or just speculative positioning.
Dividends are also looming on the horizon. According to Rio’s financial calendar, the 2026 final dividend for both Rio Tinto plc and Rio Tinto Limited ordinary shares goes ex-dividend March 5, cutting off eligibility for buyers from that day. The ADRs follow a day later, going ex-div on March 6.
Traders are watching copper hover near $13,500 a tonne and eyeing iron ore ahead of the March 4 steel production cuts flagged by the market. They’re also scanning for specifics that could translate the Codelco memorandum into actual projects.
