Rio Tinto offered aluminum for April–June delivery at a $350 per tonne premium, marking a 79% increase over the current quarter and the highest Japanese premium since 2015. The surge reflects tightening supply due to Middle East disruptions closing the Strait of Hormuz and reducing output from regional smelters.

The company secured a $1.17bn funding package from multilateral and export finance institutions to advance its Rincon lithium project in Salta Province, Argentina. The plant aims for 60,000 tonnes per annum of battery-grade lithium carbonate, with construction underway and production set to begin in 2028, ramping to full capacity over three years.

Rio Tinto’s shares have climbed 64.9% over the past six months, driven by higher copper output, first production at the Johnson Camp mine and advancements in its lithium and iron ore project pipeline. Investor confidence has been buoyed by the company’s diversified commodity exposure and growth investments.