Over the past six months Rio Tinto’s share price has climbed 38.5%, driven by a 10% year-on-year rise in copper output to 930,000 tonnes in the first half of fiscal 2026. This record copper performance coincided with the first commercial production from the newly commissioned Nuton processing line in Chile, which reached a throughput rate of 120,000 tonnes per month in its initial quarter. Meanwhile, progress on major iron ore and aluminium projects remains on track: the Pilbara expansion project has increased capacity by 15 million tonnes per annum, and the Amrun bauxite mine ramp-up in Queensland has delivered 7.8 million tonnes so far this year. These operational advances have underpinned stronger cash flow generation, with free cash flow up 25% compared to the same period last year.

Rio Tinto has reinitiated discussions with Glencore regarding a potential $200 billion merger aimed at diversifying its iron ore-heavy portfolio. Under new CEO Anne Stevens, the company is more open to large-scale transactions that could rebalance its asset mix toward copper and aluminium. Management’s strategic review highlights the growing importance of copper for electrification and artificial intelligence infrastructure, forecasting a 15% increase in global copper demand over the next five years. Despite these ambitions, the proposed deal faces significant hurdles, including antitrust scrutiny in three jurisdictions and concerns about Glencore’s trading arm. Market reaction was mixed: Rio Tinto shares slipped 6.27% on the announcement as investors weighed integration risks against the potential for enhanced scale and synergies.