Mining Giants Soar on AI Boom and Middle East Turmoil

Rio Tinto and Glencore have posted near-record updates thanks to sky-high commodity prices and Middle East conflict.

The mining giants' financial performance was driven by strong metals prices, operational improvements, and increased production. Rio Tinto saw a 43% increase in first-half profit, while Glencore's commodity trading division generated $2.9 billion through July.

Gary Nagle, Glencore boss, pointed to higher production volumes in zinc, nickel, and gold as contributing to the strong performance.

The companies have benefited from the artificial intelligence roll-out and electrification drive, which has prompted enormous rises in base metals like copper and precious metals like silver. Copper prices have risen by more than 66% since 2023 despite mining juggernauts racing to bolster supply.