Rio Tinto Posts Record Earnings as Copper Demand Surges

Rio Tinto's first-half earnings reached their highest level in four years due to strong performance from its copper and aluminum units. The company reported underlying earnings of $6.85 billion for the six months ended June 30, up 43% from $4.81 billion a year earlier.

The world's largest iron ore miner now derives around 56% of its profit from copper and aluminum combined, boosted by growing demand for energy and AI megatrends. This marks a shift in the company's revenue mix, with copper and aluminum outperforming iron ore profits for the first time.

Rio's CEO Simon Trott attributed the strong performance to higher commodity prices, rising copper output, and productivity gains across the business. The company also expects to achieve half of its target $5 billion to $10 billion in cash through portfolio management and infrastructure initiatives by the end of the year.