Rio Tinto Sees 43% Profit Boost on Higher Metals Prices

Mining giant Rio Tinto reported a significant jump in first-half profit, driven by higher metals prices and demand. The company's underlying earnings for the six months to June 30 climbed 43% to $6.9 billion.

The surge was further fueled by $870 million in productivity gains and a $3.8 billion increase in free cash flow, up 75% year on year. Underlying core earnings rose 28% to $14.8 billion for the first half of 2026.

Rio Tinto attributed the improved market conditions to sharper gains in copper, gold, and aluminium benchmarks, which rose 39%, 53%, and 33% respectively. Iron ore prices remained resilient with a 2% increase in realised pricing, offset by weaker bauxite prices.

The company's productivity programme contributed $870 million in the period, delivering a 3% increase in copper-equivalent production across Pilbara iron ore, Oyu Tolgoi, and aluminium operations.