Rio Tinto's Copper Pivot Pays Off in a Big Way

Rio Tinto's half-year results have vindicated its long-running shift towards copper, sending shares up 5% on the day.

The mining giant reported its strongest first-half performance in four years, with consolidated sales revenue rising 15% to US$31.0 billion and underlying EBITDA climbing 28% to US$14.8 billion.

Copper was the standout performer, with underlying EBITDA surging 84% to US$5.7 billion due to higher prices and the ramp-up of Oyu Tolgoi in Mongolia.

The company's Chief Executive Simon Trott described the period as a 'step-change in performance', while also noting that cash generation had followed earnings higher, with net cash from operating activities increasing 32% to US$9.2 billion and free cash flow surging 75% to US$3.8 billion.

The board declared an interim ordinary dividend of 211 US cents per share, a 43% increase on last year's payout and the biggest since 2022.