The Rio Tinto Ltd (ASX: RIO) share price has surged by 28% over the past year, outperforming the S&P/ASX 200 Index. This global mining giant is diversified across multiple commodities, including iron ore, copper, aluminium, bauxite, and lithium, setting it apart from many other miners.
While Rio Tinto is best known for iron ore, its growing exposure to copper and lithium positions it for future growth. The company's Oyu Tolgoi project in Mongolia is a key copper operation, expected to produce 500,000 tonnes annually at peak capacity. In the 2026 half-year result, copper operating earnings soared by 84% to US$5.7 billion, driven by a 35.5% increase in the sold copper price.
Rio Tinto's acquisition of Arcadium Lithium has also proven strategic, with lithium prices rebounding and electric vehicle demand rising. In the first half of FY26, the average realised lithium carbonate price rose 22% to US$18,960, with segment revenue and underlying operating profit increasing significantly. This division could become a meaningful contributor as lithium battery demand grows.
Additionally, Rio Tinto is diversifying its iron ore operations with the Simandou project in Africa, partnered with Chinese operators. This move could mitigate potential challenges in the Australian iron ore market, ensuring appealing profit margins and production scale.