Rio Tinto annual earnings flat as iron ore weakens, copper cushions blow
Rio Tinto on Thursday reported flat annual earnings that missed expectations as weaker iron-ore prices weighed on its core business, while stronger copper prices and higher output helped limit the impact.
The world's largest iron-ore producer, which recently walked away from merger talks with Glencore, posted underlying earnings of $10.87-billion for the year ended December 31, unchanged from a year earlier and below the Visible Alpha consensus of $11.03-billion.
The miner also declared a final dividend of 254c per share, implying a payout ratio of 60% of underlying earnings, up from 225c in 2024.
The results highlight miners' increasing focus on copper as demand accelerates, driven by the growth of power-hungry AI data centres and the shift toward cleaner energy.
Annual unit costs for Pilbara iron-ore were around $0.5/t higher than in 2024 owing to inflationary pressures and weather‑related disruptions. Pilbara unit costs are forecast to rise further to between $23.5 and $25.0 per wet metric ton this year.
Rio's copper business delivered stronger results, with average realised prices rising 17% in 2025 and output up 11%, supported by a ramp‑up at the Oyu Tolgoi mine in Mongolia.
The metal also overtook iron-ore in rival BHP's earnings for the first time, the world’s largest listed miner said this week.
That strategic pivot has fuelled a wave of dealmaking across the sector as companies race to secure long‑life copper resources.
Rio's own talks with Glencore collapsed in February after the companies failed to agree on valuation and ownership terms, ending discussions that would have created the world's largest listed mining company and significantly boosted copper exposure.
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