London, Feb 9, 2026, 07:52 GMT — Premarket
- Rio Tinto finished Friday at 6,843 pence, ticking 0.25% higher.
- Rio Tinto is slated to release its 2025 annual results on Feb. 19.
Rio Tinto plc (RIO.L) shares are drawing renewed attention before the London open after the miner ended merger discussions with Glencore, abandoning a renewed push for a combined mining giant worth north of $200 billion. Shares finished the previous session at 6,843 pence, sitting roughly 5% under the 52-week peak of 7,228 pence.
With the deal scrapped, focus swings to what Simon Trott and Rio will do next—and whether investors get clear direction on costs, spending plans, and returns. “It’s positive that Rio appears to be disciplined in not overpaying,” said Andy Forster, senior investment officer at Argo Investments. John Ayoub at Wilson Asset Management called it a win for Trott, saying he’d “pass[ed] his first test in the seat”. reuters.com
Glencore is facing calls to expand its copper portfolio, but analysts now see asset sales—not a major merger—as the likely move. The company is preparing to offload 70% of its stake in Kazzinc, a zinc, lead and copper unit, potentially within weeks. That chunk could fetch close to $5 billion, analysts estimate. British rules also mean Rio is locked out of fresh deal talks for six months.
Rio on Feb. 5 pulled the plug on any potential merger or business tie-up with Glencore, saying it couldn’t find common ground that would benefit its shareholders. The miner said it weighed the move with the “disciplined lens” it talked about at its Capital Markets Day back in December. With the announcement, Rio triggers Rule 2.8 of the UK takeover code, which restricts further approaches. Rio Tinto
Rio is sticking to its own pace now. The miner has locked in Feb. 19 for its full-year 2025 results, according to a fresh announcement, and outlined its final dividend timeline: ordinary shares go ex-dividend on March 5, with payment following on April 16. (Anyone buying on or after the ex-dividend date misses out on the next payout.)
It’s been anything but smooth in metals markets lately. Retail-driven action out of China has sent prices swinging, prompting exchanges to hike margins and tweak trading rules—38 times over just two months, Reuters metals columnist Andy Home pointed out. All of it adds fuel to the risk of sudden price swings.
This week’s Mining Indaba in Cape Town is set to revolve around copper, cobalt, and, crucially, who’s pulling the strings on supply. U.S. officials and mining executives told Reuters the U.S. has turned to offtake agreements—securing rights to a portion of mine output in exchange for funding—to push back against China’s dominance in African minerals. In Guinea, a China-led consortium advanced work at Simandou, the massive iron ore site, leaving Rio with little choice but to cooperate.
Still, iron ore dominates Rio’s profits, leaving it exposed to China’s sometimes volatile steel appetite. Bai Xin at Horizon Insights sees global iron ore production climbing 2.5% this year, with China-bound shipments up by as much as 38 million tons—enough, he says, to “pile pressure on prices,” even as Chinese mills step up exports. reuters.com
Mark Feb. 19 on the calendar—that’s when Rio reports annual results and gives its latest on costs, including unit cost figures for 2025 and a peek at 2026. Investors will be quick to react if management signals higher costs or hesitates on capital returns, especially with shares hovering up near their peak.
