London, February 20, 2026, 08:48 GMT — Regular session
Rio Tinto’s London shares (RIO.L) added 36 pence to hit 7,154 pence by 08:48 GMT, up roughly 0.5% from Tuesday’s 7,118 pence close. The stock moved between 7,086 and 7,162 pence, hovering close to its 52-week highs.
Rio’s annual results landed Thursday. The miner’s underlying earnings — which exclude certain one-off items — came in flat, coming up short of forecasts after softer iron ore prices pressured its largest segment. Underlying earnings clocked in at $10.87 billion for 2025, missing the $11.03 billion consensus from Visible Alpha. Pilbara unit cost guidance landed at $23.50 to $25 a tonne for 2026. “A good result, perhaps not as impressive as BHP,” offered Andy Forster of Argo Investments, as investors also digested the company’s move to walk away from merger talks with Glencore. Reuters
Rio is putting more weight behind copper and other so-called “future-facing” metals, as its Pilbara iron ore operations take a back seat after years in the spotlight. “Safety remains our highest priority,” Chief Executive Simon Trott said. The miner reported an 8% bump in copper-equivalent production and said it’s sticking with a 60% dividend payout ratio. Rio also flagged a target of $5 billion to $10 billion in cash proceeds from its existing asset base, highlighting plans to market-test borates and titanium dioxide feedstock, and to monetize infrastructure. riotinto.com
Lithium’s in the mix as well. On Wednesday, Rio announced it now holds a 53.9% stake in Canada’s Nemaska Lithium, assuming management control. Quebec’s government, meanwhile, retains its 46.1% share.
Miners have been navigating choppy conditions lately. Copper’s been knocked around by a stronger U.S. dollar and a slowdown in Chinese buying tied to the Lunar New Year. Risk sentiment has wobbled too, as U.S.-Iran friction sent oil prices climbing.
Right now, traders are weighing whether Friday’s early bounce signals more than just a relief rally following results. What they’re watching for next: any word on timing and pricing around asset sales, plus clues on whether cost pressure in Western Australia lets up as the year rolls on.
Still, the risk is clear. Should iron ore remain under pressure while expenses tick up, Rio’s cash flow could get squeezed, particularly with ongoing outlays for new copper and lithium projects.
One notable date coming up for investors: Rio’s final dividend, set at 254 U.S. cents, goes ex-dividend March 5. The payment lands April 16.
