London, Jan 23, 2026, 08:45 GMT — Regular session
Rio Tinto’s shares held firm in early London trading on Friday, fluctuating near 6,487 pence after slipping 2.3% the previous day. So far, the stock has traded between 6,457p and 6,490p, according to data.
The chop is significant now as the miner juggles two major storylines: delivering operational results in its core iron ore business and takeover rumors involving Glencore. Traders have been quick to bet against price swings in either direction this week.
Rio topped forecasts for fourth-quarter iron ore and copper output, marking a strong debut quarter for CEO Simon Trott, Reuters reported. “A solid quarter,” said Barrenjoey analyst Glyn Lawcock, though he noted Rio’s realized iron ore prices lagged behind BHP’s. Investors are eyeing a Feb. 5 deadline linked to Rio’s talks with Glencore, as well as the miner’s full-year results set for Feb. 19. Reuters
Rio reported a 7% jump in Pilbara iron ore shipments this quarter, reaching 91.3 million tonnes. Annual consolidated copper output also rose 11%, hitting 883,000 tonnes. Trott highlighted the company’s “exceptional production performance,” driven by record Pilbara output and the ongoing ramp-up at Mongolia’s Oyu Tolgoi. Rio Tinto
The stock hit a new 52-week peak on Wednesday, closing 5.18% higher at 66.41 pounds, before retreating slightly the following day, MarketWatch data showed.
Offer-period filings are stirring things up. On Thursday, Fidelity group entities submitted a Form 8.3 disclosure showing stakes in Rio Tinto plc and Rio Tinto Limited, while also mentioning Glencore. (For context, Form 8.3 is a UK Takeover Code requirement for investors holding 1% or more of “relevant securities” during an offer period.) Investegate
Separately, Rio highlighted minor share purchases by senior executives through employee share plans, including CFO Peter Cunningham and copper head Katie Jackson, according to a filing.
Rio’s rally in the middle of the week pushed mining stocks higher, boosting the FTSE 100. Copper prices climbed, giving the sector a lift, while Glencore and Anglo American also saw gains on Wednesday.
The downside risk is obvious. Iron ore prices still drive profits, and investors are on edge about potential hiccups at Pilbara or setbacks in the Oyu Tolgoi ramp-up. Any progress on Glencore raises flags too, with regulatory issues and the familiar fear of “overpaying at the peak of the cycle.”
The next crucial deadlines are looming. Rio must decide by 5 p.m. London time on Feb. 5 whether it will launch a bid for Glencore or back off, unless the Takeover Panel grants an extension. Then, eyes turn to the Feb. 19 full-year results for updates on costs, guidance, and any firmer signals about its takeover plans.
