London, Feb 19, 2026, 08:19 (GMT) — Regular session
Shares of Rio Tinto RIO.L slipped 3.1% to 7,163 pence in early Thursday trading in London after the miner’s full-year results missed expectations. The stock was caught in a range, moving between 7,128 and 7,259 pence.
Why does this matter? Rio’s daily share price mostly tracks iron ore, despite its push into copper and lithium. This week, investors have weighed up dividends, debt levels, and how the major miners are managing costs—iron ore’s looking weaker, while copper has stolen back the spotlight in growth stories.
Rio kept underlying earnings flat at $10.9 billion in 2025. Gains from more copper and record-setting Pilbara iron ore volumes balanced out sliding prices. “Our strong cash flow and balance sheet enable us to sustain a 60% payout ratio with a $6.5 billion ordinary dividend,” chief executive Simon Trott said. Rio Tinto
Still, the number landed shy of the Visible Alpha consensus at $11.03 billion, with Rio unveiling a final dividend of 254 U.S. cents per share. The miner sees Pilbara unit costs rising to $23.50-$25 a tonne by 2026, factoring in both inflation and weather hits to 2025’s costs. “A good result, perhaps as not as impressive as BHP, particularly with capital liberation,” said Andy Forster at Argo Investments, referencing upcoming asset sales. Reuters
Rio moved up its lithium announcement by a day, disclosing it now controls 53.9% of Nemaska Lithium in Canada and will assume management duties at the company. Aluminium & Lithium chief executive Jérôme Pécresse called the shift “an evolution” that he says will help Rio reach its targets and “better support the long-term development of Nemaska Lithium.” Rio Tinto
Miners saw solid backing across the broader London market. On Wednesday, the FTSE 100 notched an all-time high as expectations for rate cuts gathered pace and metals prices climbed. Copper plays, in particular, were standouts. “Investors keep piling into UK assets … and instead benefit from high energy and precious metal prices,” said Axel Rudolph, a senior financial analyst at IG. Reuters
Rio’s awkward position persists: iron ore keeps the cash flowing, but future growth bets hinge on copper and those slow-to-develop lithium projects. Should Chinese steel demand falter more, or if Pilbara expenses hit the higher end of their range, that dividend outlook could get squeezed in a hurry.
Next up: Rio’s presentation and Q&A kicks off at 08:30 GMT on Thursday. Investors will be listening for fresh details on 2026 cost guidance, the timeline for asset sales, and just how soon management expects copper and lithium to shoulder more of the growth.
