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2026-11-06
◂ Monitor RIO ASX

Rio Tinto Limited

Producer · Iron Ore · Copper · Lithium · Bauxite · Others · AU · CL · MN · US · CA · GN · BR · IS · NZ · OM · AR · GB · JP · CN · ZA · MG · PE · RS Rating locked: sign in to view v8 · rio-20261024t160234-full
Last 2026-11-06
A$149.93
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$246.1B
EV
A$267.2B
Cash
US$8.9B
Debt
US$21.4B
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$8.9B Self Funding
Debt US$21.4B Net cash US$-12.5B
Basic shares 1.6B 2026-06-30
Runway Self Funding H1 operating cash US$9.173bn versus gross capital cash US$5.947bn. Runway for an operating diversified producer is not a cash-burn division.

Liquidity

Financial position

Reported June cash US$8.913bn and borrowings US$21.414bn. A separate analyst interim bridge estimates October 13 cash; no later observed balance is implied. Funding tests retain stockpile investment and conditional closing calls.

Capital structure

Ownership and dilution

Ordinary shares
1.6B
Fully diluted
1.6B

Public plc 1,255.0m plus Limited 371.8m = 1,626.8m economic units. Diluted proxy = 1,626.8m × 409.9/406.3 = 1,641.214m using H1 EPS ratio. H1 employee share expense US$149m remains an economic cost in central expenses; existing awards are covered by the incremental denominator.

Security classes3
ClassTypeQuantityStrikeExpiry
Rio Tinto plc public ordinary sharesOrdinary Share1.3B——
Rio Tinto Limited public ordinary sharesOrdinary Share371.8M——
End-date incremental share proxy from H1 basic/diluted EPS ratio; not a reported award countOther14.4M——

KPI history

Operating metrics · Company

Consolidated copper production shown
067,200134,400201,600268,800Q2 2025: 229,000 tQ2 2025Q3 2025: 204,000 tQ3 2025Q4 2025: 240,000 tQ4 2025Q1 2026: 229,000 tQ1 2026Q2 2026: 213,000 tQ2 2026
MetricUnitTrendQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Consolidated copper productiontQ2 2025: 229,000 tQ3 2025: 204,000 tQ4 2025: 240,000 tQ1 2026: 229,000 tQ2 2026: 213,000 t229,000204,000240,000229,000213,000
Operating metric source table31
MetricProjectPeriodPeriod typeValueStatus
Pilbara economic portfolio — Rio attributed wet saleable iron ore outputPilbaraQ2 2026Quarter70,937,000 t wet saleable iron oreReported
Iron Ore Company of Canada — Rio attributed marketable iron-ore concentrate and pellets outputIocQ2 2026Quarter1,714,000 t marketable iron-ore concentrate and pelletsReported
Simandou Blocks 3 and 4 with infrastructure — Rio attributed wet mine-gate crushed iron ore before final crushing outputSimandouQ2 2026Quarter297,000 t wet mine-gate crushed iron ore before final crushingReported
Escondida — Rio attributed contained copper in mine products outputEscondidaQ2 2026Quarter84,200 t contained copper in mine productsReported
Oyu Tolgoi — Rio attributed contained copper in concentrates outputOyuQ2 2026Quarter63,900 t contained copper in concentratesReported
Kennecott and Bingham Canyon — Rio attributed contained copper in mine products outputKennecottQ2 2026Quarter20,200 t contained copper in mine productsReported
Integrated aluminium economic portfolio — Rio attributed primary aluminium outputAluminiumQ2 2026Quarter841,000 t primary aluminiumReported
Lithium operating and sanctioned expansion portfolio — Rio attributed lithium carbonate equivalent (LCE) outputLithiumQ2 2026Quarter14,600 t lithium carbonate equivalent (LCE)Reported
Iron and titanium economic portfolio — Rio attributed titanium dioxide slag outputRtitQ2 2026Quarter227,000 t titanium dioxide slagReported
Boron integrated mine and refinery — Rio attributed B2O3 content outputBoronQ2 2026Quarter137,000 t B2O3 contentReported
Dampier Salt — Rio attributed salt outputSaltQ2 2026Quarter1,176,000 t saltReported
Gove — Rio attributed marketable bauxite ore outputCompanyQ2 2026Quarter3,229,000 t marketable bauxite oreReported
Weipa/Amrun/Andoom — Rio attributed marketable bauxite ore outputCompanyQ2 2026Quarter9,407,000 t marketable bauxite oreReported
MRN Porto Trombetas — Rio attributed marketable bauxite ore outputCompanyQ2 2026Quarter578,000 t marketable bauxite oreReported
Sangaredi CBG — Rio attributed contract-entitled marketable bauxite ore outputCompanyQ2 2026Quarter1,986,000 t contract-entitled marketable bauxite oreReported
Group cashCompanyH1 2026Half Year8,913,000,000 USDReported
Group debtCompanyH1 2026Half Year21,414,000,000 USDReported
Group revenueCompanyH1 2026Half Year31,028,000,000 USDReported
Group ebitdaCompanyH1 2026Half Year14,826,000,000 USDReported
Consolidated copper productionCompanyQ2 2025Quarter229,000 tReported
Consolidated copper productionCompanyQ3 2025Quarter204,000 tReported
Consolidated copper productionCompanyQ4 2025Quarter240,000 tReported
Consolidated copper productionCompanyQ1 2026Quarter229,000 tReported
Consolidated copper productionCompanyQ2 2026Quarter213,000 tReported
Pilbara economic portfolio — issuer Rio attributed product outputPilbaraFY2025Year280,277,000 t wet saleable iron oreSource Derived
Iron Ore Company of Canada — issuer Rio attributed product outputIocFY2025Year9,339,000 t marketable iron-ore concentrate and pelletsReported
Lithium operating and sanctioned expansion portfolio — issuer Rio attributed product outputLithiumFY2025Year46,000 t lithium carbonate equivalent (LCE)Reported
Gove — issuer Rio attributed product outputCompanyFY2025Year12,729,000 t marketable bauxite oreReported
Weipa/Amrun/Andoom — issuer Rio attributed product outputCompanyFY2025Year39,464,000 t marketable bauxite oreReported
MRN Porto Trombetas — issuer Rio attributed product outputCompanyFY2025Year2,543,000 t marketable bauxite oreReported
Sangaredi CBG — issuer Rio attributed product outputCompanyFY2025Year7,665,000 t contract-entitled marketable bauxite oreReported
Company guidance5
MetricProjectPeriodLowHighStatus
Fy2026 Sales 100% BasispilbaraFY2026323,000,000338,000,000 t wet saleable iron oreCurrent
Fy2026 Sales 100% BasisiocFY202615,000,00018,000,000 t marketable iron-ore concentrate and pelletsCurrent
Fy2026 Sales 100% BasissimandouFY20265,000,00010,000,000 t wet mine-gate crushed iron ore before final crushingCurrent
Fy2026 Production Rio SharelithiumFY202661,00064,000 t LCECurrent
Fy2026 Production Rio SharealuminiumFY20263,250,0003,450,000 t primary AlCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-24Ann. 2026-07-29DividendUS$3.4B——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Material JV, contracted production, tolling, strategic power and conditional investment terms reviewed. Complete customer-by-customer offtake pricing, premiums, commodity hedges and plant power costs are not publicly quantified.

Rail, port and mine construction have differing funding ownership. Model remaining Rio capital on gross-equivalent basis before one 45.05% economic ownership application.

Joint Venture · Active
Counterparties
CIOH consortium · Republic of Guinea · Winning Consortium Simandou
Applies to
Simandou Blocks 3 and 4 with infrastructure · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Mine economic interest: 45.05 %
Remaining Rio funded capital: 1,700,000,000 USD
Full mine capacity: 60,000,000 t/year
How it affects our valuation

No valuation treatment is available for this arrangement.

OT Mongolia interest, minority shareholder funding and Entrée subareas create distinctions between consolidated production, equity production, resources and distributions. Current DCF uses main mine economic equity with a disclosed limitation for extension areas.

Joint Venture · Active
Counterparties
Government of Mongolia · Entree Resources
Applies to
Oyu Tolgoi · Copper · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Rio project interest: 66 %
Entrée areas effective economic interest: 56 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Reported Escondida earnings and equity production are already Rio share; gross project DCF applies 30% once and includes economic sustaining capital absent from consolidated PP&E cash.

Joint Venture · Active
Counterparties
BHP · JECO consortium
Applies to
Escondida · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Rio interest: 30 %
How it affects our valuation

No valuation treatment is available for this arrangement.

CBG output entitlement exceeds equity. Alumina QAL has 80% equity plus 20% tolling capacity. Integrated group economics use contracted output, without multiplying reported entitlement by equity again.

Offtake · Active
Counterparties
CBG · HALCO partners
Applies to
Integrated aluminium economic portfolio · Bauxite
Economic direction
Benefit
Period
Dates not stated
Key terms
Equity: 22.95 %
Production entitlement: 45 %
How it affects our valuation

No valuation treatment is available for this arrangement.

QAL 100% operational disclosure from 2026 comprises 80% equity plus 20% additional tolling capacity; no purchase of remaining equity inferred.

Tolling Or Processing · Active
Counterparties
QAL partners
Applies to
Integrated aluminium economic portfolio · Bauxite · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Equity interest: 80 %
Additional tolling capacity: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Rio retains 70%. US$195m upfront cash was received in October 2025 and is already in the financial balance. Up to US$235m remains milestone contingent; the benchmark alternative includes that upside without recording an unconditional receivable.

Farm Out · Active
Counterparties
Sumitomo Metal Mining
Applies to
Winu · Copper · Gold
Economic direction
Mixed
Period
From 2025-10-31; no end date stated
Key terms
Upfront cash received: 195,000,000 USD
Deferred contingent payment: 235,000,000 USD
SMM equity: 30 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Rio retains 45% and a funded study option; operator update has enlarged current resource but a full published executable NPV is absent.

Farm Out · Active
Counterparties
First Quantum Minerals
Applies to
La Granja · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
FQM purchase price: 105,000,000 USD
FQM sole-funded initial study/development: 546,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Rio increased to 53.9%; construction slowed to optimize feed from Whabouchi or Galaxy; 2028 production remains a project target, not achieved capacity.

Joint Venture · Active
Counterparties
Investissement Quebec
Applies to
Lithium operating and sanctioned expansion portfolio · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Rio economic interest: 53.9 %
Remaining Rio capital: 300,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Bell Bay operating pathway extends to end-2031; undisclosed tariffs and support are qualitative. No separate subsidy NAV.

Strategic Partnership · Active
Counterparties
Hydro Tasmania · Tasmanian Government · Commonwealth Government
Applies to
Integrated aluminium economic portfolio · Others
Economic direction
Benefit
Period
2026-10-01 to 2031-12-31
Key terms
Power agreement end: 2031-12-31 date
Support payment terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional Chile partnership closing now expected late 2026 or early 2027. No current ownership or dividend stream included. Commitments are unspent contingencies, not debt.

Joint Venture · Conditional
Counterparties
Codelco · ENAMI
Applies to
Conditional Chile lithium partnerships · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Proposed Maricunga stake: 49.99 %
Maricunga staged commitment: 900,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Debt-related derivatives are included in equity bridge. No material quantified metal-price hedge is disclosed in reviewed current material; commodity revenue remains exposed. Currency cost and debt effects are modeled in bounded FX sensitivity.

Other · Active
Counterparties
Financial institutions
Applies to
Company-wide
Economic direction
Mixed
Period
Dates not stated
Key terms
Debt derivatives: 263,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Proposed CBA acquisition and possible follow-on tenders are conditional; no acquired equity value or future tender proceeds are treated as current assets.

Joint Venture · Conditional
Counterparties
Chalco · Votorantim
Applies to
Integrated aluminium economic portfolio · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
JV interest: 33 %
Target stake acquired: 68.6 %
Rio initial cash consideration: 297,800,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.