エドガーで原本を確認する
Commission file number: |
Commission file number: |
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| ABN 96 004 458 404 | |||||
| (Translation of registrant’s name into English) | (Translation of registrant’s name into English) | ||||
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(Address of principal executive offices)
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(Address of principal executive offices)
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| 99.1 | 29 July 2026 | ||||||||||
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Rio Tinto plc
(Registrant)
|
Rio Tinto Limited
(Registrant)
|
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| By | /s/ Peter Cunningham | By | /s/ Peter Cunningham | ||||||||||||||
| Name | Peter Cunningham | Name | Peter Cunningham | ||||||||||||||
| Title | Chief Financial Officer |
Title | Chief Financial Officer | ||||||||||||||
| Date | 29 July 2026 | Date | 29 July 2026 | ||||||||||||||
Interim results 2026
|
|
Market data |
|
Financial performance |
|
Shareholders returns |
|
Future growth options |
|
Directors’ report for the half year ended 30 June 2026
|
|
About Rio Tinto |
Six months ended 30 June |
2026 |
2025 |
Change |
Net cash generated from operating activities (US$ millions) |
9,173 |
6,924 |
32% |
Rio Tinto Share of Capital Investment3 (US$ millions)
|
5,037 |
4,504 |
12% |
Free cash flow3 (US$ millions)
|
3,834 |
2,185 |
75% |
Consolidated sales revenue (US$ millions) |
31,028 |
26,873 |
15% |
Underlying EBITDA3 (US$ millions)
|
14,826 |
11,547 |
28% |
Underlying earnings3 (US$ millions)
|
6,851 |
4,807 |
43% |
Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions) |
6,664 |
4,528 |
47% |
Underlying earnings per share (EPS)3 (US cents)
|
421.4 |
296.0 |
42% |
Ordinary dividend per share (US cents) |
211.0 |
148.0 |
43% |
Underlying return on capital employed (ROCE)3
|
17% |
14% |
+3pp |
At 30 June
2026
|
At 31
December
2025
|
||
Net debt3 (US$ millions)
|
14,061 |
14,362 |
(2)% |
H1 2026 highlights |
|
People and
Safety first
|
•We tragically lost two colleagues in the first half, at Simandou and Kennecott. Safety remains our
highest priority. We are sharpening our focus on safety at every level, simplifying and
strengthening our standards to concentrate on what matters most, reinforced by discipline in
compliance. Our all-injury frequency rate (AIFR) for H1 2026 was 0.40.
•The Rio Tinto Management Operating System (MOS) was launched 1 July. It is an
integrated system defining our common approach to safety, risk and standards; people and
leadership; and planning and performance.
|
Operational
excellence
|
•'+3% CuEq1 production growth in H1, driven by strong operational performance and continued
ramp-up of our major growth projects, including copper from Oyu Tolgoi. Pilbara achieved its
highest H1 iron ore production since 2018 and our aluminium operations sustained their
strong performance.
•Productivity program gaining momentum2: $1.3 billion annualised run rate achieved in H1,
with $0.87 billion banked year-to-date. Target to reach $1.8 billion annualised run rate by the
end of 2026. This program supports our pathway to deliver a ~3% production uplift in copper
equivalent volumes and ~4% CAGR reduction in operating unit costs through to 20303.
|
Project
execution
|
•Simandou: achieved first high-grade iron ore sales in April. SimFer mine construction and
port infrastructure are both now more than three quarters complete, with full rail
commissioning achieved in Q1.
•Pilbara: three iron ore replacement mines are on budget and on track for first ore in 2027.
•Lithium: achieved first production at Fénix 1B and Sal de Vida ahead of plan, while
construction of Rincon full scale plant is progressing, supporting ramp-up towards ~200 ktpa
LCE4 capacity by 2028.
|
Capital
discipline
|
•$5–10 billion of cash release on track through portfolio management, infrastructure
and other mechanisms. Opportunities to release around $5 billion by the end of 2026 are
being progressed5.
•Strong balance sheet supports 50% payout ratio for interim dividend.
|
Sustainability
and social
licence
|
•Decarbonisation: Pathway to reduce Scope 1 and 2 emissions by 50% by 2030 vs 2018
baseline6. This is dependent on the timely delivery of third party projects to underpin those
solutions and completion of commercial discussions, neither of which can be guaranteed by
that date.
◦CO2 emissions: 15.9 Mt CO2e Scope 1 and 2 emissions in H1 2026 equivalent to a
14% reduction vs 2018 baseline6.
◦Oyu Tolgoi Copper: Reached the half-way point of its trial of eight 91t battery
swappable battery-electric haul trucks, in partnership with China's State Power
Investment Corporation since October 2025.
◦Pilbara Iron Ore: Developments include:
▪Electrification of mining fleet: Partnered with BHP and Caterpillar to trial
battery-electric haul trucks at the mine site. Commenced a 12 month trial of
battery electric loaders under real operating conditions. Technology availability
remains the major constraint.
▪Renewable diesel: Use was successfully validated in Pilbara in 2025.
Pongamia pilot continues in Queensland, seeking to establish a new biofuel
supply chain.
▪Renewable electricity: Reached financial close on a 75MW solar project with
Yindjibarndi Energy Corporation (YEC) under a 30-year Power Purchase
Agreement.Construction starts in 2026 with commissioning expected in 2028.
◦Pacific Aluminium: In March, secured A$2 billion government funding package over 10
years for Boyne Smelters to potentially extend operations to at least 2040, building on
A$7.5 billion of new renewable energy and storage arrangements underwritten with
developers in Queensland.
◦Gladstone alumina refineries: In July, signed a five-year bio-pellet offtake agreement
with SuperChar to reduce reliance on fossil fuels.
|
Index prices |
Start of H1
(01/01/26)
|
End of H1
(30/06/26)
|
% change
Start - end H1
|
H1 2026
average
|
H1 2025
average
|
% change YoY |
Iron ore ($/dmt CFR
China)1
|
106 |
99 |
(7)% |
105 |
101 |
+4% |
Iron ore ($/dmt FOB WA)2
|
97 |
86 |
(11)% |
92 |
92 |
—% |
Iron ore ($/dmt CFR
China, 65% index)3
|
121 |
115 |
(5)% |
122 |
113 |
+8% |
Copper (LME spot, c/lb) |
570 |
605 |
+6% |
593 |
428 |
+39% |
Alumina ($/t FOB
Australia)4
|
304 |
330 |
+9% |
308 |
434 |
(29)% |
Aluminium (LME spot, $/t) |
2,986 |
3,106 |
+4% |
3,382 |
2,539 |
+33% |
Bauxite Australia HT
($/dmt CIF China)5
|
58 |
58 |
—% |
56 |
77 |
(27)% |
Lithium carbonate (spot,
$/t CIF China, Japan &
Korea)6
|
14,500 |
19,400 |
+34% |
20,714 |
9,197 |
+125% |
Units |
H1 2026 |
H1 2025 |
|
Pilbara iron ore1
|
FOB, $/wmt |
85.2 |
83.2 |
Pilbara iron ore2
|
FOB, $/dmt |
92.6 |
90.5 |
IOC pellets |
FOB, $/wmt |
124.9 |
129.9 |
Copper3
|
US c/lb |
591 |
436 |
Aluminium4
|
Metal, $/t |
4,343 |
3,125 |
Lithium carbonate equivalent5
|
LCE, $/t |
18,960 |
15,580 |
US$bn |
|
2025 first half underlying EBITDA |
11.5 |
Prices |
3.6 |
Exchange rates |
(0.7) |
General inflation |
(0.4) |
Energy |
(0.3) |
Volumes and mix |
1.2 |
Operating cash unit costs |
0.3 |
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) |
(0.1) |
Non-cash costs/other |
(0.2) |
Change in underlying EBITDA |
3.3 |
2026 first half underlying EBITDA |
14.8 |
US$bn |
|
2025 first half net earnings |
4.5 |
Changes in underlying EBITDA (see above) |
3.3 |
Increase in depreciation and amortisation (pre-tax) in underlying earnings |
(0.6) |
Decrease in interest and finance items (pre-tax) in underlying earnings |
0.1 |
Increase in tax on underlying earnings |
(0.2) |
Increase in underlying earnings attributable to outside interests |
(0.5) |
Total changes in underlying earnings |
2.0 |
Changes in items excluded from underlying earnings (see below) |
0.1 |
Movement in net impairment charges |
0.1 |
2026 first half net earnings |
6.7 |
2026 |
2025 |
|
Six months ended 30 June |
US$bn |
US$bn |
Underlying earnings |
6.9 |
4.8 |
Items excluded from underlying earnings |
||
Net Impairment charges |
— |
(0.1) |
Foreign exchange losses on net debt, intragroup balances and derivatives excluded from
underlying earnings
|
(0.2) |
(0.2) |
Total items excluded from underlying earnings |
(0.2) |
(0.3) |
Net earnings |
6.7 |
4.5 |
Underlying EBITDA |
|||
2026 |
2025 |
Change |
|
Six months ended 30 June |
US$bn |
US$bn
(restated)
|
% |
Copper |
5.7 |
3.1 |
84% |
Iron Ore |
6.8 |
6.9 |
(1)% |
Aluminium & Lithium |
3.3 |
2.4 |
38% |
Reportable segments total |
15.8 |
12.4 |
28% |
Simandou iron ore project |
(0.05) |
(0.02) |
NA |
Other operations |
(0.2) |
0.1 |
NA |
Central pension costs, share-based payments, insurance and derivatives |
0.2 |
— |
NA |
Restructuring, project and one-off costs |
(0.4) |
(0.3) |
15% |
Other central costs |
(0.4) |
(0.4) |
—% |
Central exploration and evaluation |
(0.1) |
(0.1) |
0% |
Total |
14.8 |
11.5 |
28% |
2026 |
2025 |
|
Six months ended 30 June |
US$bn |
US$bn
(restated)
|
Net cash generated from operating activities |
9.2 |
6.9 |
Rio Tinto share of capital investment |
(5.0) |
(4.5) |
Lease principal payments |
(0.3) |
(0.2) |
Free cash flow¹ |
3.8 |
2.2 |
Dividends paid to equity shareholders |
(4.2) |
(3.8) |
Acquisition of Arcadium (including acquired net debt) |
— |
(7.6) |
Incremental partner funding |
0.4 |
0.2 |
Other |
0.3 |
(0.1) |
Movement in net debt¹ |
0.3 |
(9.1) |
Six months ended 30 June |
2026
US$m
|
2025
US$m
restated(a)
|
Purchases of property, plant and equipment and intangible assets |
5,947 |
4,734 |
Less: Sales of property, plant and equipment and intangible assets |
(207) |
(7) |
Funding provided by the Group to equity accounted units (EAUs) (b)
|
— |
331 |
Less: Capital contributions received/due from non-controlling interests or third parties (c)
|
(703) |
(554) |
Rio Tinto share of capital investment (a)
|
5,037 |
4,504 |
2026
US$bn
|
2025
US$bn
|
|
Ordinary dividend |
||
Interim⁽ª⁾ |
3.4 |
2.9 |
Payout ratio on ordinary dividend |
50% |
50% |
Ordinary dividend per share declared |
2026 |
2025 |
Interim (US cents) |
211 |
148 |
Final dividend calendar |
2026 |
2025 Interim dividend
Ex-dividend date for Rio Tinto plc and Rio Tinto Limited ordinary shares
|
13 August |
2025 Interim dividend
Ex-dividend date for Rio Tinto plc ADRs
|
14 August |
Record date |
14 August |
Payment date |
24 September |
Six months ended 30 June |
2026 |
2025 |
Change |
Copper production ('000 tonnes) (consolidated basis)1
|
442 |
438 |
1% |
Gold production - mined ('000 oz - Rio Tinto share) |
250 |
192 |
30% |
Segmental revenue (US$ millions) |
8,622 |
6,208 |
39% |
Average realised copper price (US cents per pound)2
|
591 |
436 |
35% |
Underlying EBITDA (US$ millions) |
5,713 |
3,105 |
84% |
Net cash generated from operating activities (US$ millions)3
|
3,910 |
1,577 |
148% |
Rio Tinto share of capital investment (US$ millions)4
|
756 |
831 |
(9)% |
Free cash flow (US$ millions)5
|
3,149 |
742 |
325% |
Six months ended 30 June |
2026 |
2025 |
Change |
Pilbara production (million tonnes — 100%) |
162.3 |
153.5 |
6% |
Pilbara shipments (million tonnes — 100%) |
157.7 |
150.6 |
5% |
Salt production (million tonnes — Rio Tinto share)¹ |
2.1 |
2.2 |
(4)% |
IOC pellets and concentrates sales (million tonnes — 100%) |
6.5 |
7.9 |
(19)% |
Simandou sales (million tonnes — 100%)1,2
|
0.4 |
NA |
NA |
Segmental revenue (US$ millions) |
14,027 |
13,478 |
4% |
Average Pilbara iron ore realised price (US$ per dry metric tonne, FOB basis)3
|
92.6 |
90.5 |
2% |
Average IOC pellets realised price (US$ per wet metric tonne, FOB basis) |
125 |
130 |
(4)% |
Underlying EBITDA (US$ millions) |
6,769 |
6,861 |
(1)% |
Net cash generated from operating activities (US$ millions) |
5,186 |
4,776 |
9% |
Rio Tinto share of capital investment (US$ millions)4 - excludes Simandou project
|
2,139 |
1,595 |
34% |
Free cash flow (US$ millions)5
|
2,980 |
3,125 |
(5)% |
% of total shipments |
H1 2026 |
H1 2025 |
Average index for the month |
82% |
80% |
Quarterly lag |
9% |
10% |
Quarterly average & others |
9% |
10% |
FOB pricing |
26% |
26% |
Units |
H1 2026 |
H1 2025 |
% change
YoY
|
|
Platts 61% index1
|
FOB, $/dmt |
92.0 |
92.0 |
—% |
Pilbara iron ore2
|
FOB, $/wmt |
85.2 |
83.2 |
2% |
Pilbara iron ore3
|
FOB, $/dmt |
92.6 |
90.5 |
2% |
Six months ended 30 June |
2026 |
2025 |
Change |
Bauxite production ('000 tonnes — Rio Tinto share) |
28,480 |
30,610 |
(7)% |
Alumina production ('000 tonnes — Rio Tinto share)1
|
4,040 |
3,735 |
8% |
Aluminium production ('000 tonnes — Rio Tinto share) |
1,676 |
1,671 |
—% |
Lithium carbonate equivalent (LCE) production ('000 tonnes — Rio Tinto share)2
|
27.3 |
17.8 |
53% |
Segmental revenue (US$ millions) |
9,969 |
8,061 |
24% |
Underlying EBITDA (US$ millions) |
3,311 |
2,398 |
38% |
Net cash generated from operating activities (US$ millions) |
2,156 |
1,777 |
21% |
Rio Tinto share of capital investment (US$ millions)3
|
1,514 |
1,188 |
27% |
Free cash flow (US$ millions)4
|
609 |
567 |
7% |
Six months ended 30 June |
2026 |
2025 |
Change |
Segmental revenue (US$ millions)1
|
9,401 |
7,753 |
21% |
Average realised aluminium price (US$ per tonne) |
4,343 |
3,125 |
39% |
Underlying EBITDA (US$ millions) |
3,093 |
2,356 |
31% |
Net cash generated from operating activities (US$ millions) |
2,072 |
1,881 |
10% |
Rio Tinto share of capital investment (US$ millions)2
|
887 |
756 |
17% |
Free cash flow (US$ millions)3
|
1,159 |
1,106 |
5% |
$/tonne |
H1 2026 |
H1 2025 |
H1 2026 vs
H1 2025
|
Average realised prices including premiums for value-
added products (VAP)
|
4,343 |
3,125 |
+39% |
Average LME price |
3,382 |
2,539 |
+33% |
Average product premiums for VAP sales1
|
355 |
292 |
+22% |
H1 2025 |
H2 2025 |
H1 2026 |
|
Total Rio Tinto Aluminium (RTA) shipments US destination, kt |
723 |
630 |
585 |
Total RTA tariff cost, $m |
321 |
709 |
773 |
Average Midwest premium duty paid1, $/tonne
|
855 |
1,731 |
2,406 |
Average realised tariff costs - US destination, $/tonne |
444 |
1,126 |
1,322 |
Six months ended 30 June |
2026 |
2025 |
Change |
Segmental revenue (US$ millions) |
568 |
308 |
84% |
Average realised lithium carbonate equivalent price (US$ per tonne)1
|
18,960 |
15,580 |
22% |
Underlying EBITDA (US$ millions) |
218 |
42 |
419% |
Net cash generated from operating activities (US$ millions) |
84 |
(104) |
NA |
Rio Tinto share of capital investment (US$ millions)2
|
627 |
432 |
45% |
Free cash flow (US$ millions) |
(551) |
(538) |
(2)% |
Project
(Rio Tinto 100%
owned unless
otherwise stated)
|
Total
capital cost
(100% unless
otherwise
stated)
|
Capital
remaining to be
spent from
1 July 2026
|
Status/Milestones |
Copper |
|||
Project: Kennecott open pit extension
Location: Utah, United States
Ownership: Rio Tinto (100%)
Approval: 2019
To note: The project scope includes mine
stripping activities and some infrastructure
development, including tailings facility
expansion. The project will allow mining to
continue into a new area of the orebody
between 2026 and 2032.
|
$1.8bn |
$0.6bn |
•Stripping will continue through 2027 with
sustainable ore production from the second phase
of the pushback expected to be reached in H2
2027.
|
Project: Kennecott North Rim Skarn
(NRS) underground development1
Location: Utah, United States
Ownership: Rio Tinto (100%)
Capacity: around 250 kt through to 20332
Approval: June 2023
First production: Achieved Q4 2025
To note: Original approval for $0.5bn with
a further $0.1bn approved in December
2024 for additional infrastructure and
geotechnical controls.
|
$0.6bn |
$0.3bn |
•Underground production was impacted by the
safety stand-down, geotechnical remediation
following a rockfall and maintenance constraints.
This resulted in lower development and ore
movement than planned in Q2.
|
Iron ore |
|||
Project: Brockman (Brockman Syncline 1)
Location: WA, Australia
Ownership: 100%
Capacity: 34 Mtpa
Approval: March 2025
Planned first production: 2027
To note: The project is to extend the life
of the Brockman regions in WA.
|
$1.8bn |
$0.8bn |
•Bulk earthworks progressed, with critical path
items advancing and key areas handed over to the
structural/mechanical construction contractor.
•First production remains on track for 2027.
|
Project: Hope Downs 2 (incl. Bedded
Hilltop)
Location: WA, Australia
Ownership: Rio Tinto (50%) and Hancock
Prospecting (50%)
Capacity: 31 Mtpa
Approval: June 2025
Planned first production: 2027
To note: The project is to extend the life
of the Hope Downs 1 operation in WA.
|
$0.8bn
(Rio Tinto share)
|
$0.2bn
(Rio Tinto share)
|
•Achieved first ore from Hope Downs 2 in February
2026 via road train, ahead of schedule.
•Construction remains ahead of plan, with strong
progress across civil works, haul roads and non-
process infrastructure.
•Key infrastructure nearing completion (due in July
2026), including Hope Downs 2 Satellite Facility.
•First production from haulage remains on track for
2027.
|
Project: West Angelas Sustaining
Location: WA, Australia
Ownership: Rio Tinto (53%), Mitsui Iron
Ore (33%) and Nippon Steel (14%)
Capacity: 35 Mtpa
Approval: October 2025
Planned first production: 2027
To note: The project is to extend the life
of the West Angelas hub in WA.
|
$0.4bn
(Rio Tinto share)
|
$0.3bn
(Rio Tinto share)
|
•Construction activities progressed in line with plan.
•First production remains on track for 2027.
|
Project
(Rio Tinto 100%
owned unless
otherwise stated)
|
Total
capital cost
(100% unless
otherwise
stated)
|
Capital
remaining to be
spent from
1 July 2026
|
Status/Milestones |
Iron ore |
|||
Project: Simandou
Location: Guinea, Africa
SimFer mine ownership: SimFer (85%),
Government of Guinea (GoG) (15%)
SimFer mine capacity: 60 Mtpa3 (27
Mtpa RT share)
Approval: July 2024
Start date: first shipment in December
2025
To note: Investment in the Simandou
high-grade iron ore project in Guinea in
partnership with CIOH, a Chinalco-led
consortium (the SimFer joint venture) and
co-development of the rail and port
infrastructure with Winning Consortium
Simandou4 (WCS), Baowu and the
Republic of Guinea (the partners) for the
export of up to 120 Mtpa of iron ore mined
by SimFer's and WCS's respective mining
concessions5. The SimFer joint venture
will develop, own and operate a 60 Mtpa3
mine in blocks 3 & 4. WCS will construct
the project's ~536 kilometre shared dual
track main line, a 16 kilometre spur
connecting its mine to the mainline as well
as the WCS barge port, while SimFer will
construct the ~70 kilometre spur line,
connecting its mining concession to the
main rail line, and the transhipment vessel
(TSV) port.
|
$6.2bn
(Rio Tinto share)
|
$1.7 bn (Rio Tinto
share)
|
•Ore continues being railed from the SimFer mine
to the main rail line via the SimFer rail spur and
shipped through the WCS port while construction
of the SimFer port is finalised. Commissioning of
common rail infrastructure completed in Q1 2026.
Commissioning of key infrastructure remains
targeted through 2026, supporting ramp up toward
full production rates during H2 2028.
•Non-managed infrastructure – our partners
confirm that construction is progressing well and is
on track.
•SimFer mine is progressing to plan, with ~77%
completed - bulk earthworks and permanent
facilities construction continue, with critical
systems nearing completion and first ore through
the primary crusher expected in Q4 2026, aligned
with plan.
•SimFer rail infrastructure sees an expanding
locomotive fleet supporting ramp-up of operations.
•SimFer port and marine infrastructure continue to
progress to plan, with 85% completed - fabrication
and assembly of trans-shipment vessels
advancing and commissioning activities building
toward operational readiness. SimFer port
commissioning is expected in Q1 2027.
•Workforce across all the SimFer scope of mine,
rail and port is 19,460 with 76% Guinean
participation.
|
Aluminium |
|||
Project: Low-carbon AP60 aluminium
smelter
Location: Quebec, Canada
Ownership: Rio Tinto (100%)
Capacity: Project will add 96 new AP60
pots, increasing AP60 capacity by 160,000
tonnes of primary aluminium per annum
Approval: June 2023
Start date: First hot metal achieved in
March 2026.
To note: The investment includes up to
$113 million of financial support from the
Quebec government. This new capacity is
expected to be in addition to 30,000
tonnes of new recycling capacity at Arvida,
which has been rescheduled to open in
Q4 2026.
|
$1.5bn |
$0.15bn |
•First hot metal achieved in March 2026.
•Commissioning commenced in May 2026, with
system handovers continuing through staged
verification to support the plant commissioning.
•Construction progressing toward completion, with
works largely concentrated in remaining
brownfield and replacement areas, overall
progress (~97%) nearing finalisation.
•The smelter ramp up will continue throughout
2026.
|
Lithium |
|||
Project: Rincon expansion
Location: Salta province, Argentina
Ownership: Rio Tinto (100%)
Capacity: 60ktpa (battery grade lithium
carbonate)
Approval: December 2024
Planned first production: 2028 with
three-year ramp-up to full capacity
To note: Project consists of the 3ktpa
starter plant and 57ktpa expansion
program. The mine is expected to have a
40-year6 life and operate in the first
quartile of the cost curve.
|
$2.5bn |
$1.9bn |
•Construction of full scale plant is progressing
across key areas, including camp, utilities and
pipelines, with works advancing toward planned
development milestones.
•The project remains in early execution, with initial
construction focused on site establishment,
enabling works and supporting infrastructure for
future expansion.
|
Project
(Rio Tinto 100%
owned unless
otherwise stated)
|
Total
capital cost
(100% unless
otherwise
stated)
|
Capital
remaining to be
spent from
1 July 2026
|
Status/Milestones |
Lithium |
|||
Project: Fénix expansion (1B)
Location: Catamarca province, Argentina
Ownership: Rio Tinto (100%)
Capacity: 10ktpa LCE (battery grade
lithium carbonate)
First production: achieved in Q2 2026
To note: product is carbonate, chloride
|
$0.7bn |
$0.1bn |
•First production achieved in Q2, ahead of plan.
•Plant remains in commissioning phase.
|
Project: Sal de Vida
Location: Catamarca province, Argentina
Ownership: Rio Tinto (100%)
Capacity: 15ktpa LCE
First production: achieved in Q2 2026
To note: product is carbonate
|
$0.7bn |
$0.1bn |
•First production achieved in Q2, ahead of plan.
•Plant remains in commissioning phase.
|
Project: Nemaska Lithium
Location: Quebec, Canada
Ownership: Following the respective
equity investments made by Rio Tinto and
the Government of Québec, through
Investissement Québec, in Nemaska
Lithium since March 2025, Rio Tinto now
holds a 53.9% stake in Nemaska Lithium,
while the Government of Québec holds
46.1% of the company.
Capacity: 28ktpa LCE (100%)
First production: planned in 2028
To note: product is integrated lithium
hydroxide.
|
$1.1bn
(Rio Tinto share)
|
$0.3bn
(Rio Tinto share)
|
•Following the in-depth review of the Bécancour
project, a decision to slow the pace of construction
during 2026 was made in Q1.
•Some activities at the Bécancour site continue
(asset preservation, maintaining site integrity)
during the optimisation period, while others have
been paused or deferred, with a temporary
reduction in contractor workforce levels.
•We remain committed to the Bécancour project.
Engineering for the Bécancour facility has been
completed and construction is now more than 70%
advanced.
•Whabouchi and Galaxy mines: we are continuing
a strategic business and capital discipline review
with our partners in Canada to decide which of the
two mines we will develop. We now expect to
make a decision in H2 2026 (previously H1), to
ensure an integrated solution for spodumene
supply to Bécancour is available by 2028.
|
Project |
Status |
Copper: Resolution |
|
Location: Arizona, US
Ownership: Rio Tinto (55%), BHP (45%)
To note: proposed underground copper mine in the Copper
Triangle, in Arizona.
|
•Following completion of the congressionally mandated land
exchange in March, project development continued to
advance permitting, enabling works, data gathering and
technical studies.
•Commenced initial underground development, including
expansion of the existing mining station at ~6,800 feet below
ground, representing an important step toward future access
to the orebody.
•Commenced surface drilling in newly accessible areas
following the land exchange, with underground drilling
scheduled to commence in Q3 to support further resource
definition and geological data collection.
•Progressed key land exchange commitments, including
mitigation, monitoring and engagement measures and
ongoing collaboration with Native American Tribes, local
communities and regulators. A long-term water agreement
with the Town of Superior was approved including a
commitment of more than $20 million to help protect and
enhance the community’s water future.
|
Copper: Winu |
|
Location: WA, Australia
Ownership: Rio Tinto (70%), Sumitomo Metal Mining (SMM) (30%)
To note: In late 2017, we discovered copper-gold mineralisation at
the Winu project (Paterson Province in Western Australia). In 2021,
we reported our first Indicated Mineral Resource. The pathway
remains subject to regulatory and other required approvals. Project
Agreement negotiations with Nyangumarta and the Martu Traditional
Owner Groups remain our priority.
|
•The feasibility study is progressing and is on track for
completion around the end of 2026.
•Engagement with the Western Australia EPA is ongoing to
finalise the Environmental Review Document for publication.
•The project is focused on concluding agreements with the
Nyangumarta and Martu Traditional Owner groups during
2026.
•The project is progressing towards declaring an Ore Reserve,
contingent on the completion and validation of all relevant
modifying factors.
|
Copper: La Granja |
|
Location: Cajamarca, Peru
Ownership: Rio Tinto (45%), First Quantum Minerals (55%)
To note: In August 2023, we completed a transaction to form a joint
venture with First Quantum Minerals (FQM) that will work to unlock
the development of the La Granja project, one of the largest
undeveloped copper deposits in the world, with potential to be a
large, long-life operation. FQM acquired its stake for $105m. It will
invest up to a further $546m into the joint venture to sole fund
capital and operational costs to take the project through a feasibility
study and toward development.
|
•An updated technical report was published by the operator,
First Quantum, in May 2026 outlining a materially updated
Mineral Resource estimate1. The project now hosts 4.8Bt @
0.48% Cu Measured & Indicated for 23.0Mt contained copper,
plus 5.2Bt @ 0.40% Cu Inferred for another 20.7Mt Cu.
•Further project development is focused on advancing the
permitting process. Key priorities include the progression of
baseline environmental and social studies, continued
stakeholder engagement, and preparation for the Detailed
Environmental Impact Assessment, which is scheduled to
commence in 2026.
|
Project |
Status |
Iron Ore: Rhodes Ridge |
|
Location: WA, Australia
Ownership: Rio Tinto (50%), Mitsui & Co. (40%), AMB Holdings Pty
Ltd (10%)2
Capacity: 40 to 50 Mtpa
First ore: end of decade
To note: The Rhodes Ridge Joint Venture has approved a feasibility
study to progress development of the first phase of the Rhodes
Ridge project. The feasibility study will assess development of an
operation with initial annual production capacity of 40 to 50 Mtpa.
This study commenced in Q1 2026 as planned, and is expected to
conclude in 2029. The development will use Rio Tinto’s rail, port and
power infrastructure.
Following completion of the pre-feasibility study and with the
environmental referral planned, we aim to progress toward reporting
an initial Ore Reserve for Rhodes Ridge in 2026, contingent on
continued review of all relevant modifying factors.
|
•The feasibility study remains on track to be completed in 2029
subject to relevant approvals.
|
Aluminium: Arctial partnership |
|
Location: Finland
To note: Partnership agreement formed in 2025 with the Swedish
investment company Vargas, Mitsubishi Corporation and other
international and local industry partners to study a low carbon
aluminium greenfield opportunity in Finland. As the strategic
industrial partner, Rio Tinto will provide the Arctial partnership with
access to its proven industry-leading AP60 technology and assist in
what would be the first AP60 deployment in an aluminium smelter
outside Quebec, Canada.
|
•The EIA was submitted in May 2026 and public hearings have
commenced. Upon completion of the pre-feasibility study, the
JV partners have decided to proceed with more detailed
technical, commercial and financial planning.
|
Bauxite: Kangwinan |
|
Location: Queensland, Australia
To note: Proposed expansion to increase annual bauxite production
capacity from Rio Tinto’s Weipa Southern operations, by up to 20
million tonnes, in addition to the current 23 million tonnes, and
expand export capacity through the Amrun port. This would largely
replace the tonnages lost when Gove and Andoom come to the end
of their mine lives. Early works commenced in May 2025, with first
production targeted as early as 2029.
|
•Continuing to progress through studies, approvals and early
works. Final investment decision targeted around the end of
2026.
|
Lithium |
|
Location: Argentina
|
•Developing the blueprint in 2026 for two future hubs, targeting
$30/kg capital intensity with a 30-month timeline for
development and <$5/kg C1 operating costs.
|
|
Location: Atacama region, Chile
To note:
•Binding agreement to form a joint venture (JV) with Codelco to
develop and operate the high-grade Salar de Maricunga
project.
•Binding agreement with ENAMI to form a JV to develop the
Salares Altoandinos project.
|
•Expected agreement closure now expected in late 2026 / early
2027 (for both Maricunga and Altoandinos), subject to receipt
of all applicable regulatory approvals and satisfaction of other
customary closing conditions.
|
Selected explanatory notes to the interim financial statements
| ||
1 |
Basis of preparation |
|
2 |
Changes in accounting policies |
|
3 |
Segmental information |
|
4 |
Segmental information – additional information |
|
5 |
Impairment |
|
6 |
Taxation |
|
7 |
Acquisitions and disposals |
|
8 |
Cash and cash equivalents |
|
9 |
Close-down, restoration and environmental provisions |
|
10 |
Financial instruments |
|
11 |
Commitments and contingencies |
|
12 |
Events after the balance sheet date |
|
Six months ended 30 June |
Note |
2026
US$m
|
2025
US$m
|
Consolidated operations |
|||
Consolidated sales revenue |
3,4 |
||
Net operating costs (excluding items disclosed separately) |
( |
( |
|
Net impairment charges |
5 |
( |
|
Gains on disposal of interests in business |
|||
Exploration and evaluation expenditure (net of profit from disposal of interests in
undeveloped projects)
|
( |
( |
|
Operating profit |
|||
Share of profit after tax of equity accounted units |
|||
Profit before finance items and taxation |
|||
Finance items |
|||
Net exchange losses on external net debt and intragroup balances
|
( |
( |
|
Gains on derivatives not qualifying for hedge accounting
|
|||
Finance income |
|||
Finance costs |
( |
( |
|
Amortisation of discount on provisions |
( |
( |
|
( |
( |
||
Profit before taxation |
|||
Taxation |
6 |
( |
( |
Profit after tax for the period
|
|||
– attributable to owners of Rio Tinto (net earnings) |
|||
– attributable to non-controlling interests |
|||
Basic earnings per share |
|||
Diluted earnings per share |
Six months ended 30 June |
2026
US$m
|
2025
US$m
|
|
Profit after tax for the period |
|||
Other comprehensive income
|
|||
Items that will not be reclassified to the income statement: |
|||
Remeasurement gains on pension and post-retirement healthcare plans
|
|||
Changes in the fair value of equity investments held at fair value through other
comprehensive income (FVOCI)
|
|||
Tax relating to these components of other comprehensive income |
( |
( |
|
Share of other comprehensive (losses)/gains of equity accounted units, net of tax
|
( |
||
Items that have been/may be subsequently reclassified to the income
statement:
|
|||
Currency translation adjustment(a)
|
|||
Fair value movements: |
|||
– Cash flow hedge gains
|
|||
– Cash flow hedge losses/(gains) transferred to the income statement
|
( |
||
Net change in costs of hedging reserve |
|||
Tax relating to these components of other comprehensive income |
( |
||
Share of other comprehensive (loss)/income of equity accounted units, net of tax
|
( |
||
Total other comprehensive income for the period, net of tax
|
|||
Total comprehensive income for the period
|
|||
– attributable to owners of Rio Tinto |
|||
– attributable to non-controlling interests |
Six months ended 30 June |
Note |
2026
US$m
|
2025
US$m
|
Cash flows from consolidated operations(a)
|
|||
Dividends from equity accounted units |
|||
Cash flows from operations |
|||
Net interest paid |
( |
( |
|
Dividends paid to holders of non-controlling interests in subsidiaries |
( |
( |
|
Tax paid |
( |
( |
|
Net cash generated from operating activities |
|||
Cash flows from investing activities |
|||
Purchases of property, plant and equipment and intangible assets(b)
|
( |
( |
|
Sales of property, plant and equipment and intangible assets |
|||
Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired |
( |
( |
|
Purchases of financial assets |
( |
( |
|
Sales of financial assets |
|||
Net funding of equity accounted units(b)
|
( |
( |
|
Other investing cash flows |
( |
||
Net cash used in investing activities
|
( |
( |
|
Cash flows before financing activities |
( |
||
Cash flows from financing activities |
|||
Equity dividends paid to owners of Rio Tinto |
( |
( |
|
Proceeds from additional borrowings, net of issue costs(c)
|
|||
Repayment of borrowings and associated derivatives |
( |
( |
|
Lease principal payments |
( |
( |
|
Proceeds from issue of equity to non-controlling interests(b)
|
|||
Other financing cash flows |
|||
Net cash (used in)/from financing activities
|
( |
||
Effects of exchange rates on cash and cash equivalents |
( |
||
Net increase in cash and cash equivalents
|
|||
Opening cash and cash equivalents less overdrafts |
|||
Closing cash and cash equivalents less overdrafts |
8 |
(a) Cash flows from consolidated operations |
2026
US$m
|
2025
US$m
|
||
Profit after tax for the period |
||||
Adjustments for: |
||||
– Taxation |
6 |
|||
– Finance items |
||||
– Share of profit after tax of equity accounted units |
( |
( |
||
– Gains on disposal of interests in business |
( |
|||
– Net impairment charges |
5 |
|||
– Depreciation and amortisation |
||||
– Provisions (including exchange differences on provisions) |
||||
Utilisation of other provisions |
( |
( |
||
Utilisation of provisions for close-down and restoration |
9 |
( |
( |
|
Utilisation of provisions for post-retirement benefits and other employment costs |
( |
( |
||
Change in inventories |
( |
( |
||
Change in receivables and other assets |
( |
( |
||
Change in trade and other payables |
( |
( |
||
Other items |
( |
( |
||
b |
(b) |
In 2026, our net cash outflow in relation to the Simandou iron ore project, excluding cash generated from operating activities, was
US$
for purchases of property, plant and equipment and cash inflows of US$
cash calls by SimFer Jersey Limited (30 June 2025: US$
million as net funding of equity accounted units for the funding of shared infrastructure in the WCS Rail and Port Holding Entities.
|
c |
(c) |
In 2026, we drew down US$
2025, we drew down on our US$
repaid on 19 March 2025 following our US$
2025. Refer to note 10 for further details.
|
As at |
Note |
30 June
2026
US$m
|
31 December
2025
US$m
|
Non-current assets |
|||
Goodwill |
|||
Intangible assets |
|||
Property, plant and equipment |
|||
Investments in equity accounted units |
|||
Inventories |
|||
Deferred tax assets |
|||
Receivables and other assets |
|||
Other financial assets |
|||
Current assets |
|||
Inventories |
|||
Receivables and other assets |
|||
Tax recoverable |
|||
Other financial assets |
|||
Cash and cash equivalents |
8 |
||
Total assets |
|||
Current liabilities |
|||
Borrowings |
( |
( |
|
Leases |
( |
( |
|
Other financial liabilities |
( |
( |
|
Trade and other payables |
( |
( |
|
Tax payable |
( |
( |
|
Close-down, restoration and environmental provisions |
9 |
( |
( |
Provisions for post-retirement benefits and other employment costs |
( |
( |
|
Other provisions |
( |
( |
|
( |
( |
||
Non-current liabilities |
|||
Borrowings |
( |
( |
|
Leases |
( |
( |
|
Other financial liabilities |
( |
( |
|
Trade and other payables |
( |
( |
|
Tax payable |
( |
( |
|
Deferred tax liabilities |
( |
( |
|
Close-down, restoration and environmental provisions |
9 |
( |
( |
Provisions for post-retirement benefits and other employment costs |
( |
( |
|
Other provisions |
( |
( |
|
( |
( |
||
Total liabilities |
( |
( |
|
Net assets |
|||
Capital and reserves |
|||
Share capital(a)
|
|||
– Rio Tinto plc |
|||
– Rio Tinto Limited |
|||
Share premium account |
|||
Other reserves |
|||
Retained earnings |
|||
Equity attributable to owners of Rio Tinto |
|||
Attributable to non-controlling interests |
|||
Total equity |
Six months ended 30 June 2026 |
Attributable to owners of Rio Tinto |
||||||
Share
capital
US$m
|
Share
premium
account
US$m
|
Other
reserves
US$m
|
Retained
earnings
US$m
|
Total
US$m
|
Non-
controlling
interests
US$m
|
Total
equity
US$m
|
|
Opening balance |
|||||||
Total comprehensive income for the
period(a)
|
— |
— |
|||||
Currency translation arising on Rio Tinto
Limited's share capital
|
— |
— |
— |
— |
|||
Dividends(b)
|
— |
— |
— |
( |
( |
( |
( |
Own shares purchased from Rio Tinto
shareholders to satisfy share awards to
employees(c)
|
— |
— |
( |
( |
( |
— |
( |
Change in equity interest held by Rio Tinto |
— |
— |
— |
( |
( |
||
Treasury shares reissued and other
movements
|
— |
( |
— |
||||
Equity issued to holders of non-controlling
interests(d)
|
— |
— |
— |
— |
— |
||
Employee share awards charged to the
income statement
|
— |
— |
— |
||||
Transfer of cumulative fair value gains on
FVOCI equity investments to retained
earnings upon disposal(e)
|
— |
— |
( |
— |
|||
Closing balance |
|||||||
Six months ended 30 June 2025 |
Attributable to owners of Rio Tinto |
||||||
Share
capital
US$m
|
Share
premium
account
US$m
|
Other
reserves
US$m
|
Retained
earnings
US$m
|
Total
US$m
|
Non-
controlling
interests
US$m
|
Total
equity
US$m
|
|
Opening balance |
|||||||
Total comprehensive income for the
period(a)
|
— |
— |
|||||
Currency translation arising on Rio Tinto
Limited's share capital
|
— |
— |
— |
— |
|||
Dividends(b)
|
— |
— |
— |
( |
( |
( |
( |
Newly consolidated operations |
— |
— |
— |
— |
— |
||
Own shares purchased from Rio Tinto
shareholders to satisfy share awards to
employees(c)
|
— |
— |
( |
( |
( |
— |
( |
Change in equity interest held by Rio Tinto |
— |
— |
— |
( |
( |
||
Treasury shares reissued and other
movements
|
— |
— |
— |
— |
|||
Equity issued to holders of non-controlling
interests(d)
|
— |
— |
— |
— |
— |
||
Employee share awards charged to the
income statement
|
— |
— |
— |
||||
Closing balance |
|||||||
Six months ended 30 June |
2026
US cents
|
2025
US cents
|
|
Dividends per share: Ordinary - paid during the period
|
|||
Ordinary dividends per share: announced with the results for the period
|
Reportable segment |
Principal activities |
Aluminium & Lithium |
Bauxite mining; alumina refining; aluminium smelting and recycling; mining
and processing of lithium.
|
Copper |
Mining and refining of copper, gold, silver, molybdenum, other by-products
and exploration activities.
|
Iron Ore |
Iron ore mining and salt production in Western Australia; iron concentrate
and pellets from the Iron Ore Company of Canada.
|
2026 |
2025 |
|||
Six months ended 30 June |
Segmental
revenue(b)
US$m
|
Underlying
EBITDA(c)
US$m
|
Segmental
revenue(b)
US$m
Restated(a)
|
Underlying
EBITDA(c)
US$m
Restated(a)
|
Aluminium & Lithium |
||||
Copper |
||||
Iron Ore |
||||
Reportable segments total |
||||
Simandou iron ore project |
( |
( |
||
Other operations |
( |
|||
Inter-segment transactions |
( |
( |
( |
|
Share of equity accounted units(d)
|
( |
( |
||
Central pension costs, share-based
payments, insurance and
derivatives
|
( |
|||
Restructuring, project and one-off
costs
|
( |
( |
||
Central costs |
( |
( |
||
Central exploration and evaluation
expenditures
|
( |
( |
||
Consolidated sales revenue |
||||
Underlying EBITDA(e)
|
||||
(a) |
During the period, Management responsibility of the closed Gove Refinery moved from the Group's central closure team (as part
of "Other operations") to the Aluminium and Lithium product group. In the second half of 2025, the Group's reportable segments
were updated to reflect the organisational restructure announced on 27 August 2025. Accordingly comparative information has
been restated.
|
(b) |
Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units (EAUs) in
proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis
that is comparable to our underlying EBITDA metric.
|
(c) |
Underlying EBITDA (calculated on page 38) is reported to provide greater understanding of the underlying business performance
of Rio Tinto's operations.
|
(d) |
Consolidated sales revenue includes subsidiary sales of US$
units which are not included in segmental revenue. Segmental revenue includes the Group’s proportionate share of product sales
by equity accounted units (after adjusting for sales to subsidiaries) of US$
are not included in consolidated sales revenue.
|
(e) |
Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 30 June 2026
was US$
central exploration and Other operations and
|
Six months ended 30 June |
2026
US$m
|
2025
US$m
|
Profit after tax for the period
|
||
Taxation |
||
Profit before taxation |
||
Depreciation and amortisation in subsidiaries, excluding capitalised depreciation(a)
|
||
Depreciation and amortisation in equity accounted units |
||
Finance items in subsidiaries |
||
Taxation and finance items in equity accounted units |
||
Unrealised gains on embedded commodity and currency derivatives not qualifying for hedge
accounting (including foreign exchange)
|
( |
( |
Net impairment charges(b)
|
||
Impairment reversal included within share of profit after tax of equity accounted units(c)
|
( |
|
Gains on disposal of interests in businesses |
( |
|
Change in closure estimates (non-operating and fully impaired sites) |
||
Underlying EBITDA |
Six months ended 30 June |
2026
%
|
2025
%
|
2026
US$m
|
2025
US$m
|
Greater China |
||||
US |
||||
Japan |
||||
Asia (excluding Greater China, Japan and South Korea) |
||||
Europe (excluding UK and Netherlands) |
||||
Canada |
||||
Netherlands |
||||
South Korea |
||||
Australia |
||||
UK |
||||
Other countries |
||||
Consolidated sales revenue |
Six months ended 30 June |
Revenue
from
contracts
with
customers
2026
US$m
|
Other
revenue
2026
US$m
|
Consolidated
sales
revenue(a)
2026
US$m
|
Revenue
from
contracts
with
customers
2025
US$m
|
Other
revenue
2025
US$m
|
Consolidated
sales
revenue(a)
2025
US$m
|
Iron ore |
( |
( |
||||
Aluminium, alumina and bauxite |
||||||
Copper |
||||||
Industrial minerals (comprising titanium
dioxide slag, zircon, borates and salt)
|
( |
|||||
Gold |
( |
|||||
Lithium |
||||||
Other products and freight services(b)
|
( |
( |
||||
Consolidated sales revenue |
( |
2026 |
2025 |
||||
Six months ended 30 June |
Pre-tax
amount
US$m
|
Taxation
US$m
|
Non-
controlling
interest
US$m
|
Net amount
US$m
|
Pre-tax
amount
US$m
|
Other operations – RTITQO |
( |
||||
Aluminium – Porto Trombetas (MRN) |
|||||
Net impairment reversals/(charges) |
( |
||||
Allocated as: |
|||||
Property, plant and equipment |
( |
||||
Share of profit after tax of equity accounted units |
|||||
Net impairment reversals/(charges) |
( |
||||
Six months ended 30 June |
2026
US$m
|
2025
US$m
|
Profit before taxation(a)
|
||
Prima facie tax payable at UK rate of |
||
Higher rate of taxation of |
||
Other tax rates applicable outside the UK and Australia(b)
|
( |
( |
Tax effect of profit from equity accounted units and related expenses(a)
|
( |
( |
Impact of changes in tax rates |
||
Resource depletion allowances |
( |
|
Recognition of previously unrecognised deferred tax assets |
( |
( |
Write-down of previously recognised deferred tax assets |
||
Utilisation of previously unrecognised deferred tax assets |
( |
( |
Unrecognised current period operating losses(c)
|
||
Adjustments in respect of prior periods |
||
Other items(d)
|
||
Total taxation charge |
Identifiable assets acquired and liabilities assumed |
Final fair values at 6
March 2025
US$m
|
Intangible assets |
|
Property, plant and equipment (including mineral interests) |
|
Cash and cash equivalents |
|
Borrowings(a)
|
( |
Close-down, restoration and environmental provisions |
( |
Other provisions |
( |
Other assets and liabilities |
|
Deferred tax liabilities (net of deferred tax assets) |
( |
Net assets |
|
Non-controlling interest (NCI)(b)
|
( |
Goodwill |
|
Net attributable assets (including Goodwill) |
Presentation in cash flow statement |
6 March 2025
US$m
|
Cash payment in consideration of equity to shareholders of Arcadium Lithium plc |
|
less: cash and cash equivalents balance acquired |
( |
Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired |
|
Impact of the acquisition on net debt |
6 March 2025
US$m
|
Borrowings of Arcadium Lithium |
|
less: convertible loan notes settled on change of control |
( |
less: cash and cash equivalents acquired |
( |
less: loan advanced to Arcadium prior to acquisition |
( |
Acquired net debt |
|
Cash payment in consideration of equity to shareholders of Arcadium Lithium plc |
|
Cash payment to settle convertible loan notes |
|
Change in net debt on acquisition |
Closing cash and cash equivalents less overdrafts |
30 June
2026
|
31 December
2025
|
30 June
2025
|
US$m |
US$m |
US$m |
|
Balance per consolidated balance sheet |
|||
Bank overdrafts repayable on demand (unsecured) |
( |
( |
|
Balance per Group cash flow statement |
30 June 2026(a)
|
31 December 2025 |
|
US$m |
US$m |
|
Opening balance |
||
Adjustment on currency translation |
||
Adjustments to mining properties/right of use assets: |
||
– changes to existing and new provisions |
||
Charged/(credited) to profit: |
||
– increases to existing and new provisions |
||
– decreases and unused amounts reversed |
( |
( |
– exchange losses/(gains) on provisions
|
( |
|
– amortisation of discount |
||
Utilised in the period |
( |
( |
Newly consolidated operations |
||
Transfers and other movements |
( |
|
Closing balance |
||
Balance sheet analysis: |
||
Current |
||
Non-current |
||
Total |
30 June 2026 |
31 December 2025 |
|||||||||
Held at fair value |
Held at
amortised
cost
US$m
|
Total
US$m
|
Held at fair value |
Held at
amortised
cost
US$m
|
Total
US$m
|
|||||
Level 1(a)
US$m
|
Level 2(b)
US$m
|
Level 3(c)
US$m
|
Level 1(a)
US$m
|
Level 2(b)
US$m
|
Level 3(c)
US$m
|
|||||
Assets |
||||||||||
Cash and cash equivalents(d)
|
||||||||||
Investments in equity shares and funds(e)
|
||||||||||
Other investments, including loans(f)
|
||||||||||
Trade and other financial receivables(g)
|
||||||||||
Loans to equity accounted units |
||||||||||
Forward, option and embedded derivative
contracts: designated as hedges(h)
|
||||||||||
Forward, option and embedded derivative
contracts, not designated as hedges(h)
|
||||||||||
Derivatives related to net debt(i)
|
||||||||||
Liabilities |
||||||||||
Trade and other financial payables(j)
|
( |
( |
( |
( |
( |
( |
||||
Forward, option and embedded derivatives
contracts, designated as hedges(h)
|
( |
( |
( |
( |
||||||
Forward, option and embedded derivatives
contracts, not designated as hedges(h)
|
( |
( |
( |
( |
( |
( |
||||
Derivatives related to net debt(i)
|
( |
( |
( |
( |
||||||
Other financial liabilities |
( |
( |
( |
( |
||||||
30 June
2026
|
31 December
2025
|
|
Level 3 financial assets and liabilities |
US$m |
US$m |
Opening balance |
||
Currency translation adjustments |
||
Total realised (losses)/gains included in net operating costs |
( |
|
Total unrealised gains included in net operating costs |
||
Total unrealised gains/(losses) transferred into other comprehensive income through
cash flow hedges
|
( |
|
Additions/acquisitions of financial assets and liabilities |
||
Disposals/maturity of financial assets and liabilities |
( |
|
Closing balance |
||
Net gains included in the income statement for assets and liabilities held at period
end
|
30 June 2026 |
31 December 2025 |
|||
Carrying
value
US$m
|
Fair
value
US$m
|
Carrying
value
US$m
|
Fair
value
US$m
|
|
Listed bonds(a)
|
||||
Oyu Tolgoi project finance |
||||
Rincon funding facility(b)
|
||||
Other |
||||
Total borrowings (including overdrafts) |
||||
Litigation matter |
Latest update |
2011 Contractual
payments in Guinea
|
In 2023, we resolved a previously self-disclosed investigation by the SEC
into certain contractual payments totalling US$
consultant who had provided advisory services in 2011, relating to the
Simandou project in the Republic of Guinea. In August 2023, the UK
Serious Fraud Office closed its case and announced that the Australian
Federal Police maintains a live investigation into the matter. Rio Tinto
continues to co-operate fully with relevant authorities.
At 30 June 2026, the outcome of this investigation remains uncertain, but
it could ultimately expose the Group to material financial cost. No
provision has been recognised for the investigation. We believe this case
is unwarranted and will defend the allegation vigorously.
|
Segmental revenue(a) for the
six months ended 30 June
|
Underlying EBITDA(a)
for the six months ended 30
June
|
Depreciation and amortisation
for the six months ended 30
June
|
|||||
Rio Tinto
interest
%
|
2026
US$m
|
2025
US$m
Restated
|
2026
US$m
|
2025
US$m
Restated
|
2026
US$m
|
2025
US$m
Restated
|
|
Aluminium & Lithium |
|||||||
Bauxite |
(b) |
1,479 |
2,030 |
464 |
1,049 |
187 |
153 |
Alumina |
(c) |
1,528 |
2,287 |
(2) |
898 |
67 |
62 |
North American Aluminium |
(d) |
5,537 |
3,844 |
1,979 |
494 |
460 |
386 |
Pacific Aluminium |
(e) |
2,239 |
1,633 |
733 |
99 |
100 |
86 |
Evaluation projects/other |
(f) |
262 |
297 |
(170) |
(142) |
– |
– |
Intra-segment |
(1,644) |
(2,338) |
89 |
(42) |
– |
– |
|
Aluminium |
9,401 |
7,753 |
3,093 |
2,356 |
814 |
687 |
|
Lithium |
(g) |
568 |
308 |
218 |
42 |
142 |
113 |
Total Aluminium & Lithium segment |
9,969 |
8,061 |
3,311 |
2,398 |
956 |
800 |
|
Copper |
|||||||
Kennecott |
100% |
1,719 |
1,483 |
781 |
560 |
272 |
306 |
Escondida |
30% |
2,739 |
2,205 |
2,109 |
1,602 |
249 |
232 |
Oyu Tolgoi |
66% |
4,090 |
1,916 |
3,189 |
1,252 |
490 |
330 |
Evaluation projects/other |
74 |
604 |
(366) |
(309) |
1 |
1 |
|
Total Copper segment |
8,622 |
6,208 |
5,713 |
3,105 |
1,012 |
869 |
|
Iron Ore |
|||||||
Pilbara |
(h) |
12,794 |
11,786 |
7,007 |
6,678 |
1,409 |
1,087 |
Iron Ore Company of Canada |
58.7% |
855 |
1,074 |
108 |
202 |
139 |
121 |
Dampier Salt |
68.4% |
121 |
135 |
(6) |
36 |
8 |
7 |
Evaluation projects/other |
(i) |
646 |
1,575 |
(360) |
(165) |
1 |
1 |
Intra-segment |
(i) |
(389) |
(1,092) |
20 |
110 |
– |
– |
Total Iron Ore segment |
14,027 |
13,478 |
6,769 |
6,861 |
1,557 |
1,216 |
|
Reportable segments total |
32,618 |
27,747 |
15,793 |
12,364 |
3,525 |
2,885 |
|
Simandou iron ore project |
(j) |
68 |
– |
(48) |
(21) |
22 |
5 |
Rio Tinto Iron & Titanium |
(k) |
714 |
897 |
35 |
111 |
108 |
118 |
Rio Tinto Borates |
100% |
433 |
415 |
145 |
109 |
36 |
31 |
Diamonds |
(l) |
118 |
162 |
(72) |
(55) |
4 |
3 |
Other operations |
(m)(n) |
660 |
188 |
(337) |
(87) |
188 |
162 |
Inter-segment transactions |
(320) |
(8) |
(1) |
– |
|||
Central pension costs, share-based payments,
insurance and derivatives
|
214 |
(17) |
|||||
Restructuring, project and one-off costs |
(368) |
(320) |
|||||
Central costs |
(425) |
(427) |
63 |
56 |
|||
Central exploration and evaluation |
(110) |
(110) |
|||||
Net interest |
|||||||
Underlying EBITDA |
14,826 |
11,547 |
|||||
Reconciliation to consolidated income
statement
|
|||||||
Share of EAUs sales and inter-subsidiary/
EAUs sales
|
(3,263) |
(2,528) |
|||||
Items excluded from underlying EBITDA |
71 |
141 |
|||||
|
Net impairment charges |
– |
(122) |
|||||
Impairment reversals included within share of
profit after tax of EAUs
|
22 |
– |
|||||
Depreciation and amortisation in subsidiaries
excluding capitalised depreciation
|
(3,394) |
(2,845) |
|||||
Depreciation and amortisation in EAUs |
(333) |
(303) |
(333) |
(302) |
|||
Taxation and finance items in EAUs |
(918) |
(730) |
|||||
Finance items |
(961) |
(951) |
|||||
Consolidated sales revenue/profit before
taxation/depreciation and amortisation
|
31,028 |
26,873 |
9,313 |
6,737 |
3,613 |
2,958 |
|
Rio Tinto share of capital
investment(a) for the six months
ended 30 June
|
Operating assets(o)
as at
|
||||
Rio Tinto
interest
%
|
2026
US$m
|
2025
US$m
Restated
|
30 June 2026
US$m
|
31 December 2025
US$m
Restated
|
|
Aluminium & Lithium |
|||||
Bauxite |
(b) |
117 |
66 |
2,384 |
2,105 |
Alumina |
(c) |
100 |
119 |
605 |
689 |
North American Aluminium |
(d) |
619 |
524 |
11,114 |
11,411 |
Pacific Aluminium |
(e) |
51 |
46 |
807 |
736 |
Evaluation projects/other |
(f) |
– |
– |
529 |
281 |
Intra-segment |
– |
1 |
95 |
78 |
|
Aluminium |
887 |
756 |
15,534 |
15,300 |
|
Lithium |
(g) |
627 |
432 |
10,596 |
9,783 |
Total Aluminium & Lithium segment |
1,514 |
1,188 |
26,130 |
25,083 |
|
Copper |
|||||
Kennecott |
100% |
260 |
289 |
2,549 |
2,589 |
Escondida |
30% |
– |
– |
3,490 |
3,316 |
Oyu Tolgoi |
66% |
494 |
541 |
16,530 |
16,857 |
Evaluation projects/other |
2 |
1 |
219 |
230 |
|
Total Copper segment |
756 |
831 |
22,788 |
22,992 |
|
Iron Ore |
|||||
Pilbara |
(h) |
2,038 |
1,434 |
21,629 |
20,427 |
Iron Ore Company of Canada |
58.7% |
92 |
148 |
1,353 |
1,394 |
Dampier Salt |
68.4% |
9 |
13 |
111 |
94 |
Evaluation projects/other |
(i) |
– |
– |
782 |
804 |
Intra-segment |
(i) |
– |
– |
(93) |
(105) |
Total Iron Ore segment |
2,139 |
1,595 |
23,782 |
22,614 |
|
Reportable segments total |
4,409 |
3,614 |
72,700 |
70,689 |
|
Simandou iron ore project |
(j) |
592 |
514 |
4,852 |
4,158 |
Rio Tinto Iron & Titanium |
(k) |
158 |
105 |
3,313 |
3,270 |
Rio Tinto Borates |
100% |
23 |
26 |
412 |
438 |
Diamonds |
(l) |
(8) |
3 |
(99) |
(106) |
Other operations |
(m)(n) |
(165) |
19 |
(715) |
(718) |
Inter-segment transactions |
(4) |
(3) |
|||
Other items |
28 |
223 |
(937) |
(1,163) |
|
Total |
5,037 |
4,504 |
79,522 |
76,565 |
|
Add back: Capital contributions received/due from
non-controlling interests or third parties
|
703 |
554 |
|||
Less: Funding provided by the Group to EAUs |
– |
(331) |
|||
Add back: Sales of property, plant and equipment
and intangible assets
|
207 |
7 |
|||
Total purchases of property, plant & equipment
and intangible assets as per cash flow
statement
|
5,947 |
4,734 |
|||
Add: Net debt |
(14,061) |
(14,362) |
|||
Equity attributable to owners of Rio Tinto |
65,461 |
62,203 |
|||
(a) |
|
(b) |
Bauxite represents the Group’s interest in Gove and
Weipa, Porto Trombetas (22%) and Sangaredi (22.9%).
|
(c) |
Alumina represents the Group’s interest in Jonquière
(Vaudreuil), Yarwun, Queensland Alumina (80% equity
and 20% additional tolling capacity in the income
statement) and São Luis (Alumar) (10%).
|
(d) |
North American Aluminium represents the Group’s
interest in Alma, Arvida, Arvida AP60, Grande-Baie,
ISAL, Kitimat, Laterrière, Alouette (40%), Bécancour
(25.1%), Sohar (20%) and Matalco (50%).
|
(e) |
Pacific Aluminium represents the Group’s interest in Bell
Bay, Boyne Island (73.5%), Tiwai Point and Tomago
(51.6%).
|
(f) |
During the period, Management responsibility of the
closed Gove Refinery moved from the Group's central
closure team to the Aluminium and Lithium product
group. Accordingly, comparative information has been
restated.
|
(g) |
Lithium represents the Group’s interest in Rincon and,
following the acquisition of Arcadium Lithium on 6 March
2025, the following operating mines: Olaroz (67%),
Hombre Muerto, assets under construction in Argentina
and Canada (Nemaska 53.9% from 18 February 2026,
previously 50%), undeveloped properties and
downstream processing facilities in Argentina, Canada,
US, UK, China, and Japan (75%).
|
(h) |
Pilbara represents the Group’s holding in Hamersley,
Hope Downs Joint Venture (50%), Western Range Joint
Venture (54%) and Robe River Iron Associates (65%).
The Group’s net beneficial interest in Robe River Iron
Associates is 53%, as 30% is held through a 60% owned
subsidiary and 35% is held through a 100% owned
subsidiary.
|
(i) |
Segmental revenue, Underlying EBITDA, and Operating
assets within Evaluation projects/other include activities
relating to the shipment and blending of Pilbara and IOC
iron ore inventories held portside in China and sold to
domestic customers. Transactions between Pilbara or
IOC and our portside trading business are eliminated
through the Iron Ore “intra-segment” line.
|
(j) |
Rio Tinto SimFer UK Limited (which is wholly owned by
the Group) holds a 53% interest in SimFer Jersey
Limited (SimFer Jersey) which in turn, has an 85%
interest in SimFer S.A., the company that will carry out
the Simandou mining operations in Guinea. The group
consolidates the entities that are developing the SimFer
scope of rail and port infrastructure and the transhipment
vessels. Rio Tinto’s share of funding this construction is
53%. The WCS Rail and WCS Port businesses are
accounted for under the equity method with SimFer
Jersey funding 34% of the construction. Once
constructed all rail and port infrastructure assets will be
transferred to La Compagnie du Transguinéen S.A., a
company in which SimFer Jersey has a 42.5%
shareholding.
|
(k) |
Includes our interests in Rio Tinto Iron and Titanium
Quebec Operations, QIT Madagascar Minerals (QMM,
economic interest of 85%) and Richards Bay Minerals
(attributable interest of 74%).
|
(l) |
Relates to our 100% interest in the Diavik diamond mine
and diamond marketing operations.
|
(m) |
Other operations includes our 98.43% interest in Energy
Resources of Australia, sites being rehabilitated under
the management of Rio Tinto Closure, Rio Tinto Marine,
and the remaining legacy liabilities of Rio Tinto Coal
Australia. These include provisions for onerous
contracts, in relation to rail infrastructure capacity, partly
offset by financial assets and receivables relating to
contingent royalties and disposal proceeds.
|
(n) |
From 1 January 2026, Other operations also includes
balances relating to our third-party marketing business,
as part of the expanded remit of the Chief Commercial
Officer.
|
(o) |
Operating assets of the Group represents equity
attributable to Rio Tinto adjusted for net debt. Operating
assets of subsidiaries, joint operations and the Group’s
share relating to equity accounted units are made up of
net assets adjusted for net debt and post-retirement
assets and liabilities, net of tax. Operating assets are
stated after the deduction of non-controlling interests;
these are calculated by reference to the net assets of the
relevant companies (ie inclusive of such companies’ debt
and amounts due to or from Rio Tinto Group
companies).
|
Six months ended 30 June |
2026
US$m
|
2025
US$m
|
Underlying EBITDA |
14,826 |
11,547 |
Consolidated sales revenue |
31,028 |
26,873 |
Share of equity accounted unit sales and inter-subsidiary/equity accounted unit sales
eliminations
|
3,263 |
2,528 |
34,291 |
29,401 |
|
Underlying EBITDA margin |
43% |
39% |
Six months ended 30 June |
Pre-tax
2026
US$m
|
Taxation
2026
US$m
|
Non-
controlling
interests
2026
US$m
|
Net
amount
2026
US$m
|
Net
amount
2025
US$m
|
Net earnings |
9,313 |
(2,119) |
(530) |
6,664 |
4,528 |
Items excluded from underlying earnings |
|||||
Net impairment charges (note 5) |
– |
– |
– |
– |
86 |
Impairment reversal included within share of profit after
tax of equity accounted units (note 5)
|
(15) |
— |
— |
(15) |
– |
(Gains)/losses on consolidation and disposal of
interests in businesses
|
(19) |
– |
– |
(19) |
– |
Foreign exchange and derivative losses/(gains): |
|||||
– Exchange losses on external net debt, intragroup
balances and derivatives(a)
|
288 |
(20) |
3 |
271 |
300 |
– Gains on currency and interest rate derivatives not
qualifying for hedge accounting(b)
|
(8) |
2 |
– |
(6) |
(11) |
– Gains on embedded commodity derivatives not
qualifying for hedge accounting(c)
|
(74) |
15 |
– |
(59) |
(99) |
Change in closure estimates (non-operating and fully
impaired sites)(d)
|
16 |
(1) |
– |
15 |
3 |
Total excluded from underlying earnings |
188 |
(4) |
3 |
187 |
279 |
Underlying earnings |
9,501 |
(2,123) |
(527) |
6,851 |
4,807 |
Six months ended 30 June |
2026 |
2025 |
Net earnings (US$ million) |
6,664 |
4,528 |
Weighted average number of shares (millions) |
1,625.8 |
1,623.8 |
Basic earnings per ordinary share (cents) |
409.9 |
278.8 |
Items excluded from underlying earnings per share (cents)(a)
|
11.5 |
17.2 |
Basic underlying earnings per ordinary share (cents) |
421.4 |
296.0 |
Six months ended 30 June |
2026 |
2025 |
Items excluded from underlying earnings (US$m) |
187.0 |
279.0 |
Weighted average number of shares (millions) |
1,625.8 |
1,623.8 |
Items excluded from underlying earnings per share (cents) |
11.5 |
17.2 |
Six months ended 30 June |
2026
(cents)
|
2025
(cents)
|
Interim dividend declared per share |
211.0 |
148.0 |
Underlying earnings per share |
421.4 |
296.0 |
Payout ratio |
50% |
50% |
Six months ended 30 June |
2026
US$m
|
2025
US$m
Adjusted(a)
|
Purchases of property, plant and equipment and intangible assets |
5,947 |
4,734 |
Less: Sales of property, plant and equipment and intangible assets |
(207) |
(7) |
Funding provided by the group to EAUs(b)
|
— |
331 |
Less: Capital contributions received/due from non-controlling interests or third
parties(c)
|
(703) |
(554) |
Rio Tinto share of capital investment(a)
|
5,037 |
4,504 |
Six months ended 30 June 2026 (US$m)
|
Aluminium
& Lithium
|
Copper |
Iron Ore |
Other
operations
|
Total |
Net cash generated from operating activities |
2,156 |
3,910 |
5,186 |
(2,079) |
9,173 |
Less: Rio Tinto share of capital investment |
(1,514) |
(756) |
(2,139) |
(628) |
(5,037) |
Less: Lease principal payments |
(33) |
(5) |
(67) |
(197) |
(302) |
Free cash flow |
609 |
3,149 |
2,980 |
(2,904) |
3,834 |
Adjusted(a)
|
|||||
Six months ended 30 June 2025 (US$m)
|
Aluminium
& Lithium
|
Copper |
Iron Ore |
Other
operations
|
Total |
Net cash generated from operating activities |
1,777 |
1,577 |
4,776 |
(1,206) |
6,924 |
Less: Rio Tinto share of capital investment |
(1,188) |
(831) |
(1,595) |
(890) |
(4,504) |
Less: Lease principal payments |
(22) |
(4) |
(56) |
(153) |
(235) |
Free cash flow |
567 |
742 |
3,125 |
(2,249) |
2,185 |
Six months ended 30 June 2026
|
||||||
Financial liabilities |
||||||
Borrowings
excluding
overdrafts
(a)
US$m
|
Lease
liabilities
(b)
US$m
|
Derivatives
related to
net debt
(c)
US$m
|
Cash and
cash
equivalents
including
overdrafts
(a)
US$m
|
Other
investments
(d)
US$m
|
Net debt
US$m
|
|
At 1 January |
(21,924) |
(1,586) |
(80) |
8,865 |
363 |
(14,362) |
Foreign exchange adjustment |
10 |
(6) |
(10) |
(24) |
15 |
(15) |
Net cash movements excluding
exchange movements
|
257 |
302 |
– |
72 |
(237) |
394 |
Other non-cash movements |
243 |
(148) |
(173) |
– |
– |
(78) |
At 30 June |
(21,414) |
(1,438) |
(263) |
8,913 |
141 |
(14,061) |
30 June 2026
US$m
|
31 December
2025
US$m
|
|
Net debt |
14,061 |
14,362 |
Total equity |
71,700 |
67,024 |
Net debt plus total equity |
85,761 |
81,386 |
Net gearing ratio |
16% |
18% |
|
Six months ended 30 June |
2026
US$m
|
2025
US$m
|
Profit after tax attributable to owners of Rio Tinto (net earnings) |
6,664 |
4,528 |
Items added back to derive underlying earnings |
187 |
279 |
Underlying earnings |
6,851 |
4,807 |
Add/(deduct): |
||
Finance income per the income statement |
(193) |
(248) |
Finance costs per the income statement |
429 |
544 |
Tax on finance cost |
(38) |
(57) |
Non-controlling interest share of net finance costs |
(258) |
(285) |
Net interest cost in equity accounted units (Rio Tinto share) |
— |
28 |
Net interest |
(60) |
(18) |
Calculated earnings for underlying ROCE |
6,791 |
4,789 |
Annualised adjusted underlying earnings |
13,582 |
9,578 |
Equity attributable to owners of Rio Tinto - beginning of the period |
62,203 |
55,246 |
Net debt - beginning of the period |
14,362 |
5,491 |
Operating assets - beginning of the period |
76,565 |
60,737 |
Equity attributable to owners of Rio Tinto - end of the period |
65,461 |
58,203 |
Net debt - end of the period |
14,061 |
14,597 |
Operating assets - end of the period |
79,522 |
72,800 |
Average operating assets |
78,043 |
66,769 |
Underlying return on capital employed |
17% |
14% |
Contacts |
Please direct all enquiries to
media.enquiries@riotinto.com
|
Media Relations,
United Kingdom
Matthew Klar
M +44 7796 630 637
David Outhwaite
M +44 7787 597 493
|
Media Relations,
Australia
Matt Chambers
M +61 433 525 739
Alesha Anderson
M +61 434 868 118
Rachel Pupazzoni
M +61 438 875 469
Bruce Tobin
M +61 419 103 454
|
Media Relations,
Canada
Malika Cherry
M +1 418 592 7293
Vanessa Damha
M +1 514 715 2152
|
Investor Relations,
United Kingdom
Rachel Arellano
M +44 7584 609 644
David Ovington
M +44 7920 010 978
Laura Brooks
M +44 7826 942 797
Weiwei Hu
M +44 7825 907 230
|
Investor Relations,
Australia
Tom Gallop
M +61 439 353 948
Eddie Gan-Och
M +61 477 599 714
|
Media Relations,
US & Latin America
Jesse Riseborough
M +1 202 394 9480
|
Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885
|
Rio Tinto Limited
Level 43, 120 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404
|