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Rio Tinto Ltd. (ASX: RIO) surged nearly 5% on Wednesday after the global mining giant reported stronger-than-expected first-half earnings, increased its interim dividend, and highlighted rising demand for copper and other key metals driven by the rapid expansion of artificial intelligence (AI) infrastructure.
The company's shares climbed 4.8% to A$167.11 in Sydney, marking their highest level since July 7 and outperforming the broader S&P/ASX 200 index, which gained about 1%.
Rio Tinto, the world's second-largest listed mining company by market capitalization, posted a 47% year-over-year increase in first-half net profit to $6.66 billion, its strongest first-half performance since 2022. Underlying earnings rose 43% to $6.85 billion, beating analysts' consensus estimate of $6.61 billion.
The miner also reported underlying EBITDA of $14.83 billion, up 28% from a year earlier. The improvement was fueled by higher prices for iron ore, copper, aluminum, and lithium, alongside stronger production levels and continued operational efficiency.
Reflecting its robust financial performance, Rio Tinto declared an interim dividend of $2.11 per share, surpassing both last year's payout of $1.48 and market expectations of $2.03 per share.
Chief Executive Simon Trott said the company continues to strengthen its operations through disciplined execution and productivity improvements. Rio Tinto has already generated $870 million in productivity gains during the first half and remains on track to achieve an annualized run rate of $1.8 billion by the end of the year.
Trott also reaffirmed the company's plan to simplify its business portfolio, with approximately $5 billion in asset divestments expected to be announced by the end of 2026.
Looking ahead, Rio Tinto sees artificial intelligence as a major long-term growth catalyst. The company expects increasing investments in hyperscale data centers to significantly boost demand for copper, steel, aluminum, and lithium—metals essential for AI infrastructure, data centers, and electrification.
Supporting that outlook, Rio Tinto's copper-equivalent production increased 3% during the first half, driven by higher copper output, stronger lithium production, and increased iron ore sales, positioning the miner to benefit from the ongoing global AI and energy transition.
