Rio Tinto has reported that its underlying earnings have remained virtually flat in 2025 at $10.87 billion, as weaker iron ore price index was offset by stronger copper prices and higher output.
Net cash generated from operating activities was up 8% and amounted to $16.8 billion, while underlying EBITDA rose 9% to $25.4 billion on the back of disciplined cost management and rising contributions from copper and aluminium segments.
The company’s copper output was up 8% over the reporting period to 883,000 tonnes, driven by the ongoing ramp-up of the Oyu Tolgoi underground copper mine. In 2026, Rio Tinto plans to produce 800,000 - 870,000 tonnes of copper, as it moves ahead with plans to drastically increase the copper equivalent production into 2030s.
"We remain on track to achieve 3% CAGR in copper equivalent production to 2030. At the same time, the structural cost improvements underway today position us for higher margins and cash flow. With a high-quality pipeline, anchored in copper, we have clear visibility to extend this growth profile well into the next decade," said Rio Tinto CEO Simon Trott.
The company’s iron ore sales were up slightly at 342 million tonnes. However, the price index for the commodity was down 6% over the reporting period, leading to a 11% decrease in the division’s underlying EBITDA.
Lastly, Rio Tinto diamond division, and its only operating mine Diavik, has reported an increase in revenue to $332 million, compared to $279 million a year earlier. Its underlying EBITDA losses narrowed to $79 million, compared to $115 million in 2024.
Theodor Lisovoy, Managing Editor, Rough&Polished
