The world’s largest iron ore producer, which recently walked away from merger talks with Glencore posted underlying earnings of $10.87 billion for the year to December 31, unchanged from a year earlier and below the Visible Alpha consensus of $11.03 billion.
The miner also declared a final dividend of 254 United States (US) cents per share, implying a payout ratio of 60% of underlying earnings, up from 225 US cents in 2024.
Rio’s London shares were down 3.4% slightly underperforming peers. The results highlight miners’ increasing focus on copper as demand grows, driven by the expansion of power-hungry AI data centres and the shift toward cleaner energy.
That strategic pivot has fuelled a wave of deal-making across the sector as companies try to secure long-life copper resources.
Rio’s talks with Glencore collapsed in February after the companies failed to agree on valuation and ownership terms, ending discussions that would have created the world’s largest listed mining company and significantly boosted copper exposure.
–Reuters–
