Rio Tinto Group RIO delivered solid growth in copper production in the fourth quarter of 2025. Per the production results, the company’s consolidated copper output rose 5% year over year in the fourth quarter. Also, Rio Tinto’s total copper production reached 883 kiloton (kt) in 2025, up 11% on a year-over-year basis. The results were supported by the solid ramp-up at the Oyu Tolgoi site and strong performance at the Kennecott mine.
Rio Tinto is making steady progress across its growth pipeline. In December 2025, it achieved its first copper production at the Johnson Camp mine in Arizona using its proprietary Nuton technology. This marks a significant milestone for the company, as Nuton enables cleaner, faster and more efficient copper recovery at an industrial scale.
The Johnson Camp deployment involves designing and delivering a heap leach technology package aimed at producing around 30,000 tons of refined copper over a four-year demonstration period. Through the use of Nuton technology, Rio Tinto aims to produce copper with the lowest carbon footprint in the United States at the Johnson Camp.
Also, the company is actively collaborating with U.S. customers to strengthen the domestic copper supply. In 2026, the company expects its copper production to be 800-870 kt. Major growth projects, such as Oyu Tolgoi and Kennecott, are advancing steadily, positioning the company well for long-term growth.
Snapshot of RIO’s Peers
Among its major peers, Trilogy Metals Inc. TMQ continues to make steady progress at the Ambler mining district. Although Trilogy is not yet in production, it is taking a step ahead with Ambler Metals LLC, which is a joint venture with South32 Limited. In July 2025, Trilogy began a multi-year core re-boxing program to protect drill core for long-term future use.
USAR’s other peer, NioCorp Developments Ltd. NB, is working to move its Elk Creek Project in Nebraska closer to production. In August 2025, NioCorp completed its first drilling program at the Elk Creek Project on schedule and within budget. In February 2026, NioCorp started construction of the main underground access for its Elk Creek Critical Minerals Project in southeast Nebraska.
RIO's Price Performance, Valuation & Estimates
Shares of Rio Tinto have gained 40.8% in the past six months compared with the industry’s growth of 23.4%.
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From a valuation standpoint, RIO is trading at a forward price-to-earnings ratio of 10.80X, below the industry’s average of 13.86X. Rio Tinto carries a Value Score of A.
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The Zacks Consensus Estimate for RIO’s 2026 earnings has been on the rise over the past 60 days.
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Rio Tinto currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Rio Tinto PLC (RIO): Free Stock Analysis Report
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