Rio Tinto's aluminium business remains key earnings driver as H1 EBITDA rises 28%

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Rio Tinto reported a strong first half of 2026, with its aluminium business remaining one of the company's key earnings drivers alongside copper and lithium. Together, the three commodities contributed more than 50 per cent of the Group's underlying EBITDA during the period.

The miner posted an underlying EBITDA of USD 14.8 billion, up 28 per cent year-on-year, while free cash flow increased 75 per cent to USD 3.8 billion. Underlying earnings rose 43 per cent to USD 6.85 billion, allowing the company to declare an interim dividend of USD 3.4 billion, up 43 per cent from a year earlier.

Rio Tinto said its aluminium operations maintained strong performance during the first six months of the year. The company also continued investing in measures to reduce the carbon footprint of aluminium production. 

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In Australia, Boyne Smelters secured an AUD 2 billion (USD 1.4 billion) government funding package over ten years to help extend operations to at least 2040, supported by new renewable energy and energy storage agreements in Queensland.

At the Gladstone alumina refineries, Rio Tinto signed a five-year bio-pellet offtake agreement with SuperChar in July as part of its efforts to reduce reliance on fossil fuels. The company said these initiatives support its target of cutting Scope 1 and Scope 2 emissions by 50 per cent by 2030 compared with the 2018 baseline. During the first half of 2026, emissions were already 14 per cent below the baseline.

Chief Executive Simon Trott said Rio Tinto delivered a step-change in operational and financial performance during the first half, supported by stronger commodity prices, productivity gains and continued investment in growth projects. Copper equivalent production increased 3 per cent, while the company's productivity programme generated USD 870 million in benefits and remains on track to achieve an annualised run rate of USD 1.8 billion by the end of 2026.

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Net cash generated from operating activities increased 32 per cent to USD 9.17 billion, while consolidated sales revenue rose 15 per cent to USD 31.03 billion. Rio Tinto invested USD 5.04 billion in capital projects during the period as it continued expanding its portfolio across aluminium, copper, lithium and iron ore.