The British-Australian firm said the results “demonstrate clear progress as we embed our stronger, sharper and simpler way of working” even as net profits fell to US$10 billion last year from US$11.6 billion in 2024.

Revenue was up by 7%, the firm said, but operating costs rose to US$42 billion.

One of the biggest iron ore miners in the world, Rio Tinto has been heavily impacted by China’s unfolding property crisis and its sagging appetite for steel.

It said falling iron ore prices in 2025 had been partially offset elsewhere, with demand for other precious metals such as copper, bauxite and gold.

The results come just weeks after Rio said it was abandoning talks to merge with smaller resources giant Glencore — a deal that would have created the world’s largest mining firm and given the British-Australian giant access to the Swiss trader’s copper deposits.

Surging demand from the artificial intelligence, green energy and defence sectors has exponentially boosted demand for the workhorse metal that underpins power grids, data centres and electric vehicles.

Glencore said Rio had “significantly undervalued Glencore’s underlying relative value”, including not adequately valuing its copper business.

Rio Tinto’s new chief executive, Simon Trott, in December unveiled plans to revamp the British-Australian mining giant by stepping up production of copper.

While Rio Tinto’s copper production did increase by five percent in the fourth quarter of 2025 thanks to the expansion of its underground operations at the vast Oyu Tolgoi mine in Mongolia, it still only accounts for a quarter of profits.