Why is the Rio Tinto share price beating the ASX 200 today?

Why is Rio Tinto rising today?

| More on:
Female miner smiling in front of a mining vehicle as the Pilbara Minerals share price rises

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Rio Tinto shares are up nearly 2% today 
  • Iron ore is leaping higher on the Singapore Exchange 
  • BHP and Fortescue shares are also in the green 

The S&P/ASX 200 Index (ASX: XJO) is rising 0.03% today, but Rio Tinto Ltd (ASX: RIO) shares are climbing higher.

Rio Tinto shares are rising nearly 2% today and are currently fetching $113.63.

So what is going on with the Rio Tinto share price?

What's going on?

Iron ore shares on the ASX 200 are shining brighter today. BHP Group Ltd (ASX: BHP) shares are jumping 1.44%, while Fortescue Metals Group Ltd (ASX: FMG) shares are up 0.89%.

A boost in the iron ore price could be giving these ASX 200 mining giants a boost today.

The iron ore price is lifting 1.41% and is currently fetching US$109.40 on the Singapore Exchange.

ANZ economist John Bromhead said, "iron ore futures gained after data showed a surprise rise in Chinese imports".

Commenting in a research note this morning, he said:

Volumes in May rose 6.3% month on month to 96.3 million tonnes. This comes amid hopes of further support from China.

Meanwhile, analysts at Goldman Sachs have recently retained a buy rating on the Rio Tinto share price.

The company has placed a $136.10 price target on Rio Tinto shares. This implies a nearly 20% upside based on the current share price.

As my Foolish colleague James reported, Goldman has visited Rio Tinto mine sites in North America. The broker is positive on the company's Resolution mine site, near Superior Arizona.

Commenting on the resolution mine site, Goldman said:

Resolution won't be an easy mine to develop (deep, wet and hot), but RIO has plenty of block caving expertise with Oyu Tolgoi (OT) in Mongolia, where the OT project team could in theory roll onto Resolution in 2024.

Goldman is tipping Rio Tinto to deliver dividend yields of 7.6% in FY 2023 and 6.5% in FY 2024.

Rio Tinto shipped 82.5 million tonnes of iron ore from Pilbara in the first quarter of 2023, up 16% compared to the first quarter of 2022. The company also mined 145 kilotonnes of copper, in line with the prior corresponding quarter.

Rio Tinto share price snapshot

The Rio Tinto share price has lost 4.45% in the last year but is down 2% year to date.

Created with Highcharts 11.4.3Rio Tinto Group PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

This ASX 200 mining share has a market cap of about $42.18 billion based on the latest share price.

Should you invest $1,000 in Altium right now?

Before you buy Altium shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Altium wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Miner holding cash which represents dividends.
Dividend Investing

Invested $8,000 in Fortescue shares 5 years ago? Guess how much passive income you've banked!

Fortescue is popular among passive income investors for paying two fully franked dividends per year, even during COVID.

Read more »

Miner looking at a tablet.
Resources Shares

BHP shares are up 9% in a month. Are they still good value?

Is Australia’s largest miner a big opportunity?

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Did you catch what happened with the big 3 ASX 200 mining stocks in April?

BHP, Rio Tinto, and Fortescue all reported their latest mining results in April.

Read more »

Miner looking at a tablet.
Resources Shares

After its earnings result, what's Macquarie's price target on Fortescue shares?

Let’s dig into what Macquarie thinks of Fortescue after its quarterly update.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

The Mineral Resources share price is down 72% in a year. Time to pounce?

Two top experts ran their slide rules over Mineral Resources shares. Here’s what they found.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price shoots 15% higher on third-quarter report

The ASX 200 iron ore and lithium giant has released its 3Q FY25 activities report.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why Macquarie says this ASX 200 mining stock could rocket 67% in a year

Macquarie forecasts a big potential rebound for this diversified ASX 200 miner.

Read more »

Female miner smiling at a mine site.
Resources Shares

3 reasons why the Fortescue share price could still be a buy

Here’s why I view Fortescue as an opportunity.

Read more »