Middle East Turmoil and the AI Boom Fuel Windfall for Mining Giants
Rio Tinto and Glencore have posted near-record updates thanks to this year’s sky-high commodity prices and the uncertainty wrought by the Middle East conflict. Mining juggernaut Rio Tinto notched a 43 per cent jump in profit over the first six months of the year, pointing to persistently elevated metals prices and the ambitious efficiency programme it launched in 2025. Glencore – the world’s largest miner that also boasts an enormous commodity trading arm – said its trading division made $2.9bn (£2.4bn) between January…