Rio Tinto Ltd (RIO.AU) surged 5.01% during Wednesday's intraday trading session, as investors cheered the mining giant's blockbuster half-year earnings report that showcased a 43% jump in underlying profit, driven largely by a standout performance in its copper division.

The world's largest iron ore producer reported underlying earnings of $6.85 billion for the six months ended June 30, up from $4.81 billion a year earlier and broadly in line with analyst estimates. Copper emerged as the star performer, with underlying EBITDA surging 84% to $5.7 billion, fueled by higher output from its Mongolian operations. The company also declared its highest interim dividend in four years at $2.11 per share, a 43% increase from the prior year.

Adding to the positive sentiment, Rio Tinto reduced its 2026 copper C1 net unit costs guidance range to US 30-50 cents per pound, while CEO Simon Trott highlighted stronger-than-expected demand for lithium from grid storage batteries. The company also maintained its full-year production and sales guidance across all major commodities, reinforcing confidence in its operational outlook.