Rio Tinto Ltd (ASX: RIO), Fortescue Ltd (ASX: FMG) and BHP Group Ltd (ASX: BHP) shares delivered some materially disparate returns in January.
Over the month just past the ASX 200 gained a welcome 1.8%.
One of the S&P/ASX 200 Index (ASX: XJO) mining giants raced ahead of those gains, one modestly outperformed the benchmark, and the third ended the first month of 2026 in the red.
This came as iron ore prices averaged above US$105 per tonne over the month, while copper prices hit new record highs of US$13,618 per tonne.
So how did the big three Aussie miners stack up?
Read on!
Image source: Getty Images
BHP shares lead the pack
Australia's biggest mining stock, and indeed the biggest stock on the ASX after retaking that crown from Commonwealth Bank of Australia (ASX: CBA) on 27 January, closed out 2025 trading for $45.49 a share. When the closing bell sounded on 30 January, shares were changing hands for $50.57
This put BHP shares up an impressive 11.2% over the month.
On 20 January, BHP released its December quarter results.
Highlights included a 2% increase in iron ore production to 134 million tonnes, with BHP's Western Australia Iron Ore (WAIO) operations achieving record high quarterly shipments.
While copper production was flat at 984,000 tonnes, the miner lifted its full year FY 2026 copper guidance to 1,900kt to 2,000 kt (up from the prior guidance of 1,800kt to 2,000 kt).
"BHP delivered another half of very strong performance with operational records at our copper and iron ore assets," CEO Mike Henry said on the day.
Looking ahead, Henry added:
BHP enters the second half of FY26 with strong operating momentum. We're investing for the decade ahead, with a significant copper growth pipeline and a pathway to ~2 Mt of attributable copper production in the 2030s.
How about the other two ASX 200 miners?
Rio Tinto shares also enjoyed a solid month.
Rio Tinto shares closed out December trading for $146.82 and ended January at $151.55 apiece.
That put that ASX 200 mining stock up 3.2% over first month of the new year, beating the ASX 200 but underperforming BHP shares.
Rio Tinto reported its quarterly results on 21 January.
Highlights from those results included Pilbara iron ore production of 327.3 million tonnes, in line with the prior year. And iron ore shipments notched a new record 326.2 million tonnes for the year.
Rio Tinto's copper production of 883,000 tonnes was up 11%, exceeding guidance.
Turning to Fortescue, the miner underperformed both the ASX 200 and BHP shares in January.
Fortescue shares finished December trading for $22.01 and closed on 30 January changing hands for $21.00. This saw the Fortescue share price down 4.6% for the month.
The miner released its quarterly results on 22 January.
Fortescue reported all-time high H1 FY 2026 iron ore shipments of 100.2 million tonnes. That was up 3% year-on-year.
"It was a record first half, with shipments reaching new highs across our operations," Fortescue Metals and Operations CEO Dino Otranto said on the day.
