The Rio Tinto Ltd (ASX: RIO) share price is treading into uncharted territory today.
Shares in the S&P/ASX 200 Index (ASX: XJO) mining giant closed on Friday trading for $157.08. In late morning trade on Monday, shares are changing hands for $160.32 apiece, up 2.1%.
If the ASX 200 mining stock can hold onto these gains to market close, that will not only mark a new one-year high but also a new all-time closing high.
And today's gains come despite iron ore dipping back below the critical US$100 per tonne mark. The steel-making metal slid 1.6% to be trading for US$99 per tonne.
With today's intraday lift factored in, the Rio Tinto share price is now up 34.3% since this time last year. And that doesn't include the two fully-franked dividends the miner paid to eligible stockholders over this time.
Rio Tinto stock currently trades on a 3.7% fully-franked trailing dividend yield.
Here's what's been catching ASX investor interest.
Image source: Getty Images
Why is the Rio Tinto share price smashing new record highs?
While we're only in the second week of February, a lot has been happening with the Aussie mining giant already in 2026.
First, Rio released its December quarter (4Q 2025) results on 21 January.
The Rio Tinto share price closed up 2.6% on the day after the miner reported a 7% increase in quarterly iron ore shipments, with iron ore shipments hitting a record 326.2 million tonnes in 2025.
Pilbara iron ore production was up 4% in the December quarter to 89.7 million tonnes, also setting a new record. Iron ore production for the full year of 327.3 million tonnes was in line with 2025.
And with global copper prices surging, and broadly expected to post further long-term gains, investors will have noted the 5% year-on-year lift in quarterly copper production to 240 tonnes. Rio Tinto's copper production for the full 2025 calendar year exceeded guidance, leaping 11% from 2024 to 883,000 tonnes.
"Record copper production continues following delivery of our Oyu Tolgoi underground project, another demonstration of our unique and diverse project capabilities," Rio Tinto CEO Simon Trott said on the day.
What about the Rio-Glencore merger?
The other really big news-grabbing investor interest in 2026 was Rio Tinto's proposed, and since rejected, merger with Glencore plc (LSE: GLEN).
The Rio Tinto share price sank 6.3% on 9 January after news of the proposed merger between the mining giants hit the wires.
But investors look to have breathed a sigh of relief when, on Friday, 6 February, Rio Tinto confirmed that it would not be proceeding with the deal.
Management revealed that they could not reach an agreement that would deliver value to Rio Tinto's shareholders.
