Rio Tinto Ltd (ASX: RIO) shares have been climbing again in 2026.
But after a strong move from their lows, investors may be wondering whether the ASX mining giant is still worth buying today.
For a $5,000 investment, I think the answer is yes.
Here's why.
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The valuation looks reasonable
Based on the current share price, a $5,000 investment would buy about 30 Rio Tinto shares, before brokerage.
According to consensus estimates, Rio Tinto is expected to generate earnings per share of $11.88 in FY26 and $12.39 in FY27.
That puts the stock on a price-to-earnings ratio of around 13.8 times FY26 earnings and 13.3 times FY27 earnings.
For a large global miner, I think that looks reasonable. Rio Tinto is still exposed to commodity cycles, so investors should not treat those earnings forecasts as guaranteed. But the valuation does not look stretched to me, especially if copper demand remains strong.
The dividend profile also adds to the appeal. Rio Tinto is expected to pay fully franked dividends per share of $6.54 in FY26 and $6.81 in FY27. That implies forward dividend yields of around 4% and 4.1%.
On a $5,000 investment, that would mean roughly $199 in FY26 dividends and $207 in FY27 dividends, before franking credits.
Why I like Rio Tinto shares
My answer is yes, I would invest $5,000 into Rio Tinto shares for resources sector exposure.
The main reason is copper. Rio Tinto is still heavily associated with iron ore, and that remains a major part of the business. But I think the company's long-term appeal increasingly comes from its exposure to commodities needed for electrification, energy infrastructure, data centres, and industrial development.
In its May presentation, Rio Tinto pointed to energy transition and artificial intelligence as dual demand drivers across its portfolio. The company also highlighted expected copper demand growth of 30% between 2025 and 2035.
That is where Rio Tinto looks attractive to me. Its copper operations include major low-cost assets such as Oyu Tolgoi, Kennecott, and Escondida. The company's Oyu Tolgoi underground project is complete and Rio Tinto expects the mine to become the world's fourth-largest copper mine around the end of the decade.
It is also targeting 40% to 50% production growth at Kennecott from 2025 to 2028.
Low-cost operations are valuable in mining because commodity prices can move sharply. A producer with strong assets and lower costs has a better chance of generating cash through weaker periods and benefiting strongly when prices are favourable.
What to watch
There are still risks to consider. Rio Tinto remains exposed to iron ore, China, commodity prices, project execution, cost inflation, and currency movements.
The share price is also much closer to its yearly high than its yearly low. Investors who bought near $109 have already captured a much more attractive entry point.
That is why I would treat a $5,000 investment as a long-term resources position rather than a short-term trade.
Foolish takeaway
I think Rio Tinto shares are a buy for investors who want exposure to high-quality mining assets and long-term copper demand.
The valuation looks reasonable, the forecast dividend yield is attractive, and the company has several ways to benefit from demand linked to electrification, energy infrastructure, and AI-related investment.
The share price could easily be volatile because this is still a cyclical resources business.
But if I were looking to invest $5,000 into the sector today, Rio Tinto would be one of the ASX mining shares I would be happy to buy.
