RioTinto (LSE: RIO) shares are among the top companies AJ Bell investors this week.

But what lies behind this popularity? And will it continue?

Better result

To be clear, the mining behemoth has been behind this for some time. Anyone buying after the 52-week low at the end of June 2025 will now be looking at an raise of around 80%!

Even those who bought just at the beginning of the year will likely be popping a few champagne corks.

In the current situation, the capitalization of £120 billion significantly affects the return of the index. We’re talking about an raise of almost 24% compared to a 5% raise at the top. This is before we even take into account the dividend of almost 192p per share that shareholders received exactly a week ago (April 16).

While there’s no guarantee this will happen, it clearly shows that foolish investors are capable of 1) beating the market and 2) they don’t have to fish among highly volatile penny stocks to do so.

What’s happening with Rio Tinto shares?

This great momentum can be partially attributed to the lovely rise in copper prices. The red metal is a key part of the company’s portfolio, and recent production growth has reduced Rio’s dependence on iron ore to some extent.

The numbers are also encouraging. In February, the Anglo-Australian company reported a 7% raise in revenue to $57.6 billion. Underlying earnings increased 9% to $25.4 billion.

However, not everything went smoothly. The outbreak of war between Iran and the US in March hit the share prices of all companies, including Rio Tinto. While we saw a solid recovery in April, it shows how exposed the company is to geopolitical tensions and the resulting economic problems.

The miner’s income qualifications may also be questioned. The total dividend has increased and decreased over the years. However, you could argue that this is to be expected when investing in a company that has absolutely no influence on the price of what it mines. Moreover, the current yield forecast of 4.8% is higher than what could be obtained from a FTSE100 tracker fund (about 3%).

At the time of writing, it also looks like this year’s dividend will be covered by expected profit. So there should be no need for management to dip into cash reserves to fund them.

Still have time to buy?

I have been bullish on Rio Tinto stock for some time now. Yes, the time to really recharge was last year. However, I still think they are worth considering today, albeit as part of a diversified portfolio. The projected price-to-earnings (P/E) ratio of 12 does not seem excessive compared to the rest of the UK market. It’s also quite reasonable (though not low-cost) among basic materials companies.

But the biggest argument for keeping a piece of Rio must surely be the long-term perspective. While it’s complex to predict how the stock will move in the near future, the company is clearly looking to the future and is planning for massive demand for metals to support the green energy revolution and the continued development of artificial intelligence. This will include the construction of one of the largest copper mines in the world in Arizona.

Barring unforeseen disasters, recent gains may be just the beginning.