Commodities and precious metals only know one direction at the moment. Gold and silver are chasing from record to record. Rare earths and raw materials are needed everywhere. Even BILD and other gossip media are reporting! It doesn't hurt to take a few chips off the table when things get exaggerated. Not that $RIO (+1.15%) is currently overpriced, but this cyclical looks like a top. And as the position in my portfolio has reached unexpected (and above all unplanned) proportions, it was reduced by 25% today.

About a handful of countries have no withholding tax at all or levy one so low that it is almost unnoticeable.

"These countries in which private investors in Germany are not subject to withholding tax include Ireland, Liechtenstein, Hong Kong and Singapore," says Stefanie Dyballa, Portfolio Manager at KSW Vermögensverwaltung in Nuremberg.

However, the Irish withholding tax is only low if the company is based in the country. Other countries with investor-friendly regulations are Bermuda, Brazil, Canada and Thailand.

However, the most important economy that leaves German shareholders untouched is the United Kingdom. "The UK has many attractive dividend payers to offer, especially in the energy and financial sectors," says the asset manager, naming the likes of $SHEL (+0.54%) Shell, $BP. (+1.44%) BP and $HSBA (+2.44%) HSBC.

Hermann Ecker, authorized signatory and portfolio manager at Bayerische Vermögen in Bad Reichenhall, also immediately thinks of reliable dividend payers from the island, including $DGE (-3.01%) Diageo, $RKT (+0.07%) Reckitt Benckiser, $RIO (+1.15%) Rio Tinto, $IMB (+1.07%) Imperial Brands, $SGE (-5.5%) Sage Group and $ULVR (-0.29%) Unilever. The selection shows just how diverse the withholding tax-friendly UK capital market is.

However, it is worthwhile for investors to consider other companies in addition to the well-known names: Sometimes they offer even higher dividend yields. WELT has compiled a list of 19 shares that are listed in countries with zero or low taxes and have also shown a stable performance over the past twelve months.

The last criterion is intended to protect investors from falling into a value trap, i.e. investing in a company with an eroding business model. The British drinks group Diageo, for example, is regarded as a solid dividend payer, but its share price has fallen by a third over the past year. The Diageo dividend yield of just under five percent is little consolation.

By contrast, the British insurance giant $AV. (+0%) Aviva. The London-based company has roots dating back to 1696 and is one of the leading providers of pensions and insurance in its core markets of the UK, Ireland and Canada. Thanks to a focus on cash generation, Aviva is considered a solid basic investment that currently offers its shareholders a dividend yield of around 5.5%, which is only reduced by the German capital gains tax plus solidarity surcharge.

The financial services provider Legal & General, founded in 1836, can also look back on a long tradition. $LGEN (+0.16%) Legal & General can also look back on a long tradition. As a heavyweight in the areas of asset management and pension insurance, the London-based group has a comparatively cyclically resistant business model that benefits from long-term demographic trends. Shareholders receive a current yield of 8.5 percent, making Legal & General one of the highest-yielding stocks in the UK index. The same can be said of the $PHNX (+1.74%) Phoenix Group, whose yield is an impressive 7.8 percent.

The mining group $RIO (+1.15%) Rio Tinto. However, the company is benefiting from the global appetite for raw materials. Rio Tinto is one of the world's largest producers of iron ore, aluminum and copper. Investors are betting on the indispensable role of metals in the global energy transition. The dividend payout is four percent.

The yield is more than twice as high for the Brazilian competitor $VALE3 (+3.01%) Vale. Founded in 1942, the Rio de Janeiro-based mining group is the largest nickel and iron ore producer in the world. Experience shows that the size of the dividend depends on the ups and downs of commodity prices. As these are currently pointing upwards, shareholders have a good chance of achieving a dividend yield of almost ten percent on their capital investment this year. There is no withholding tax.

More speculative are investments in Greek financial institutions such as $TELL (+0%) National Bank of Greece. The bank was on the brink of collapse during the euro debt crisis and had to be rescued with state aid. However, business is now flourishing again. Thanks to this economic comeback and the adjusted balance sheet, shareholders of National Bank of Greece should be hoping for a dividend yield in the region of four to five percent.

Financial institutions are also among the most interesting investments in Asia. The city state of Singapore, which does not levy withholding tax and is considered one of the most stable financial centers in the world, is home to the $D05 (+0.56%) DBS Group. Founded in 1968, the institution is considered one of the best banks in the world and has already been described as the "Fort Knox" of the Asian banking world. Investors appreciate the quarterly distribution, which amounts to four percent per year, and the conservative balance sheet management of the DBS Group.

The Oversea-Chinese Banking Corporation, founded in 1932, also offers a return of around four percent. $OVCHY Oversea-Chinese Banking Corporation, founded in 1932. It is the longest established bank in Singapore and offers a mix of banking, asset management and insurance, which speaks for diversified earnings. However, the Oversea-Chinese Banking Corporation is not quite as dynamic as the DBS Group.

The conglomerate $J36 (+1.03%) Jardine Matheson has its roots in Hong Kong, but the shares are now listed in Bermuda. Founded in 1832, the company is a legend in Asian economic history with a broadly diversified portfolio ranging from real estate to retail. Little known: The financial services provider $IVZ (-6.37%) Invesco, which stands for the most popular Nasdaq ETF QQQ. The investment company's shares have risen by almost half over the past twelve months and also offer a dividend yield of three percent.

If you want to invest specifically in Hong Kong, you can stick with the infrastructure group $1038 (+1.72%) CK Infrastructure. Founded in 1996, the company belongs to the empire of tycoon Li Ka-shing. It invests globally in energy suppliers, waterworks and transportation infrastructure, which ensures stability. Investors receive a return of around four percent.

As far as the former British crown colony is concerned, Dyballa has other ideas: "Financial and telecommunications stocks listed in Hong Kong, such as the $3988 (+0.73%) Bank of China and $941 China Mobile often offer stable and attractive dividends." And she also has a tip for Singapore: "Real estate stocks or REITs that are less well-known in this country also offer stable cash flows and high dividend yields," says the portfolio manager.

Source: Text (excerpt) WELT, 24.01.26

Rio Tinto PLC $RIO (+1.15%) reported largely stable annual iron ore volumes from Pilbara on Tuesday and reported "record fourth quarter production" from the region.

The London-based miner said iron ore production in Pilbara in 2025 fell 0.2% to 327.3 million tons from 328.0 million tons a year earlier, while shipments declined 0.7% to 326.2 million tons from 328.6 million tons. The result therefore remained within the forecast range of 323 million to 338 million tons.

Bauxite production rose by 6.3% year-on-year to 62.4 million tons from 58.7 million tons, exceeding the target of 61 million tons.

Alumina production increased by 3.9% to 7.6 million tons from 7.3 million tons and was thus within the forecast range of 7.4 million to 7.8 million tons, while aluminium production grew by 2.5% to 3.4 million tons from 3.3 million tons, approaching the upper end of the forecast of 3.25 million to 3.45 million tons.

Copper production rose by 11% to 883,000 tons from 793,000 tons, exceeding the expected range of 860,000 to 875,000 tons.

Quarter-on-quarter, iron ore shipments from Pilbara increased 6.5% to 91.3 million tons from 85.7 million tons in the fourth quarter ended December 31, while production reached a record 89.7 million tons, up 3.4% from 86.5 million tons in the same period last year.

Bauxite production remained stable at 15.4 million tons, alumina production decreased by 1.2% to 1.97 million tons from 1.99 million tons, and aluminum production increased by 1.5% to 852,000 tons from 837,000 tons.

Copper production rose by 5.3% to 240,000 tons from 228,000 tons.

Chief Executive Simon Trott said: "Our operations delivered exceptional production performance both quarter-on-quarter and year-on-year as we build on our strong foundation of operational excellence and project delivery across our portfolio. We achieved record production of iron ore in the Pilbara in the quarter, with a strong recovery from the extreme weather disruptions earlier in the year. At Simandou, we celebrated the important milestone of the first shipment from port; a testament to our ability to deliver major growth projects."

Looking ahead, Rio Tinto expects total iron ore shipments for 2026 to be between 343 million and 366 million tons, copper production in the range of 800,000 to 870,000 tons and bauxite production of 58 million to 61 million tons.

Alumina production is expected to be between 7.6 and 7.8 million tons and aluminium production between 3.25 million and 3.45 million tons.

Rio Tinto shares rose 1.1% to AUD147.96 in Sydney on Wednesday morning, while shares in London closed down 0.5% at 6,305.00 pence on Tuesday.

Source: Marketscreener

The Aluminum Corp. of China is expected to support the planned takeover of Glencore by Rio Tinto. This merger would allow the Chinese company to expand its presence in the copper sector and at the same time create the world's largest mining group.

Bloomberg News reported on Monday that Chinalco, which holds a 14.55% stake in Rio Tinto's London-listed shares, is negotiating the deal with Chinese authorities.

While final approval requires Beijing's consent, the state-owned company appears willing to accept a reduced stake in the enlarged company, Bloomberg reported, citing people familiar with the matter.

Chinalco could demand compensation from Rio Tinto for the dilution, although the details are still unclear, the news agency said.

Rio Tinto $RIO (+1.15%)
$RIO (-1.05%) and Glencore $GLEN (+0.2%) confirmed merger talks earlier this month, but have not yet given details of the proposed structure.

Under UK Takeover Panel rules, Rio Tinto must either specify or withdraw its offer by February 5.

Earlier negotiations at the end of 2024 broke down due to disagreements over the premium Rio Tinto was willing to pay.

Chinalco has held a significant position in Rio Tinto for almost two decades, with its current stake approaching the 14.99% threshold agreed with Australia at the time of the original investment.

Given its position as the dominant consumer of most metals, China's approval remains essential for major mining transactions.

The antitrust authorities in Beijing will scrutinize any merger closely. When Glencore took over Xstrata in 2012, the Chinese authorities gave their approval subject to certain conditions, including the divestment of a Peruvian copper asset.

Gunnison Copper Corp. $GCU (-2.79%) announces the strategic collaboration of Rio Tinto $RIO (+1.15%)
$RIO (-1.05%) with Amazon Web Services (AWS) $AMZN (+0.67%) making AWS Nuton Technology's first customer following last month's groundbreaking first industrial application of innovative bioleaching technology at Gunnison's Johnson Camp copper mine in the US.

Under the agreement, AWS will use Nuton's first-ever produced copper in components of its U.S. data centers while providing cloud-based data and analytics support to accelerate the optimization of Nuton's proprietary bioleaching technology at Gunnison Copper's Johnson Camp Mine.

Data centers use copper in a variety of applications, including electrical cables and busbars, windings in transformers and motors, circuit boards and heat sinks on processors.

Nuton also uses AWS platforms to simulate heap leach plant performance and feed advanced analytics into Nuton's decision-making systems, optimizing acid and water consumption while improving copper recovery predictions.

Nuton's modular bioleaching system extracts copper from primary sulphide materials using naturally occurring microorganisms. This modular approach combined with digital tools enables rapid scaling and adaptation of the technology to different mineralized material bodies, shortening the path from concept to production.

The process produces 99.99% pure copper cathode metal directly at the mine and eliminates the need for conventional concentrators, smelters and refineries, significantly shortening the supply chain from mine to market. Nuton is expected to consume significantly less water and produce lower CO2 emissions than conventional concentrator processes, while recovering valuable materials from materials previously classified as waste.

Katie Jackson, Managing Director of Rio Tinto Copper, said: "This collaboration is a powerful example of how industrial innovation and cloud technology can work together to deliver cleaner, lower carbon materials at scale. Nuton has already demonstrated its ability to quickly turn ideas into industrial production, and AWS' data and analytics expertise will help us accelerate the optimization and verification of all operations."

"Importantly, by integrating Nuton Copper into AWS' U.S. data center supply chain, we are helping to strengthen the country's resiliency and secure the critical materials these facilities need closer to where they are used. Together, we can provide the copper essential to modern data infrastructure while demonstrating how mining can contribute to more sustainable supply chains."

Kara Hurst, Chief Sustainability Officer at Amazon, said: "Amazon's Climate Pledge goal of achieving carbon neutrality by 2040 requires innovation in all areas of our operations, including how we source the materials that power our infrastructure."

"This collaboration with Nuton Technology is exactly the breakthrough we need - a fundamentally different approach to copper production that will help reduce CO2 emissions and water consumption. As we continue to invest in next-generation carbon-free energy technologies and expand our data center operations, securing access to lower-carbon materials produced close to our site strengthens both the resilience of our supply chain and our ability to decarbonize at scale."

Stephen Twyerould, Chief Executive Officer and President of Gunnison Copper, said: "The use of the first Nuton copper from Johnson Camp in AWS' US data centers is an important milestone in the ability of this innovative technology to deliver lower-carbon, domestically produced and used copper. This collaboration demonstrates how innovation, digital optimization and U.S. copper production can strengthen U.S. supply chains while supporting the growing demand for critical minerals for modern infrastructure."

Rio Tinto $RIO (+1.15%)
$RIO (-1.05%) and BHP $BHP (+1.7%) have agreed to jointly mine up to 200 million tons of iron ore at their neighboring Yandicoogina and Yandi iron ore operations in Pilbara.

Under two non-binding Memoranda of Understanding (MOUs), the companies will explore the potential for the following collaborations:

Collaborate on the development of Rio Tinto's Wunbye deposit; and supply ore from BHP's Yandi Lower Channel deposit to Rio Tinto for processing at its existing wet plants on agreed commercial terms.

These new opportunities build on a 2023 agreement between Rio Tinto and BHP to mine the Mungadoo Pillar, which allowed ore to be mined from the previously inaccessible joint tenure area.

Matthew Holcz, Chief Executive of Rio Tinto Iron Ore, said: "By working smarter, we can better utilize existing infrastructure to unlock additional production capacity with minimal capital expenditure."

"Together we will extend the life of these operations, create additional value and further support jobs and local communities in Western Australia."

Tim Day, President of BHP WA Iron Ore Asset, said: "This is a clear example of how productivity unlocks new opportunities by making the most of our existing assets.

By sharing our expertise and infrastructure, we will create new value and deliver benefits to our employees, partners, customers and communities."

The Rio Tinto Group $RIO (+1.15%)
$RIO (-1.05%) has contracted a team of bankers, including renowned dealmaker Simon Robey, to explore a potential transaction with Glencore $GLEN (+0.2%) with Glencore.

The mining company has enlisted the financial advisory services of Evercore, which recently acquired Robey's London-based boutique Robey Warshaw.

JPMorgan Chase & Co. and Macquarie Group are also advising Rio Tinto on the matter.

Rio Tinto is a leading global mining group focused on exploring, mining and processing the world's mineral resources. The company's mission is to produce materials that are essential for the progress of humanity.

UBS Group, a corporate broker for Rio Tinto, is currently not actively involved in the transaction. Citigroup, which has traditionally been closely linked to Glencore and has been involved in its recent transactions, is reported to have been in talks to secure a role in the potential deal.

Sources familiar with the matter have requested anonymity due to the confidentiality of the information.

In recent days, Citigroup $C (-1.4%), JPMorgan $JPM (-1.4%) and UBS $UBSG (+1.71%) have cut or suspended their ratings on Rio Tinto and Glencore shares, according to data compiled by Bloomberg.

Glencore is a multinational commodities trading and mining company. Its activities include the production and marketing of metals and minerals, energy products and agricultural products.

The potential deal and the appointment of financial advisers underline the strategic importance of the matter for Rio Tinto, although no formal offer has yet been announced. The involvement of top banks underlines the scale and complexity of the potential transaction between the two mining giants.

Rio Tinto $RIO (+1.15%)
$RIO (-1.05%) has reportedly set a new quarterly record for deliveries, shipping an estimated 90.8 million tons of material in the December quarter. This would have surpassed the company's previous high of 90 million tons from 2017.

The successful year-end 2025 brought Rio Tinto's total annual output to around 326 million tons, meeting its forecast of 323 to 338 million tons, The West Australian newspaper reported today (Monday).

The iron ore industry in Western Australia is running at full speed, led by Rio Tinto, which broke its quarterly shipment record, winning a "tight race" and BHP $BHP (+1.7%)which accelerated production despite a dispute with China, the report added.

The international mining industry may be facing a tectonic shift due to a Rio Tinto $RIO (+1.15%)
$RIO (-1.05%) Glencore $GLEN (+0.2%) merger.

Talks are taking place behind the scenes that could permanently change the ranking of the world's largest commodity groups.

Nothing has been decided yet, but the dimensions are huge - and the consequences would extend far beyond copper and iron ore.

A closer look is also worthwhile for gold investors.

》Talks about a new industry giant《

Rio Tinto and Glencore have confirmed that they are once again in talks about a possible merger.

A transaction is under discussion which - depending on the structure - would lead to the creation of the world's largest mining group.

With a combined market capitalization of around 207 billion US dollars and an enterprise value of over 260 billion US dollars, the new heavyweight could even overtake industry leader BHP $BHP (+1.7%) and also overtake Newmont $NEM (-1.49%) the top position among mining companies.

It would be the second attempt in just over a year. Glencore first approached Rio Tinto at the end of 2024, without success at the time. Now, at the end of 2025, the environment seems to have changed significantly - both strategically and in terms of personnel.

》New CEO, new openness for major deals《

One key difference to the first round of talks is at Rio Tinto itself. Simon Trott has been the new CEO since August and is considered to be much more open to large-volume transactions than his predecessor. Trott is pursuing the goal of streamlining the Group, disposing of non-strategic peripheral activities and focusing the portfolio more clearly on future raw materials.

This is precisely where the strategic direction of both companies coincides: Copper.

Both Rio Tinto and Glencore see the metal as one of the key bottleneck factors in the coming decades - driven by the energy transition, electromobility, AI data centers and rising defence spending.

》Rio Tinto and Glencore focus on copper《

While gold is the emotional and strategic focus for many private investors, copper is currently the commodity that is driving merger fantasies in the sector.

Analysts believe that global demand for copper could increase by around 50% by 2040.

At the same time, a structural supply deficit of more than ten million tons per year is looming without massive new investments.

Glencore has already clearly positioned itself as a "copper growth stock" and is aiming to double its production to 1.6 million tons per year by 2035.

Rio Tinto, on the other hand, has a strong project pipeline, but is under pressure to realize growth faster than would be possible organically.

A merger could provide precisely this leverage.

》Old hurdles partially cleared out of the way《

A major stumbling block in earlier talks was Glencore's coal business. Rio Tinto already exited coal mining completely in 2018 and did not want to be burdened with the CO₂-intensive segment again.

This hurdle has now been removed: Glencore has spun off its coal activities into an independent Australian unit. This would make a spin-off or separate sale much easier - and makes a merger more politically and strategically viable.

However, it remains to be seen whether Glencore's extensive trading business would be part of a deal. This area in particular is high-margin, but culturally difficult to integrate with Rio Tinto.

》Market reactions and risks for shareholders《

The stock market reacted promptly to the news. Glencore shares rose by around 6% at times, while Rio Tinto shares came under noticeable pressure. Investors fear that Rio Tinto could pay too high a price in the event of a share swap. Analysts warn of possible value destruction if the premium is too high or the integration fails.

》In addition, there are cultural differences《

Glencore is seen as opportunistic, trade-driven and strongly focused on results, while Rio Tinto traditionally focuses more on operational stability and long-term projects. It remains to be seen whether this will result in a productive mix or a conflict.

And what would the Rio Tinto Glencore merger mean for gold - or for Newmont?

Even if gold is not at the center of the merger logic, the indirect consequences would be considerable. A new megacorporation would reorganize the balance of power in the commodities sector.

For Newmont Corp., currently the world's largest gold producer, this could be at least symbolically relevant: In public perception and among institutional investors, Newmont could lose its place at the top of the global mining giants - even if the focus of the new group is primarily on base metals.

$RIO (+1.15%) is currently experiencing a price drop... the reason:

"The Sydney stock market has already gone into the weekend little changed. Rio Tinto came under pressure there with the news that it had resumed talks with Glencore about a possible merger that would create the world's largest mining company. Rio Tinto fell by 6.2 percent, while the shares of competitor BHP rose by 0.8 percent. "Coal would have to be divested to win the support of Australian shareholders. Rio is a relatively simple company, focused on iron ore, copper, aluminum and lithium (more recently). The addition of a few more businesses dilutes the picture and significant synergies would need to be achieved to offset this dilution" is a critical comment from the trade on the plan. Aristocrat Leisure rose 1 percent, supported by the announcement to increase a share buyback program."

(Source: https://www.finanznachrichten.de/nachrichten-2026-01/67393550-maerkte-asien-tokio-auf-erholungskurs-rio-tinto-mit-glencore-gespraechen-stark-unter-duuck-015.htm)