Share Name Share Symbol Market Type Share ISIN Share Description
Rio Tinto Plc LSE:RIO London Ordinary Share GB0007188757 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  21.00 0.43% 4,922.50 5,532,664 16:35:03
Bid Price Offer Price High Price Low Price Open Price
4,926.00 4,928.00 4,934.50 4,845.50 4,845.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 32,547.88 8,384.10 370.53 13.3 61,814
Last Trade Time Trade Type Trade Size Trade Price Currency
18:28:55 O 1,698 4,870.03 GBX

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Rio Tinto Daily Update: Rio Tinto Plc is listed in the Mining sector of the London Stock Exchange with ticker RIO. The last closing price for Rio Tinto was 4,901.50p.
Rio Tinto Plc has a 4 week average price of 4,290p and a 12 week average price of 4,252.50p.
The 1 year high share price is 5,175p while the 1 year low share price is currently 2,954p.
There are currently 1,255,746,356 shares in issue and the average daily traded volume is 2,561,146 shares. The market capitalisation of Rio Tinto Plc is £61,814,114,374.10.
sarkasm: Odey accuses Rio Tinto of destroying value over Mongolian mine Wed, 25th Nov 2020 09:44 ShareCast (Sharecast News) - Odey Asset Management has accused Rio Tinto of destroying value through lack of action over problems at Turquoise Hill, through which Rio Tinto owns a giant copper mine in Mongolia. Turqoise Hill, listed in Canada, owns two-thirds of the Oyu Tolgoi mine with the rest owned by the Mongolian government. Rio Tinto owns 51% of Turquoise Hill. Odey said Rio Tinto was allowing a false market for Turquoise Hill's shares with a rights issue from the Canadian company on the horizon. Crispin Odey's fund owns shares in Rio Tinto and has a short position in Turquoise Hill. In a letter to Rio Tinto's finance chief Jakob Stausholm the fund said Turquoise Hill would require an $8.9bn rights issue after delays and budget overruns at Oyu Tolgoi. Odey called on Stausholm to set out whether Rio Tinto intends to underwrite the rights issue so that shareholders can understand the company's position. Rio Tinto slashed copper reserve forecasts for Oyu Tolgoi and increased cost estimates in July. The project aims to be one of the world's biggest sources of copper and is seen as Rio Tinto's most important growth asset. Odey's scrutiny of Oyu Tolgoi is led by Henry Steel, a former executive assistant to Rio Tinto's chief financial officer in 2011. Steel manages Odey's concentrated natural resources fund. "As chief financial officer of Rio Tinto, as well as a director of the Rio Tinto, Odey believes that you now have a fiduciary duty to rectify the situation immediately," Steel wrote to Stausholm.
la forge: Rio Tinto to join Renascor’s Marree copper project in Australia MiningOther CommoditiesOthers By NS Energy Staff Writer 27 Oct 2020 The miner’s subsidiary signed a deal to earn an 80% interest in one of the three exploration licenses that make up the copper project writing-1149962_640 (18) Rio Tinto Exploration signs deal to take part in the Marree copper project. (Credit: Free-Photos from Pixabay) Renascor Resources has signed a binding farm-in and joint venture agreement with Rio Tinto Exploration pertaining to the EL 5586 license, which is part of its Marree copper project in Australia. The Marree project, which also includes the EL 6170 and EL 6403 exploration licenses, is located in the Adelaide Fold Belt in South Australia. Renascor Resources will retain 100% interest in the EL 6170 and EL 6403 licenses. The Australia-based company claims to have identified the potential for large tonnage Zambian Copper Belt-style, sedimentary deposits at the Marree copper project. Renascor Resources managing director David Christensen said: “We are delighted that Rio Tinto Exploration has agreed to commit its considerable resources and expertise toward exploring EL 5586 and that Renascor shareholders will have an opportunity to benefit from the discovery potential of this highly prospective, but underexplored exploration prospect. “This agreement is consistent with Renascor’s strategy of maximising the value of our significant pipeline of exploration projects in South Australia, while dedicating our resources towards advancing core projects with near-term potential to offer significant value uplift.” Details of the farm-in deal for the Marree copper project license As per the terms of the deal, Rio Tinto Exploration could earn an interest of 80% in EL 5586 through staged payments to Renascor Resources of AUD200,000 ($142,520) over a two-year period. Subject to its decision on continuing exploration, the Rio Tinto subsidiary will be responsible for covering the funding for exploration on EL 5586 of AUD3m ($2.14m) within five years of the date of the farm-in deal. The exploration programmes in the particular Marree copper project license will be managed by Rio Tinto Exploration. Besides, the company will be responsible for maintaining statutory expenditures throughout the earn-in period. A joint venture will be created between the two parties should the Rio Tinto subsidiary fulfil the earn-in requirements. The parties will have the right to dilute their respective stakes, and if either of their interest drops under 5%, the interest will be converted to a 1.25% net smelter royalty on the first 12 years of production from the Marree copper project license.
florenceorbis: TOP NEWS: Rio Tinto Performance Worsens In Third Quarter Amid Covid-19 Fri, 16th Oct 2020 08:26 Alliance News (Alliance News) - Rio Tinto PLC on Friday reported a reduction in production and shipment of iron ore amid maintenance at a port, but promised to "generate superior returns to shareholders" going forward. The Anglo-Australian miner said Pilbara iron ore shipments of 82.1 million tonnes in the three months to the end of September were 5% lower than in the third quarter of 2019. A recovery in planned maintenance activity in the port led to lower shipments, the company explained. Pilbara is in Western Australia, and Rio uses the Dampier and Cape Lambert ports in the state for shipments. Pilbara iron ore production of 86.4 million tonnes was 1% lower year-on-year but 4% higher quarter-on-quarter. Third-quarter bauxite production of 14.5 million tonnes was 5% higher than a year ago, with increased year-on-year production across all sites, Rio Tinto said, including record quarterly production at the non-managed CBG joint venture in Guinea. Aluminium production of 800,000 tonnes was 1% higher than the prior year, with stable operations across the company's smelter portfolio, Rio Tinto noted. Elsewhere, mined copper production of 129,600 tonnes was 18% lower than the prior year, and 2% lower than in the second quarter of 2020, due to lower grade at Kennecott mine, located in the US state of Utah, as a result of pit sequencing to accommodate the extended smelter shutdown. Refined copper was 57% lower, primarily due to delays in restarting the Kennecott smelter. Titanium dioxide slag production of 293,000 tonnes was 9% lower year-on-year, due to Covid-19 restrictions in Quebec and South Africa and lower market demand, but the output was 12% higher when compared to the previous quarter. Looking ahead, Rio Tinto kept its guidance for all of 2020 unchanged since its second quarter operations review, with the exception of titanium dioxide slag, which is now expected to be around 1.2 million tonnes from previously estimated 1.2 million to 1.4 million tonnes. In mid-August, the company updated its refined copper guidance following delays to the restart of the smelter at Kennecott due to unexpected issues following planned maintenance. The start-up of the smelter has commenced, and the company said it expects that it will be fully operational during October. 2020 guidance for refined copper remains at 135,000 tonnes to 175,000 tonnes. Turning to operations, at the Oyu Tolgoi underground project in Mongolia, a definitive estimate is expected later in 2020. Preliminary indications from the definitive estimate process are that first sustainable production is trending towards the earlier months of the October 2022 to June 2023 range. The estimated development capital cost remains within the range of USD6.6 billion to USD7.1 billion, Rio Tinto said, and has now been updated to include known impacts of the Covid-19 pandemic. Rio Tinto Chief Executive Jean-Sebastien Jacques said: "We have delivered a good operational performance across most of our assets catching up on planned maintenance activity, particularly in iron ore, and continuing to adapt to new operating conditions as we learn to live with Covid-19." "The quality of our assets, coupled with our strong focus on capital discipline and value over volume approach, mean we can continue to invest in our business, support our communities, pay taxes and royalties to host governments and continue to generate superior returns to shareholders in the short, medium and long term," added Jacques. Rio Tinto shares were trading 1.0% higher in London on Friday at 4,703.00 pence each. By Evelina Grecenko;
adrian j boris: Rio Tinto vows to improve deals with 12 Indigenous groups By Nick Toscano October 14, 2020 — 2.10pm Mining giant Rio Tinto has written to 12 Indigenous groups across Western Australia's Pilbara region vowing to release them from gag orders in their land-use agreements and improve social and economic benefits provided for mining their ancestral land. The letter, signed by Rio Tinto's acting head of iron ore Ivan Vella, comes as the miner seeks to repair relations with First Nations groups following the blasting of the 46,000-year-old Juukan Gorge rock shelters, which left the traditional owners devastated and forced the departure of Rio chief executive Jean-Sébastien Jacques. Before it was destroyed by Rio Tinto, the Juukan Gorge site held evidence of human habitation dating back 46,000 years. Before it was destroyed by Rio Tinto, the Juukan Gorge site held evidence of human habitation dating back 46,000 years.Credit:PKKP Aboriginal Corporation "Rio Tinto recognises that it has much work to do to rebuild the trust of the traditional owners on whose land we operate, and that we need to make changes to the way we work with you," said the letter, obtained by The Age and The Sydney Morning Herald. "To this end, we would like to engage in further consultation ... in order to strengthen our partnership based on respect, transparency and mutual benefit." Mr Vella's letter states that Rio commits to "not enforcing any of the clauses in our agreement that restricts [traditional owners] from raising concerns about cultural heritage matters with anyone, or for seeking legal protections for culturally significant sites". It also vows to "maximise" a range of benefits of economic and social opportunities provided to traditional landowners. The letter comes as Mr Jacques, Rio Tinto's outgoing CEO, prepares to re-appear on Friday at the federal parliamentary inquiry launched in the wake of the Juukan Gorge disaster. Rio Tinto, which has admitted missing multiple opportunities to better engage with Juukan Gorge's traditional owners that could have prevented the blast, has publicly apologised and is seeking to repair relations with Indigenous stakeholders. Rio Tinto shareholders and Indigenous leaders have been demanding an independent review into all of the miner's agreements with traditional landowners across its Australian operations. The Juukan Gorge disaster and parliamentary inquiry have highlighted a power imbalance underpinning negotiations between resources companies and Indigenous groups, including the use of gag clauses in land use agreements that ban traditional owners from publicly objecting to mining activity. License this article Nick Toscano Business reporter for The Age and Sydney Morning Herald.
sarkasm: Rio Tinto Chief Exits Over Site Destruction -- WSJ 11 Septembre 2020 - 08:02AM Dow Jones News Alerte Imprimer Share On Facebook By David Winning This article is being republished as part of our daily reproduction of articles that also appeared in the U.S. print edition of The Wall Street Journal (September 11, 2020). SYDNEY -- Rio Tinto PLC said its chief executive would step down as it battles to contain the fallout from the destruction of two ancient rock shelters in Australia's minerals-rich Pilbara region that were culturally significant to a local indigenous group. Rio Tinto said Jean-Sébastien Jacques would leave the company no later than March 31 after more than four years as CEO, bowing to pressure from investors for its senior leaders to be held accountable for the destruction of the caves at Juukan Gorge on May 24. Rio Tinto, the world's second-largest listed mining company by market value, said a search for a new CEO was under way and Mr. Jacques would leave sooner than March 31 if a successor is found. Two other executives, including Chris Salisbury, the head of its iron-ore division, will also leave the company at the end of this year. Rio Tinto's troubles show how environmental and cultural issues have taken center stage in an industry that is fighting to change investors' perceptions that mining is problematic. Many mining operations are on land traditionally owned by indigenous groups, including in South America, Africa and the Arctic Circle. Their activities can be a source of friction if residents don't feel they benefit from the mining activity nearby. Rio Tinto has apologized for blowing up the caves during work to expand its iron-ore operations, and last month cut bonuses for Mr. Jacques, Mr. Salisbury and head of corporate relations Simone Niven for governance failures outlined in an internal review that aimed to ensure similar missteps cannot happen again. In a review of the event released Aug. 24, Rio Tinto found that no single individual or error was responsible for the destruction of the rock shelters. In documents submitted to a federal parliamentary inquiry in Australia last week, the company said no senior leader of its iron-ore unit or group executive was aware of the high significance of the Juukan rock shelters before May 18. The indigenous group that is the traditional owner of land around the Juukan Gorge site said archaeological research there revealed several ancient artifacts, including a bone fragment sharpened into a pointed tool, grinding and pounding stones, and plaited human hair that appeared to have come from an ancient hair belt. Many investors were unhappy with the conclusions of Rio Tinto's review, and Australian lawmakers have criticized the company's decision-making. One document Rio Tinto submitted to the parliamentary inquiry showed the company had instructed a law firm to prepare for a possible injunction brought by the indigenous group, the Puutu Kunti Kurrama and Pinikura people, or PKKP, at least three days before the blast. "We have listened to our stakeholders' concerns that a lack of individual accountability undermines the Group's ability to rebuild that trust and to move forward to implement the changes identified in the Board Review," Chairman Simon Thompson said on Friday. It isn't known whether Mr. Jacques' departure will satisfy investors. On Thursday, HESTA, an Australian pension fund for health-care workers, said it had lost confidence in Rio Tinto's ability to reset relations with traditional owners on its own. "Accountability for the destruction at Juukan Gorge should rest at the highest levels of Rio, but a larger, systemic issue of how the company and the mining sector negotiates agreements with Traditional Owners needs to be urgently addressed," said HESTA, which owns Rio Tinto shares worth around US$182 million. Mr. Jacques became CEO of Rio Tinto in mid-2016 as the global mining industry was emerging from a prolonged downturn in metal markets. Formerly Rio Tinto's copper chief, Mr. Jacques sold all of the company's coal pits and avoided major acquisitions that had weighed on the miner's stock price in the past. However, his tenure also coincided with Rio Tinto becoming the subject of several regulatory investigations around the world. In 2018, the Australian Securities and Investments Commission alleged that Rio Tinto and former executives "engaged in misleading or deceptive conduct," misrepresenting the reserves and resources of its Mozambique coal assets. A year earlier, Britain's Serious Fraud Office said it had opened an investigation into suspected corruption by London-listed Rio Tinto in the Republic of Guinea. Rio Tinto is defending the allegations, and describes the regulatory proceedings as unwarranted. Mr. Jacques has also faced operational setbacks, including in Mongolia, where an expansion of its flagship Oyu Tolgoi copper mine underground has been delayed by more than two years to mid-2023 and could cost $1.9 billion more than originally estimated. Still, a rally in iron-ore prices has kept profits high. Rio Tinto recently reported $4.75 billion in underlying earnings for the six months through June, enabling directors to increase the midyear dividend payout to shareholders. Its Australian shares have risen more than a quarter in value from lows in March, when the coronavirus pandemic intensified. Rio Tinto didn't break any laws when laying explosives at Juukan Gorge. It was authorized by the Western Australia state government to conduct activity at its Brockman 4 mine that would affect the rock shelters. Rio Tinto has been working closely with the PKKP in regard to the Juukan area since 2003, and formally reached an agreement for use of the land in 2011. The PKKP said it was first advised of Rio Tinto's intention to blast the gorge near the rock shelters on May 15, and that explosives had been laid. Attempts to negotiate with Rio Tinto to stop the blast foundered when independent experts advised it wasn't safe to remove the charges, the indigenous group said. Pressure on Rio Tinto's board intensified after they decided to impose financial penalties on executives last month. AustralianSuper, which manages more than $130 billion in retirement savings, said it had met with Rio Tinto's chairman and told him those penalties fell "significantly short of appropriate responsibility for those responsible." The Australian Council of Superannuation Investors, which represents local pension funds, also raised concerns with Rio Tinto board members, including the issue of accountability. "The destruction of the caves resulted in a devastating cultural loss," ACSI CEO Louise Davidson said following Rio Tinto's review. "In addition, it is of significant concern to investors because it puts at risk Rio Tinto's relationship with key stakeholders and its social license to operate." The destruction of the caves at Juukan Gorge could have ramifications for other miners operating in the Pilbara, including BHP Group Ltd. and Fortescue Metals Group Ltd., two of the world's four largest iron-ore producers. Lawmakers in Western Australia this year said they intend to introduce new legislation that resets the relationship between indigenous groups and land users, including miners. About 60% of the world's iron ore traded by sea comes from the Pilbara, including from Rio Tinto's operations, and the region is a major source of the commodity for China and other fast-growing economies. Write to David Winning at (END) Dow Jones Newswires September 11, 2020 02:47 ET (06:47 GMT)
florenceorbis: FORBES Sep 3, 2020,08:00am EDT Rio Tinto Stock Overvalued After 70% Rise? Trefis TeamContributor Rio Tinto stock (NYSE: RIO) has seen a formidable rise of over 70% since late March (vs. over 55% for the S&P 500) to its current level of more than $60. This is after falling to a low of close to $35 in late March, as a rapid increase in the number of Covid-19 cases outside China spooked investors, and resulted in heightened fears of an imminent global economic downturn. The stock is currently about 15% above its February 2020 high. Are the gains warranted or are investors too exuberant? We believe that the stock has risen and recovered slightly more than its potential, and it could drop marginally to settle around $60 in the near term. Our conclusion is based on our detailed comparison of Rio Tinto’s stock performance during the current crisis with that during the 2008 recession in our dashboard analysis - Rio Tinto Stock’s Recovery Has Gone Far. uncaptioned How Did Rio Tinto Stock Fare During 2008 Slowdown? We see RIO’s stock declined from levels of around $90 in October 2007 (the pre-crisis peak) to little over $20 in March 2009 (as the markets bottomed out) – implying that the stock lost almost 75% of its value from its approximate pre-crisis peak. This marked a drop that was higher than the broader S&P, which fell over 50%. However, RIO’s stock recovered strongly post the 2008 crisis to over $55 in early 2010 – rising more than 140% between March 2009 and January 2010, as against the S&P which bounced back by about 50% over the same period. During the current crisis, RIO’s stock lost one-third of its value between 19th February and 23rd March 2020, and has already recovered more than 70% since then. The S&P in comparison fell by about 35% and rebounded by over 55%. Where Is The Stock Headed? The outbreak and global spread of coronavirus led to lockdown in various cities across the globe, which affected industrial and economic activity. Lower demand from construction players and shedding of capacity by major steel companies, mainly in China, has led to a drop in global iron ore prices. Additionally, the lockdown has affected the global supply chain for companies like Rio Tinto which have operations spread across geographies, leading to a decline in production and shipments. A drop in copper and aluminum prices is also hitting a diversified miner like RIO. This was evident from the recently released H1 2020 results, where Rio Tinto’s revenues declined by 7% to $19.4 billion while net earnings were down by 20%. Though iron ore production was up, it could not translate into higher revenues due to a drop in price realization. The rally across industries over recent weeks can primarily be attributed to the Fed stimulus which largely calmed investor concerns about the near-term survival of companies. As the global lock downs are lifted gradually, iron ore demand is expected to rise with supply constraints easing. This is likely to lead to an uptick in shipments toward the end of 2020. Global iron ore price has also increased since April, from $80/ton to over $100/ton currently. Though the stock has increased significantly over the last 5 months, the recent surge in Covid positive cases in a number of states in the US could prove to be an impediment for RIO. If the rise in cases warrant a re-imposition of lockdowns, then the stock could see a sharp drop to as low as $50. In the absence of another lockdown, the stock could remain close to its current level with only a slight downside, with Trefis estimating Rio Tinto’s valuation to be $60 per share. In contrast here’s how Vale’s stock could look post Covid-19. Interestingly, RIO’s peer Cleveland-CliffsR17; stock plunged despite revenues being stable.
the grumpy old men: Rio Tinto missed opportunities to prevent destruction of Aboriginal heritage site Features & AnalysisMiningSafety By James Murray 04 Aug 2020 The Anglo-Australian mining giant blasted two 46,000-year-old rock shelters at the Juukan Gorge Aboriginal heritage site in Western Australia in May Pilbara landscape Rio Tinto Juukan Gorge is located in iron ore country of Pilbara, Western Australia (Credit: Rio Tinto) Rio Tinto has admitted it missed several opportunities to prevent the destruction of the Juukan Gorge Aboriginal heritage site in Western Australia. The Anglo-Australian mining giant blasted two 46,000-year-old rock shelters at the site in May, leading to a public backlash over the loss of the important cultural landmark. In a submission to the parliamentary inquiry into the incident, Rio admitted that from early 2020, there was “growing awareness” of the “greater cultural heritage significance of the wider Juukan Gorge area”. The miner noted several further opportunities were missed at this stage to “pause and reflect on whether the agreed plan of ex situ preservation of the heritage material discovered within the rock shelters was sufficient or whether the rock shelters themselves should be also preserved”. Rio Tinto boss has ‘unreservedly apologised’ for the Aboriginal heritage site destruction Rio Tinto’s CEO, J-S Jacques, said the destruction “should not have occurred” and added that he has “unreservedly apologised” to the Puutu Kunti Kurrama and Pinikura people (PKKP), who are native to the Juukan Gorge area. “As a first priority our aim is to strengthen our partnership with the PKKP,” he added. “That remains our focus. We have also taken actions to strengthen governance, controls and approvals on heritage matters. “I am continuing to meet with traditional owners across Australia and remain committed to listening and learning.” Opportunities missed by Rio Tinto Approval to detonate explosives at the Brockman 4 iron ore project in Pilbara was granted in 2013, but subsequent examinations of Juukan Gorge have unearthed several items of cultural and historical significance – which spokespeople for the PKKP argue should have led to a review of the plans. In its statement, Rio said an opportunity was missed in 2014 to re-evaluate the mine plan after “new information on the significance of the Juukan rock shelters became available to the PKKP and Rio Tinto” following surveys of the site. A further opportunity was also missed in 2018, with the publication of the final report on the archaeological excavations at one of the rock shelters conducted during 2014. That report noted the rock shelter had “the amazing potential to radically change our understanding of the earliest human behaviour” in Australia. Rio Tinto’s communication failures But Rio proceeded with the blasting on 24 May, 2020 – three days before the start of National Reconciliation Week, an annual observance of Australia’s cultural histories and traditions. In its statement, the miner acknowledged that in October 2019 there were discussions at Brockman 4 mine between its personnel and the PKKP Cultural Heritage Manager, about the “status of the mine plan” in relation to the Juukan area. Although the firm said “recollections differ” over those discussions, it admitted this presented an opportunity to confirm the timing of impacts to the rock shelters, which it claims had “long been within the mine footprint”. Rio added that it appears the precise timing of the direct impacts to the shelters was “not clearly communicated” to the PKKP until 15 May 2020, by which time, the blast that ultimately impacted the rock shelters was “already scheduled and was largely loaded”. The company said in considering possible changes that should be made to legislative frameworks, contractual agreements and new standards and ways of working, there is a “critical and ongoing balance to be struck”. “On the one hand, it is essential to find more effective and flexible means to escalate and manage concerns regarding the preservation of the unique cultural heritage of Indigenous Australians,” Rio said in its statement. It added: “On the other, there needs to be a clear and predictable framework to enable long-term investment in, and the efficient operation of, mining projects that contribute so significantly to Australia.”
waldron: Rio Tinto Mined More Iron Ore, Bauxite in 1st Half Despite Coronavirus Challenges -- Commodity Comment 29/07/2020 12:15pm Dow Jones News Rio Tinto (LSE:RIO) Intraday Stock Chart Wednesday 29 July 2020 Click Here for more Rio Tinto Charts. By Will Horner Rio Tinto PLC produced more iron ore, bauxite and alumina in the six months of 2020 despite the threat posed by the coronavirus and national lockdowns. Copper output fell, however, while refined copper production was harmed by an earthquake. Rio Tinto left its production guidance for 2020 unchanged for all commodities. The company's results showed it was successfully navigating Covid-19 challenges, analysts at BMO Capital Markets said. Here are some of the highlights from Rio's first-half report. Iron Ore: Rio Tinto mined 161.1 million metric tons of iron ore in the first half of the year, 3% more than in the same period in 2019. The miner also increased the amount of iron ore shipped by 3% to 159.6 million tons, driven by strong Chinese demand as the nation reemerged from its coronavirus lockdown. The development of the Koodaideri iron ore mine in Western Australia was progressing well, with production expected to ramp up in early 2022, Rio said. Its said the first ore from its Robe River and Western Turner Syncline projects, also in Western Australia, are expected in 2021. Aluminum: Bauxite and alumina production rose in the first half but aluminum output fell as the coronavirus led to curtailments at smelters in Iceland and New Zealand. Bauxite output rose 8% to 28,373 million tons, alumina production rose 3% to 4,000 million tons and aluminum production fell 2% to 1,568 million tons. Rio said it was hoping to restart the expansion of its Kemano generating station in Canada in the third quarter after the project was put on care and maintenance. Copper: Lower grades of copper at Rio Tinto's Kennecott and Oyu Tolgoi open-pit mines in Utah and Mongolia, respectively, offset higher production at the Escondida mine in Chile and pulled down Rio's copper output in the six months through June. Refined copper production slumped as the Kennecott mine faced an earthquake and a coronavirus shutdown. Rio mined 265.7 million tons of copper in the first half of the year, down 5% from the first half of 2019. Refined copper production fell 43% 74.1 million tons. Write to Will Horner at (END) Dow Jones Newswires July 29, 2020 07:00 ET (11:00 GMT)
ariane: Rio Tinto Lifts Dividend Despite Lower Net Profit -- Update share with twitter share with LinkedIn share with facebook 0 07/29/2020 | 07:50am BST By David Winning SYDNEY--Rio Tinto PLC lifted its mid-year dividend payout despite a 20% fall in its net profit, as it balanced high iron-ore prices with an uncertain global economic outlook. Rio Tinto on Wednesday reported a net profit of $3.32 billion in the six months through June, down from $4.13 billion in the same period a year earlier when it wrote down its investment in the Oyu Tolgoi copper deposit in Mongolia. Management said the on-year decline in statutory profit reflected higher impairment charges, exchange-rate losses and extra closure costs for some assets. The company said its first-half underlying earnings fell by 4% to $4.75 billion, beating the $4.09 billion forecast from a Wall Street Journal poll of analysts. Directors of the world's second-biggest mining company by market value declared an interim dividend of $1.55 a share, up 3% on a payout of $1.51 a year ago. "Despite the challenging backdrop, we generated underlying earnings before interest, tax, depreciation and amortization of $9.6 billion, with a margin of 47%, driven by our strong and stable operations, with all of our assets continuing to operate throughout the first half," Chief Executive Jean-Sébastien Jacques said. The global economy suffered a severe contraction in the three months through June, as the U.S. grappled with the spread of the coronavirus and other countries faced second waves of infections that are proving harder to contain than initial outbreaks. Many economies have started to reopen, but pandemic flare-ups have made it a bumpy process and authorities have often had to reverse course and tighten restrictions once again. Navigating disruptions to commodities supply and demand has been a challenging task for global mining companies, with the potential to create winners and losers depending on where operations are based. Iron-ore prices this month topped $110 a metric ton as supply from Brazil was disrupted by the spread of the coronavirus at some mine sites run by Vale SA. In contrast, Australia's iron-ore production is in a region largely unaffected by the virus, enabling miners including Rio Tinto and BHP Group Ltd. to continue high shipments of the commodity. Rio Tinto's iron-ore exports rose 1% in the three months through June and it continues to forecast annual shipments of between 324 million tons and 334 million tons. BHP's iron-ore output rose 11% in its most recent quarter. A recent strengthening of demand in China, the world's top buyer of iron ore and many other commodities, has provided another boost. China this month said its economy in the second quarter grew 3.2% from a year earlier, helped by an aggressive campaign to eradicate the virus within its borders. Steel utilization rates in the country have improved. Still, Mr. Jacques has been cautious about the outlook, particularly for copper. The Escondida copper mine in Chile is operating with fewer workers as part of a strategy to limit the risk of the coronavirus spreading. Rio Tinto estimates the pandemic has disrupted 3%-4% of global copper supply, and warns this could increase further. Rio Tinto said its net debt totaled $4.83 billion at the end of June, down from $12.90 billion four years ago. Write to David Winning at
ariane: Jon Hopkins 12:48 Wed 08 Jul 2020 Rio Tinto edges higher as RBC Capital ups its rating to ‘sector perform’ from ‘underperform’ The broker also raised its target price to 4,200p, up from 3,600p previously, albeit with the shares currently trading at 4,580.50p Goldman Sachs, however, moved its rating for Rio Tinto to ‘neutral’; from ‘buy’ after reducing its target price to 4,440p from 4,720p RBC Capital gave a slight lift to Rio Tinto PLC (LON:RIO) shares on Wednesday, upping its rating for the mining giant to ‘sector perform’ from ‘underperform’ following its mean-reverting underperformance versus the FTSE 350 mining index over the past three months, and in light of its attractive dividend. The broker also raised its target price for the FTSE 100-listed stock to 4,200p, up from 3,600p previously, with the shares currently trading at 4,580.50p, albeit up 0.2% on Tuesday’s close. In a note to clients, RBC’s analysts said: “With a more balanced view on iron ore markets and slower decline in price forecasts, we see little impetus to sell with positive macro tailwinds and sector valuation dynamics, combined with an attractive 2020 dividend yield. “We continue to take a cautious view of the longer-term outlook for iron ore, but for now we expect RIO shares to show resilience.” They added: “We have written at length on the structural medium-term challenges facing the world's iron ore markets, a commodity where RIO is overweight in exposure. However, recent Chinese stimulus has rapidly driven steel production to record levels as policymaker reality takes charge. “As we outline in detail on this deep dive on iron ore markets, higher Chinese demand has placed iron ore into a more balanced market than our previously too conservative forecasts suggested.” “We increase our iron ore prices to average $87/t for 2020 ($77/t previously), with Q3 at $90/t, and we now don't expect long-term prices until mid-2021, which reduces the rationale for our prior negativity on a 12-month view. There are now more upside risks from sustained demand/limited swing supply than downside risks versus our base case.” However, the analysts said they continue to prefer other iron ore market exposures in VALE, AAL and BHP. The RBC upgrade managed to counter a downgrade in rating from bigger US investment bank Goldman Sachs, which moved its rating for the miner to ‘neutral’; from ‘buy’ after reducing its target price to 4,440p from 4,720p. Proactiveinvestors
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