RIO.AX - Rio Tinto Group

ASX - ASX Delayed Price. Currency in AUD
84.72
-0.88 (-1.03%)
At close: 4:10PM AEST
Stock chart is not supported by your current browser
Previous Close85.60
Open85.55
Bid87.65 x 0
Ask84.88 x 0
Day's Range84.32 - 85.55
52 Week Range69.41 - 107.99
Volume1,263,281
Avg. Volume1,915,304
Market Cap138.221B
Beta (3Y Monthly)0.57
PE Ratio (TTM)10.62
EPS (TTM)7.97
Earnings DateN/A
Forward Dividend & Yield4.38 (5.17%)
Ex-Dividend Date2019-08-08
1y Target Est60.42
  • Iron Ore Stocks Rise After Goldman Boosts Price Outlook
    Investopedia

    Iron Ore Stocks Rise After Goldman Boosts Price Outlook

    Iron ore stocks jumped Tuesday. Gain exposure to the steelmaking ingredient by trading these three global miners.

  • Barrons.com

    The Iron Ore Market Really Isn’t So Bleak, Goldman Sachs Says

    Goldman Sachs upgraded shares of miner Fortescue Metals to Buy from Hold on Tuesday, despite a 22% drop in iron-ore prices last week.

  • Rio Tinto's Resolution copper project in Arizona moves step closer
    Reuters

    Rio Tinto's Resolution copper project in Arizona moves step closer

    Rio Tinto on Friday said it had moved a step closer to the development of a new copper project in Arizona, one of the few new major known deposits of the metal, with the potential to meet around a quarter of U.S. demand. Miners have been scouring the globe for sources of copper - a mineral they predict will be in high demand as the world shifts toward renewable power and electric vehicles. Resolution Copper, 55% owned by Rio Tinto and 45% by BHP, has spent years waiting for clearance from U.S. authorities to develop the underground mine.

  • Rio Tinto CEO Defends Company as ‘Cash Machine’ Amid Stock Retreat
    Bloomberg

    Rio Tinto CEO Defends Company as ‘Cash Machine’ Amid Stock Retreat

    (Bloomberg) -- As plummeting iron ore prices weighed on Rio Tinto Group’s stock for a seventh-straight trading day, CEO Jean-Sebastien Jacques defended the miner as a “cash machine” that will keep rewarding shareholders.“We have a cash machine,” the chief executive officer said Thursday in an interview on Bloomberg TV. The “strong quality of the asset portfolio will generate cash no matter where we are in the cycle.”The world’s second-largest miner had been on a roll this year, with a strong first half anchored by surging prices for iron ore more than offsetting operational setbacks at its top-earning business. But prices for the key steelmaking ingredient have tumbled this month, and taken Rio with it. The London-based company’s shares have fallen 12% since July 30.Another looming hurdle for Rio has been slowing growth in China, by far the world’s biggest steel producer. Jacques tried to ease those concerns by saying that the Asian nation would use stimulus spending to maintain steel production, including by rebuilding older cities.“One thing that maybe people don’t see clearly is China is launching, or is going to launch, a program to renew the cities, the buildings that were constructed 10 years ago, 20 years ago, 30 years ago,” Jacques said. “We fully acknowledge that China is slowing down, but as expected China is managing the slowdown pretty well.”\--With assistance from Thomas Biesheuvel.To contact the reporters on this story: Matt Townsend in New York at mtownsend9@bloomberg.net;Joe Deaux in New York at jdeaux@bloomberg.net;Jonathan Ferro in London at jferro10@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 2-European stocks dive to 2-month lows on China worries

    European shares sank to a two-month low on Monday as a global sell-off spurred by trade tensions deepened, sending China's yuan to its lowest in more than a decade and sinking trade-sensitive mining, luxury and technology stocks. The pan-European STOXX 600 index fell 2.3%, which, taking into account Friday's losses, made for the biggest two-day drop in more than three years as traders dumped shares in favour of perceived safe-havens like government bonds. The yuan's move on Monday was viewed as a clear sign China would not back down in the face of President Trump's threat of new tariffs on imports, meaning the trade conflict may get worse.

  • The Top Miners Are Split on How to Chase the EV Battery Boom
    Bloomberg

    The Top Miners Are Split on How to Chase the EV Battery Boom

    (Bloomberg) -- The world’s biggest miners, including BHP Group and Glencore Plc, are finally firm believers in the electric vehicle battery revolution -- what they don’t agree on is which metals will deliver the best long-term exposure to the developing global market.BHP has revived a declining nickel unit in Western Australia to target the sector, while Rio Tinto Group is accelerating work to enter the lithium market. Glencore is focusing on cobalt and copper and Anglo American Plc is examining prospects for platinum and palladium to be deployed in future battery technologies.“We did a review of all the battery input materials -- nickel, cobalt, lithium,” said Eduard Haegel, asset president at the BHP’s Nickel West unit. “We think that in the medium-to-longer term there will be a margin that will be sticky for nickel -- we think it’s an attractive commodity.”BHP, the biggest miner, this year reversed long-term efforts to seek a buyer for the division, opting to retain Nickel West to benefit from forecast growth in lithium-ion batteries and a scarcity of high-quality nickel supply. From the second quarter of 2020, the unit will begin production of bright-turquoise colored nickel sulphate -- a premium raw material for the battery supply chain -- from a nickel refinery south of Perth, with plans to potentially carry out the industry’s largest expansion.The outlook for battery materials is firming as governments set targets on phasing out combustion engine vehicles, and as automakers commit to expanding line-ups of electric models, according to Angela Durrant, a Sydney-based principal analyst at Wood Mackenzie Ltd. “The demand profile is certainly becoming more clear,’’ she said.Deployment of more than 140 million electric vehicles by 2030 will require 3 million tons more copper a year, 1.3 million tons of nickel and about 263,000 tons of cobalt, according to Glencore Plc’s forecasts. By 2040, almost 60% of new vehicle sales and about a third of cars on the road will be electric, BloombergNEF said in a May report.BHP sees an abundant global supply of lithium, and regards cobalt as at risk of substitution, reducing the attractiveness of both commodities, Chief Financial Officer Peter Beaven said in a May speech. Rio also remains wary over cobalt, while Glencore CEO Ivan Glasenberg said in 2017 the company has “zero interest’’ in lithium, in part because of a lack of arbitrage opportunities.Picking winners hasn’t been helped by price gyrations. Key battery metals have faltered in the past year after dramatic gains. That’s chiefly been on concern that incumbents and new producers have added too much volume too quickly, as well as on short-term worries over a slower pace of growth in China’s electric vehicle market, the world’s largest.Lithium prices tripled between mid-2015 and May last year on fears of shortages and have since slumped more than a third as new mines started up. Cobalt in London quadrupled in the two years to March 2018 before tumbling by almost three-quarters.Even as they warm to the battery theme, major mining companies aren’t yet prepared to move beyond familiar commodities and remain cautious on acquisitions, said Robert Baylis, managing director at Roskill Information Services Ltd. “They don’t want to stray too far from the nest,’’ he said. “Some miners have instead concentrated on developing their own existing projects.’’Base metals are more traditional ground for the largest producers, and nickel is increasingly in focus. Vale SA’s Indonesian unit and partners have outlined plans to invest about $5 billion on nickel projects, in part aimed at the battery market, while Rio has expanded exploration work to find new deposits in nations including Uganda and Finland.BHP’s sales to the battery sector of nickel products now account for more than 75% of the unit’s total production, up from less than 5% in 2016, according to Haegel, who will speak Monday at the Diggers and Dealers mining forum in Kalgoorlie, alongside Rio’s head of growth and innovation, Stephen McIntosh.“It makes sense that these companies are primarily focused on copper and nickel,” said Sophie Lu, Sydney-based head of mining and metals for BNEF. The companies typically already have producing assets and both metals “display significant growth potential in the future from batteries,” she said.Nickel has jumped about a third this year as global inventories decline amid better demand in traditional stainless steel markets and expectations for longer-term battery growth. Battery-grade nickel may face a deficit by 2024 as demand rises, according to BNEF.“We’ll always say they are a lithium battery, but actually the weight is in the nickel – that’s the biggest volume of material,’’ said Wood Mackenzie’s Durrant.To contact the reporter on this story: David Stringer in Melbourne at dstringer3@bloomberg.netTo contact the editors responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net, Keith Gosman, Phoebe SedgmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Should You Buy Rio Tinto Group (LON:RIO) For Its Upcoming Dividend In 3 Days?
    Simply Wall St.

    Should You Buy Rio Tinto Group (LON:RIO) For Its Upcoming Dividend In 3 Days?

    It looks like Rio Tinto Group (LON:RIO) is about to go ex-dividend in the next 3 days. This means that investors who...

  • Rio Tinto plc (RIO) Q2 2019 Earnings Call Transcript
    Motley Fool

    Rio Tinto plc (RIO) Q2 2019 Earnings Call Transcript

    RIO earnings call for the period ending June 30, 2019.

  • Rio Tinto addresses operational problems, delivers record payout
    Reuters

    Rio Tinto addresses operational problems, delivers record payout

    Rio Tinto announced its highest margins in a decade and a record dividend payout on Thursday, but acknowledged it was grappling with operational issues in Australia and Mongolia. Rio's shares were down 3.4% by 1330 GMT in London. Analysts cited macro-economic tensions as a reason for caution, as growth slows in China, Rio's biggest customer for iron ore.

  • Reuters

    UPDATE 1-Rio Tinto-controlled Turquoise Hill swings to loss on Mongolia mine woes

    Rio Tinto-controlled Turquoise Hill Resources said an impairment charge at the cash-generating unit of its Oyu Tolgoi copper mine in Mongolia led to the company missing estimates for second-quarter profit on Wednesday. Turquoise Hill, which owns 66% of the mine, reported a loss of $736.7 million, or 22 cents a share, in the three months ended June 30, compared with a profit of $204 million, or 9 cents, a year earlier. Oyu Tolgoi, operated by Rio Tinto PLC and expected to become one of the mining company's most lucrative properties, produced 39,156 tonnes of copper and 71,825 ounces of gold during the quarter.

  • Reuters

    Rio Tinto-controlled Turquoise Hill swings to loss on Mongolia mine woes

    Rio Tinto-controlled Turquoise Hill Resources said an impairment charge at the cash-generating unit of its Oyu Tolgoi copper mine in Mongolia led to the company missing estimates for second-quarter profit on Wednesday. Turquoise Hill, which owns 66% of the mine, reported a loss of $736.7 million, or 22 cents a share, in the three months ended June 30, compared with a profit of $204 million, or 9 cents, a year earlier. Oyu Tolgoi, operated by Rio Tinto PLC and expected to become one of the mining company's most lucrative properties, produced 39,156 tonnes of copper and 71,825 ounces of gold during the quarter.

  • Reuters

    Turquoise Hill of Canada swings to loss on impairment charge at Mongolia mine

    Rio Tinto-controlled Turquoise Hill Resources said an impairment charge at the cash-generating unit of its Oyu Tolgoi copper mine in Mongolia led to the company missing estimates for second quarter profit on Wednesday. Turquoise Hill, which owns 66% of the mine, reported a loss of $736.7 million, or 22 cents a share, in the three months ended June 30, compared with a profit of $204 million, or 9 cents, a year earlier. Oyu Tolgoi, operated by Rio Tinto PLC and expected to become one of the mining company's most lucrative properties, produced 39,156 tonnes of copper and 71,825 ounces of gold during the quarter.

  • Glencore’s Troubles Pile Up While Rivals Get Rich on Iron Ore
    Bloomberg

    Glencore’s Troubles Pile Up While Rivals Get Rich on Iron Ore

    (Bloomberg) -- The bad news just keeps coming for Glencore Plc -- this time out of Africa.The commodities giant has had a tough few years, from corruption probes to getting caught up in the fallout from U.S. sanctions on Russia. This year, it’s been forced to watch from the sidelines a breathtaking rally in iron ore, a metal Glencore doesn’t produce at all, while rivals like BHP Group and Rio Tinto Group cash in.The list of headaches got a little longer Wednesday, as the company warned it will take a $350 million hit to its fabled trading business when it reports first-half earnings next week, after prices for cobalt plunged. Glencore also signaled it’s likely to cut the target for copper production this year as it struggles with mines in the Democratic Republic of Congo.Glencore has underperformed its major rivals this year, even after announcing bumper share buybacks. While other producers benefit from the rally in iron ore, the pressure on Glencore’s shares from probes by the U.S. Commodity Futures Trading Commission and Department of Justice has been compounded by a rout in prices for thermal coal, one of the company’s major profit drivers.“With still no certainty on the DoJ investigation, a lack of momentum in operations, with lower coal prices eroding cash flows, the current discount in Glencore shares is likely to persist in the absence of more significant management action,” said Tyler Broda, an analyst at RBC Capital Markets. “The cobalt price drop continues to wreak havoc on the marketing books.”Cobalt has quickly transformed from a star performer to a headache for the world’s biggest producer of the key battery ingredient. After quadrupling in two years, prices have now collapsed back to the lowest since 2016 as new supplies pour into the market. With few hedging tools available, that’s left Glencore exposed.Excluding the cobalt loss, Glencore expects first-half trading profit of about $1.3 billion. It said previously that full-year profit for the unit would be toward the middle of its $2.2 billion to $3.2 billion long-term range.Glencore has cut its cobalt sales in response to falling prices, but is still mining the metal from its African copper mines. The company said the loss from cobalt will be principally non-cash and described the inventories it’s holding as an “unrealised profit lag.” Effectively, the company’s marketing business has bought the cobalt from its mining unit, but has yet to sell it.Read: Cobalt’s Drop to 2-Year Low Tarnishes Glencore’s Trading JewelThe disappointing trading performance is a blow for Glencore, which has always said its traders can make money in any kind of market. The company touts the unit as a differentiator from other big miners, cushioning the ups and downs of the commodities cycle. The marketing unit deals in almost 100 raw materials including oil and agricultural products.Last year’s trading profit was $2.4 billion, the lowest since 2013, with Glencore pointing to weak results from cobalt and alumina trades.The cobalt losses aren’t Glencore’s only headache from its African copper business, which operates mines across the Democratic Republic of Congo and Zambia.Glencore’s Katanga Mining Ltd. unit, where the company has taken tighter control after Canadian regulators fined and banned executives, is reviewing its mine plans and is likely to lower output expectations. Glencore’s Peter Freyberg, who has joined Katanga’s board, will discuss the turnaround plan at the company’s earnings next week.“Our African copper business did not meet expected operational performance,” billionaire Chief Executive Officer Ivan Glasenberg said in a statement. “We have moved to address the challenges at Katanga with several management changes as well as overseeing a detailed operational review.”While African copper is a relatively small part of Glencore’s overall business, the unit gets a disproportionate amount of interest from investors given both its role as one of the company’s key drivers of growth and a source of legal and operational risks.When the company reports earnings next week, analysts are expecting sharply weaker results.It’s been a different story for Glencore’s rivals this year. Even though Rio Tinto has struggled at its giant iron ore mines in the Pilbara, it’s been bailed out by the surge in prices and is expected to report a big jump in profits tomorrow. Anglo American Plc last week reported bumper earnings, driven by iron ore.To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.netTo contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Liezel Hill, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • What Do Investors Need To Know About Rio Tinto Group's (LON:RIO) Future?
    Simply Wall St.

    What Do Investors Need To Know About Rio Tinto Group's (LON:RIO) Future?

    In December 2018, Rio Tinto Group (LON:RIO) released its earnings update. Generally, the consensus outlook from...

  • What Kind Of Shareholders Own Rio Tinto Group (LON:RIO)?
    Simply Wall St.

    What Kind Of Shareholders Own Rio Tinto Group (LON:RIO)?

    A look at the shareholders of Rio Tinto Group (LON:RIO) can tell us which group is most powerful. Generally speaking...

  • Bloomberg

    Mining Executives Split on Who Bears Burden of Climate Change

    (Bloomberg) -- The mining industry is starting to split on who bears responsibility for all the carbon emissions caused by smelting iron ore into steel.The debate came to the forefront this week after BHP Group’s chief said miners need to tackle their role in global warming through the products they sell. The core of BHP’s business, digging up iron ore in Australia, is a key part of making steel, an energy-intensive process that accounts for about 7% to 9% of all man-made carbon emissions.It’s a controversial view in the industry and opposed by Rio Tinto Group, which has argued that targets for indirect emissions are beyond its control. Anglo American Plc weighed in for the first time on Thursday, saying it’s too early to address pollution created by customers.“We’re somewhere in between the two,” said Anglo Chief Executive Officer Mark Cutifani, referring to the stances taken by BHP and Rio Tinto. “There is a bit more work to be done on our side before we decide whether we can commit.”“Once you take a position you’re committed. We want to make sure it’s exactly the right position to take,” he said.Read: BHP Pledges $400 Million in Climate Change InvestmentThe debate among the world’s top miners shows how climate and global warming is becoming a bigger issue facing all companies. Executives face growing pressure from investor groups, who argue for more stringent targets on emissions, and the threat of divestment if they don’t comply.To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.netTo contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-BHP makes $400 million climate-change emissions pledge

    Leading resources company BHP will invest $400 million over five years to reduce emissions, it said on Tuesday, becoming the first miner to pledge to tackle pollution caused when customers use its products. CEO Andrew Mackenzie said BHP would develop technology to curb emissions both inside and outside the company. Emissions are divided into categories.

  • Reuters

    Aluminum producers in Canada cash in on U.S. tariff exemption

    LONDON/TORONTO (Reuters) - Canada's exemption from U.S. tariffs on imports of aluminum metal has boosted earnings at the Canadian operations of companies such as Rio Tinto and Alcoa, but has not cut costs for U.S. consumers. In May, the United States lifted the Section 232 tariff of 10% imposed on Canadian imports of aluminum, a vital ingredient for auto makers, drinks firms and military equipment companies. Aluminum costs for U.S. consumers are the benchmark price on the London Metal Exchange at around $1,810 a tonne plus the physical market premium, around $400 a tonne.