|Bid||0.00 x 1000|
|Ask||53.29 x 1100|
|Day's Range||52.53 - 53.40|
|52 Week Range||44.62 - 64.02|
|Beta (3Y Monthly)||0.80|
|PE Ratio (TTM)||6.69|
|Forward Dividend & Yield||3.02 (5.44%)|
|1y Target Est||54.99|
It has been called the aluminium smelter at the end of the world. Sitting at the southern tip of New Zealand’s South Island, Tiwai Point produces 340,000 tonnes of low-carbon aluminium a year and employs about 1,000 people. Owner Rio Tinto said last month that it might close the plant or cut production unless it were offered a cheaper deal from its energy supplier Meridian Energy, which is majority owned by the government.
After a difficult 2018, gold stocks are poised to rebound this year and as the ‘peak gold’ narrative grows stronger, there are 5 gold stocks that every investor should keep an eye on
Rio Tinto has flagged up to $500m of extra spending on assets and infrastructure at its flagship iron ore business in Australia. Ahead of an investor update on Thursday, the miner said the cost of keeping its iron mines in the Pilbara running — otherwise known as sustaining capital expenditure — would rise to between $1bn and $1.5bn a year, up from an earlier estimate of around $1bn. Chris Salisbury, the head of Rio’s iron ore business, said some of its assets, including the main processing unit at its Tom Price mine, needed upgrading.
(Bloomberg) -- Iron ore shipments from Rio Tinto Group could rise as much as 5% in 2020 as the producer recovers from operational issues in Australia this year, the exporter says Thursday.The No. 2 miner will also have consistent capacity for volumes of about 360m tons a year once a first phase of the new Koodaideri mine is fully commissioned, expected in late 2021, Rio said in a statement ahead of investor presentations in London.Key InsightsRio said guidance for 2019 iron ore shipments remains unchanged at 320m-to- 330m tons, at a cost of $14-15/ton. Operations in Australia have, at times, operated at a run rate of 360m tons, though not on an annual basis.The company was forced to trim production in Western Australia earlier this year after falling behind with mine plans. The exporter was producing too much lower-quality iron ore and forced to reduce total volumes. Work to make improvements is on track, CEO Jean-Sebastien Jacques told reporters on a media call.Total capital expenditure in 2019 will be lower at $5.5b, with guidance raised to $7b in 2020, Rio said. Guidance for 2021 and 2022 is for expenditure of about $6.5b, Rio said.Work to redesign the mine at Oyu Tolgoi is continuing and a final estimate of cost and schedule is still expected to be delivered in the second half of 2020.Market ReactionRio declined 0.4% Thursday in Sydney trading to trim its advance this year to about 16%. That compares to a 5% gain for rival BHP Group. The statement was released after the close of trading.Get MoreRead the statement and more details here.To contact the reporter on this story: David Stringer in Melbourne at firstname.lastname@example.orgTo contact the editors responsible for this story: Alexander Kwiatkowski at email@example.com, Keith Gosman, Phoebe SedgmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- LME Week, the biggest annual event of the London metals world, kicks off Monday.Conversation topics for traders, miners and investors gathering around the city will include the recent turmoil in the nickel market, especially after Indonesia accelerated a ban on ore exports, and the protests in Chile that have disrupted copper operations.This year’s event takes place against the backdrop of weak demand for most key metals.Highlights:Copper demand will probably decline slightly this year, before increasing 1.4% in 2020, according to CRU Group.Nickel and gold were seen as having the most upside potential in a poll of attendees at an LME seminar.Mining companies are going to have to get used to being smaller and more nimble, according to Rio Tinto Group chief Jean-Sebastien Jacques.Here are the latest developments, updated throughout the day. (Time-stamps are local time in London.)Norilsk Seeks Answers (12:30 p.m.)The nickel industry is digesting the news that Indonesia suspended exports of nickel ore with immediate effect, but producers need more details, said Denis Sharypin, head of market research at MMC Norilsk Nickel PJSC.If the ban is implemented immediately, it will result in tighter supplies in the next two months amid demand from China, which will be positive for prices, he said.Zinc Seen Declining (11:20 a.m.)Zinc prices are likely to fall further in the near term on subdued demand, said Caroline Bain, chief commodities economist at Capital Economics Ltd.Prices may reach $2,300 a ton by year-end with potential for a small revival to $2,400 by the end of 2020. Futures on the LME traded around $2,535 on Monday.While risk appetite in general may start to pick up in the second half of next year, zinc threatens to remain a relative underperformer, Bain said.Nickel Deficit (11:15 a.m.)The nickel market remains in “fundamental deficit,” said Edward Meir, president of Commodity Research Group and senior commodity consultant at ED&F Man Capital Markets.Stainless steel will remain the main consumer and driver for the metal, he said. “Some caution is in order” for expectations about the price impact on nickel and other metals from electric vehicle demand.Meir sees nickel prices averaging $14,500 a ton next year, compared with Monday’s price of $16,950.Copper Consumption (10:45 a.m.)Copper demand will probably decline slightly this year, before increasing 1.4% in 2020, said Vanessa Davidson, head of base metals research and strategy at CRU Group.CRU sees world copper mine output rising 1.3% in 2020 and refined copper production expanding 1.4%.This year, the lower demand will be balanced out by flat refined production and a 1% drop in mine output.Bearish Aluminum (10:40 a.m.)Sentiment in the aluminum market is “extremely bearish,” said Jorge Vazquez, managing director of Harbor Aluminum. He sees a price rally in the next six months.The aluminum surplus will widen as production capacity increases and demand growth is unlikely to increase substantially, he said.Nickel, Gold Are Favorites (10:30 a.m.)Nickel and gold won the most votes as the metals with the most upside potential in a poll of attendees at the LME seminar Monday.Citi on Outlook (10 a.m.)While there’s no clarity among traders and investors on demand growth and commodity prices next year, it is obvious that global trade is in retreat near-term due to tariff fights, said Catherine Mann, global chief economist at Citigroup.It’s not only a bilateral war between China and the U.S., she said, “it’s a global war.”Trafigura on Sourcing Plan (9:46 a.m.)Trafigura Group’s head of corporate responsibility, James Nicholson, said the London Metal Exchange’s responsible sourcing strategy is a positive step forward for the sector.The plan “shows an industry coming of an age,” he said. “The possibility of consolidation under an exchange as important as this one is a really significant step.”Nicholson said he’s seen a dramatic shift over the past decade in the attention that Trafigura’s banks pay to social and environment issues.Chile Effect (9:20 a.m.)The unrest in Chile means that some delegates from the top copper-producing nation are missing LME Week this year. Codelco Chairman Juan Benavides canceled his trip and a scheduled event on mining in Chile will no longer take place. Some mines were disrupted last week and others were halted as the largest demonstrations in the country in decades wreaked economic havoc.Rio on Growth (8:30 a.m.)After losing billions on mega deals and projects, mining companies are going to have to get used to being smaller and more nimble, according to Rio Tinto Group chief Jean-Sebastien Jacques.“In the past, most major miners have pushed for bigger mines, using bigger machinery, processing ever greater quantities of material,” Jacques said in a speech. “As demand for some materials remains flat or declines, and the circular economy takes hold, the push for scale will change.”\--With assistance from Thomas Biesheuvel.To contact the reporters on this story: Elena Mazneva in London at firstname.lastname@example.org;Mark Burton in London at email@example.com;Jack Farchy in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, Liezel Hill, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Australian shares ended flat on Wednesday as gains in miners were offset by profit-taking in the healthcare sector, while New Zealand's market was hit by steep looses for energy stocks after Rio Tinto said it plans to shut a power-guzzling smelter. Fortescue Metals Group ended up 2.2%, a day before it is due to report its first-quarter production results.
Rio said it would make a decision on the smelter, New Zealand's largest single power user, in early 2020. "We expect the short to medium outlook for the aluminium industry to be challenging and this asset to continue to be unprofitable," Rio Tinto said in a statement.
Investing.com -- Here's a summary of regulatory news from the London Stock Exchange on Wednesday, 23rd October. Please refresh for updates.
(Bloomberg) -- Rio Tinto Group is starting pilot production of lithium in California and will consider an expansion to become the top domestic supplier in the U.S. as the world’s biggest miners look to boost their exposure to the electric car battery revolution.Work to reprocess waste piles from a 90-year-old mining site in Boron has successfully produced lithium carbonate -- needed in rechargeable batteries for electric vehicles and consumer technology, Rio said Tuesday in an emailed statement. Efforts are now focused on improving quality and lifting volumes, the company said.Rio is the first top diversified miner to add lithium output to its portfolio and comes ahead of a looming decision on development of its mine project in Serbia that analysts estimate could account for about 5% of world demand. Demand for lithium will advance about eight-fold to 2030 as EV adoption increases and the battery sector expands, BloombergNEF said in a July report.“If the trials continue to prove successful, this has the potential to become America’s largest domestic producer of battery-grade lithium -- all without the need for further mining,” Bold Baatar, chief executive officer of Rio’s energy and minerals division, said in the statement. Currently the only supplier in the U.S. is Albemarle Corp.’s Silver Peak operation in Nevada, according to the U.S. Geological Survey.Rio, the world’s No. 2 miner, has held discussions on the EV sector with key companies in the supply chain and executives have visited China’s battery producer Contemporary Amperex Technology Co. Ltd. and electric automaker Tesla Inc., according to people familiar with the producer’s plans, who spoke on condition of anonymity as details of the talks are private. CATL declined to comment. Tesla didn’t immediately respond to a request for comment.A pilot plant being assembled at Boron -- about 100 miles northeast of Los Angeles -- under a $10 million first phase will produce about 10 metric tons a year of lithium carbonate equivalent by chemically processing material from the pile of decades-old mining waste.Boron is part of a unit in California’s Death Valley that’s produced borates, materials used in laundry soap to components for nuclear reactors, since 1872. There’s at least 80 minerals to be found in material from the site, and staff had initially been combing the waste for gold and other elements when they discovered lithium, according to Rio.Rio will next consider a $50 million investment to build an industrial-scale lithium plant with capacity for 5,000 tons a year that could begin making sales into the battery market. That volume would be sufficient for batteries needed in about 15,000 Tesla Model S cars, the company said.While Rio’s competitors are also gearing up for forecast rising battery demand, their focus is on other commodities. Glencore Plc is aiming to add copper, nickel and cobalt output, while BHP Group is developing specialist nickel and battery cathode products and sees lithium as a less attractive option, Chief Financial Officer Peter Beaven said in May.Lithium prices have sunk since mid-2018, ending a three-year surge, as new operations have added supply and amid some signs of demand weakness. There’s probably currently enough capacity to supply the global market until the mid-2020s, according to BNEF.Rio previously weighed an offer for a stake in Soc. Quimica & Minera de Chile SA, one of the world’s top lithium producers, before deciding last year not to proceed.Separately, Rio has signed an agreement to enter the rare earths supply chain with the sale of monazite, a raw material that contains the critical elements, the company said. The material is part of the waste stream at Rio’s mineral sands operation in Madagascar.President Donald Trump has flagged concerns over the global supply of rare earths and a suite of other so-called critical minerals amid worries China, the dominant supplier of many of the materials, could restrict exports.Rio is also using a $3 million Defense Logistics Agency grant to boost recovery of rhenium, needed for jet-fighter engines, at a copper operation in Utah. It’s also working on a project to boost U.S. supply of indium, used in touch screens and solar panels.To contact the reporter on this story: David Stringer in Melbourne at firstname.lastname@example.orgTo contact the editors responsible for this story: Alexander Kwiatkowski at email@example.com, ;Edward Johnson at firstname.lastname@example.org, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Rio Tinto Plc is studying ways to extract lithium from waste rock at a mine it controls in California, making it the latest company trying to produce the battery metal in the United States for the fast-growing electric vehicle market. The move by Rio comes as U.S. politicians and regulators push to expand domestic mining of so-called strategic minerals used to make EV batteries and other high-tech equipment. Rio has produced borates - a group of minerals used to make soaps, cosmetics and other consumer goods - for nearly a century in the Mojave Desert, about 120 miles (195 km) north of Los Angeles.
(Bloomberg) -- After freezing out Rio Tinto Group for more than a decade for owning a highly polluting copper mine, one of the world’s biggest sovereign wealth funds has brought the company back into the fold.Norway’s $1 trillion wealth fund built a 1.4% stake in the world’s No. 2 miner by the end of September, according to Bloomberg data. That puts the fund among the top 10 holders of Rio Tinto shares, the data show.The investment demonstrates the value of meeting the increasingly aggressive environmental goals set by some of the largest money managers. Norway’s wealth fund is at the forefront of those efforts, and said earlier this year it would stop investing in companies that mine more than 20 million tons a year of thermal coal, the most polluting fuel. Miners including Glencore Plc and Anglo American Plc are set to fall foul of this rule.Norway refused to buy Rio Tinto stock for more than a decade because of the environmental damage caused by its Grasberg mine in Indonesia, one of the world’s biggest copper and gold projects. In June, the fund said it had revoked that exclusion, after a recommendation from its Council on Ethics.Rio agreed to sell its stake in Grasberg last year for $3.5 billion. The mine, operated by U.S. company Freeport-McMoRan Inc., is highly contentious. Every year it dumps tens of millions of tons of mining waste into an Indonesian river system and will continue to do so for years to come.Rio has sought to burnish its environmental credentials, becoming increasingly vocal on the subject. After offloading its last coal mine in 2018, the company has sought to distinguish itself from rivals that still have fossil-fuel exposure.To contact the reporter on this story: Thomas Biesheuvel in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Dylan Griffiths, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
European shares dipped on Wednesday, after dramatic swings over the past week, as uncertainty over the outcome of London's last-ditch Brexit talks with Brussels kept investors on the sidelines. Brexit negotiations will resume in Brussels on Wednesday morning after "constructive" negotiations went into the night on Tuesday, a British spokesman said. Britain's domestically-focused midcaps slipped 0.2% after climbing recently on hopes of a Brexit deal.
At least one policeman and a protester were killed on Monday during demonstrations in Guinea against a possible change to the constitution that could let President Alpha Conde seek a third term, officials and residents said. Police opened fire on demonstrators as they ransacked military posts and blocked roads with burning tyres in the capital Conakry and protests in the northern opposition stronghold of Mamou also turned violent, witnesses said. Conde's second and final five-year term expires in 2020 but the 81-year-old leader has refused to rule out running again.
European stocks took a step backward on Monday as traders took more sober assessments on the prospect of U.S.-China trade pact and a deal for Britain to leave the European Union.
We at Insider Monkey have gone over 730 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of June 28th. In this article, we look at what those funds think of Rio Tinto Group (NYSE:RIO) based on that […]
Vale S.A (VALE) anticipates annual outflow associated with taking down risky dams, repairing environment and compensation to peak at $1.5-$2.1 billion next year before declining through 2022.
Moody's Investors Service ("Moody's") has today downgraded Northwest Acquisitions ULC's ("Northwest") corporate family rating (CFR) to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD, its first lien secured rating to B2 from B1, and its second lien secured rating to Caa1 from B3.