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RIO

Rio Tinto

$39.39

0.39 (1.00%)

20:12
11/23/16
11/23
20:12
11/23/16
20:12

Rio Tinto cuts 2016 capex, says new productivity push to yield $5B in cash flows

As part of a presentation at an investor seminar in Sydney, Rio Tinto CEO Jean-Sebastien Jacques outlined a productivity push expected to generate $5B of additional free cash flow over the next five years: "Rio Tinto intends to raise productivity across its $50B portfolio of assets by focusing on operational excellence to generate superior shareholder returns through the cycle. This is expected to generate a total $5B of further free cash flow by the end of 2021 in addition to the cash cost reduction target of $2B across 2016 and 2017." In addition to boosting performance within its asset base, Rio also committed to investing in growth through its Silvergrass iron ore project in Western Australia, Amrun bauxite project in Queensland, and Oyu Tolgoi copper and gold project in Mongolia, with the company remarking that "this investment underpins an annual average copper equivalent growth in excess of 2% between 2015 and 2025." Rio noted that it expects total cash returns to shareholders "over the longer term to be in a range of 40%-60% of underlying earnings in aggregate through the cycle." Additionally, Rio Tinto said capital expenditure is now expected to be less than $3.5B in 2016, down from around $4B previously. Capital expenditure guidance of around $5B in 2017 and around $5.5B in 2018 was left unchanged from previous estimates. Guidance for 2019 was set at $5.5B. Reference Link

RIO Rio Tinto
$39.39

0.39 (1.00%)

09/12/16
JPMS
09/12/16
UPGRADE
JPMS
Overweight
Rio Tinto upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Lyndon Fagan upgraded Rio Tinto (RIO) to Overweight saying his firm's higher near-term iron ore price forecasts improve the company's free cash flow outlook. The analyst views the current valuation as attractive and continues to prefer Rio to BHP Billiton (BHP). He upped his price target for Rio shares to A$54 from A$51.
09/29/16
CIBC
09/29/16
UPGRADE
CIBC
Sector Performer
Rio Tinto upgraded to Sector Performer from Underperformer at CIBC
10/12/16
SBSH
10/12/16
DOWNGRADE
SBSH
Sell
Rio Tinto downgraded to Sell from Neutral at Citi
11/10/16
HSBC
11/10/16
INITIATION
HSBC
Buy
Rio Tinto initiated with a Buy at HSBC

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