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Fly News Breaks for October 16, 2018
TRQ, RIO
Oct 16, 2018 | 07:13 EDT
BMO Capital analyst Edward Sterck kept his Outperform rating on Rio Tinto but lowered his FY18 EPS view to $4.78 from $4.88 after the company's Q3 production report. The analyst notes that while the results had neutral impact on Rio Tinto's expected EBITDA, he is lowering his earnings view on the announced delay for the Oyu Tolgoi underground project's completion of Shaft 2, adding that this pushes back the expectations of the first "sustainable production" out by 6 months to Q3 of 2021.
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