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RIO

Rio Tinto

$53.64

-0.36 (-0.67%)

19:08
07/16/18
07/16
19:08
07/16/18
19:08

Rio Tinto announces Q2 Pilbara iron ore production 88.5Mt, up 14% from last year

Pilbara iron ore shipments of 88.5M tonnes in Q2 were 14% higher than the second quarter of 2017, benefiting from better weather and reflecting improved productivity across the system. Shipments in 2018 are expected to be at the upper end of the existing guidance range of 330 to 340M tonnes (100 per cent basis). Bauxite production of 13.3M tonnes was 3% higher than the corresponding quarter of 2017, due to continued operational improvements. Third party shipments increased by 10% to 8.7M tonnes due to firm demand. Aluminium production of 0.9M tonnes was 3% lower than the second quarter of 2017 due primarily to labour disruptions at the non-managed Becancour smelter in Canada and a power interruption at the Dunkerque smelter in France. Mined copper production of 156.8 thousand tonnes was 26% higher than the corresponding quarter of 2017, reflecting strong production at Escondida following a labour union strike in the first half of last year. Hard coking coal production was 40% higher than the corresponding quarter of 2017 due primarily to the impact of Cyclone Debbie last year. Titanium dioxide slag production was 27% lower than the second quarter of 2017. Production was suspended at Rio Tinto Fer et Titane in Sorel-Tracy following a fatality on 26 April 2018. Production at Richards Bay Minerals has been impacted by ongoing labour disputes between contractors and their employees. Production at Iron Ore Company of Canada was significantly impacted in the second quarter, where operations were suspended while a new labour agreement was reached. Operations returned to normal production rates by the end of June 2018. Cost inflation is being experienced, particularly in the Aluminium group with higher raw material costs. Disruptions during the first half have also impacted unit costs at IOC and RBM. The major growth projects remain on track, with first bauxite shipment from Amrun expected in the first half of 2019 and construction of the first drawbell at Oyu Tolgoi Underground anticipated in mid-2020. The AutoHaul project achieved two major milestones, with regulatory approval on 18 May 2018 and the first loaded autonomous train journey from mine to port completed on 10 July 2018.

  • 10

    Sep

RIO Rio Tinto
$53.64

-0.36 (-0.67%)

06/15/18
06/15/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Southwest (LUV) downgraded to Hold from Buy at Argus with analyst John Staszak saying that despite being well managed and financially strong, its focus on the domestic market will lead to slower relative growth based on better expected performance in the international space. 2. Motorcar Parts (MPAA) downgraded to Neutral from Buy at Roth Capital with analyst Matt Koranda saying he expects margin erosion to intensify in the coming quarters as better industry growth is awaited. 3. BHP Billiton (BHP) and Rio Tinto (RIO) were downgraded to Hold from Buy at Investec. 4. AEGON (AEG) downgraded to Underperform from Neutral at BofA/Merrill with analyst Michael van Wegen citing "relatively strong" stock performance. 5. Splunk (SPLK) downgraded to Sell from Neutral at Citi with analyst Walter Pritchard saying he sees "growth drivers plateauing" and "some warning signs in numbers." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/21/18
HSBC
06/21/18
UPGRADE
HSBC
Buy
Rio Tinto upgraded to Buy from Hold at HSBC
06/26/18
RBCM
06/26/18
NO CHANGE
RBCM
Sector Perform
Rio Tinto warrants caution amid slowing China, trade issues, RBC Capital says
RBC Capital analyst Tyler Broda kept his Sector Perform rating and GBP 3,900 price target on Rio Tinto after his visit to the Pilbara iron ore operations, along with visits to the Brockman and Silvergrass mines, Cape Lambert port, and the operations center in Perth. Broda says that the company's iron ore assets will continue to drive high margin returns, with operations "on the cusp" of another step change amid the shift toward automation with driverless trains and drill rigs. Over the near term however, the analyst is "very cautious" given the slowing China economy, global trade disruptions, and tighter U.S. monetary policy likely leading a weaker second half for iron ore prices and demand.
07/03/18
JEFF
07/03/18
NO CHANGE
JEFF
Jefferies lowers Glencore price target on U.S. subpoena risk
Jefferies analyst Christopher LaFemina lowered his price target for Glencore (GLNCY) shares to 440p from 500p citing higher risk after the company received a subpoena from the U.S. Department of Justice. News of the subpoena increases the geopolitical overhang on Glencore shares, even if there are no charges against the company in the end, LaFemina tells investors in a research note. The analyst keeps a Buy rating on the shares but sees better risk/rewards in other major diversified miners Anglo American (NGLOY) and Rio Tinto (RIO).

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MATX

Matson

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