RIO posts an 18% sequential rise in Q2 Pilbara iron ore shipments as first-half production reached its highest level since 2018.
Q2 output was slightly ahead of expectations, led by strong Pilbara iron ore shipments. Copper and lithium production met or slightly surpassed forecasts, though copper faced operational headwinds. Copper will be impacted by maintenance and the Kennecott smelter outage. Oyu Tolgoi economics weakened slightly, but political risk improved.
Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF)'s Pilbara iron ore unit posted its strongest first-half production since 2018, beating consensus estimates alongside stronger shipment volumes, as the miner reiterated full-year guidance across all segments. Second-quarter production beat expectations in both Pilbara output and shipment volumes, while the rest of Rio's major operating assets came in line with consensus.
UBS says Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) may need to bulk up its copper pipeline if it is to avoid a growth gap after 2030, with Argentina's Los Azules project emerging as a possible answer. The bank, which rates Rio at Neutral, with a 7,300p price target, said the miner is on track to lift copper output from 883,000 tonnes in 2025 to around 1 million tonnes by 2030, helped by Oyu Tolgoi and Kennecott.
Sovereign Metals Ltd (ASX:SVM, OTCQX:SVMLF, AIM:SVML, FRA:SVM) told investors it will keep direct control of the Kasiya rutile-graphite project in Malawi and sharpen its US critical minerals strategy after Rio Tinto declined an option to become project operator. Rio Tinto told Sovereign the decision reflected a change in corporate strategy and a strategic review of its iron and titanium business.
Here is how Rio Tinto (RIO) and Steel Dynamics (STLD) have performed compared to their sector so far this year.
Rio Tinto . expects its lithium business to grow faster than its copper, iron ore and other divisions as it works to triple production by 2028 for the electric vehicle and battery storage markets, an executive said on Tuesday.
Investors with an interest in Mining - Miscellaneous stocks have likely encountered both Rio Tinto (RIO) and BHP (BHP). But which of these two companies is the best option for those looking for undervalued stocks?
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Rio Tinto and China Baowu reach a low-carbon steelmaking milestone, proving Pilbara Blend ore works in industrial-scale direct reduction trials.
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