It has long struck me as a little strange that Rio Tinto (NYSE:RIO) is considered one of the leading "diversified" miners when iron ore is about half of the revenue base and about three quarters of the EBITDA. Be that as it may, Rio Tinto is one of the largest miners in the world and one with a knack for developing world-class assets in iron, aluminum, and copper.
Though Rio's non-iron businesses haven't performed as expected and the company has largely retreated from M&A, the outlook is improving even amidst punishing declines in iron ore prices. Given that outlook and today's valuation, and much to my own surprise, Rio looks like one of the cheapest major miners and...
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