Seeking Alpha

Seeking Alpha Portfolio App for iPad

5,437 people get RIO articles and Market Currents by email alert.

Get email alerts on RIO »

RIO

Rio Tinto plc

6/19/2013, 12:49 AM ET

Quote & Headlines Market Currents StockTalk

All
| Earnings
| Dividends
| M&A
| On the move

Tuesday, June 18, 6:47 AM Rio Tinto's (RIO) recently on-the-block 59% stake in Iron Ore Co. of Canada draws the interest of state-owned Chinese giant Minmetals. "We have invested in the neighborhood before," President Wang Jionghui tells the WSJ. Active pursuit of a deal would depend on various factors such as partners, he adds. The stake likely has a value somewhere in the $4B range. Comment! [Commodities]
Monday, June 17, 3:20 PM J.P. Morgan turns a bit more positive on mining stocks (XME), moving to Neutral from Underweight on the sector as miners cut capex and the sector's relative price/book ratio is back to 2009 lows. While the firm remains skeptical that free cash flow yield could turn positive again in 2014, it says the market could give the sector the benefit of the doubt for a while. Sector favorites: RIO, GLCNF.PK. Comment! [Commodities, Quick Ideas]
Thursday, June 13, 2:34 PM Rio Tinto (RIO +3.4%) shares are strong after the selling one of its U.S. mines and stating its intention to dump others. The sale wouldn't suffice to move the needle, but combined with other potential sales "raises the potential for capital management in early 2014," Citigroup says. J.P. Morgan says concern over iron ore prices is excessive. Other base metals miners are up: CLF +6.6%, BHP +1.8%, VALE +4.9%. Comment! [Commodities, On the Move]
Wednesday, June 12, 9:47 PM Rio Tinto (RIO) has agreed to sell its Eagle project in Michigan to Lundin Mining (LUNMF.PK) for approximately $325M as part of its increasing focus on divesting non-core assets. The underground nickel-copper mine in the Upper Peninsula has construction about half complete and is expected to begin production in 4Q14; Lundin will spend another $400M to bring it on line. Comment! [Commodities]
Wednesday, June 12, 2:47 PM Mining companies were supposed to invest $1.5B in Guinea this year but instead a 30% drop is feared as miners cut capex for projects and China growth slows. Case in point: Rio Tinto (RIO) won't meet its 2015 target date for production at its $20B Simandou iron ore project. Guinea's $5B economy relies heavily on mining, accounting for 20% of GDP, 30% of export revenues and 80% of foreign currency inflow. Comment! [Commodities]
Wednesday, June 12, 9:59 AM Rio Tinto (RIO +0.8%) has invested nearly €80M in its Dunkirk aluminum plant in the past 18 months and plans to invest at least that much again over the next five years on energy saving and efficiency improvements. As Rio's 25-year contract with French utility EDF expires at the end of 2016, its electricity bill - which adds up to 23% of production costs - could rise as much as 80% otherwise. Comment! [Commodities]
Wednesday, June 12, 3:45 AM Rio Tinto (RIO) has reportedly attracted interest from three suitors for around $3B worth of Australian thermal-coal assets, including from Coal India, the world's largest coal producer by output. The assets include an up to 29% stake in Rio's New South Wales Coal & Allied unit. Any deals would fit in with the company's strategy of selling smaller or less profitable operations. Comment! [Commodities]
Tuesday, June 11, 8:24 AM Rio Tinto (RIO) plans to start exporting copper from the $6.2B Oyu Tolgoi mine in Mongolia on Friday, Reuters reports, marking the opening of a mine that will eventually make up one-third of the country's economy. For Rio, it is particularly important now as its Bingham Canyon mine in Utah was shut by a landslide in April and its 40%-owned Grasberg mine in Indonesia has been shut following an accident in May. Comment! [Commodities]
Wednesday, June 5, 11:13 AM Cliffs Natural Resources (CLF -3.4%) is among the S&P's worst performers, as global iron ore capacity is expected to increase faster than demand from China, continuing to weigh on prices, according to the head of Baosteel, China's third-biggest mill. Steel output growth has dropped to less than 5%/year from 20% between 2000-06. BHP -2.9%, RIO -1.8%, VALE -1.8%. (also) Comment! [Commodities, Global & FX, On the Move]
Monday, June 3, 10:36 AM Rio Tinto (RIO +2.4%) is said to be pursuing an IPO of its gem unit, the world's largest supplier of natural colored diamonds, after failing to find a buyer. RIO is working on asset sales and cutting staff as waning global demand for commodities is crimping revenue across the sector. 1 Comment [Commodities, On the Move]
Sunday, June 2, 6:40 PM Glencore Xstrata (GLCNF.PK) and Blackstone (BX) may bid for Rio Tinto's (RIO) 59% stake in Iron Ore of Canada, sources tell WSJ. RIO put the position up for sale earlier this year. Some say Blackstone is the more likely suitor given that Glencore is still busy integrating Xstrata. The Journal notes that mining companies are becoming "more cautious on bidding for new assets [as] investors demand restraint on spending [amid] falling commodity prices" (previous). Bankers say this has opened the door for private-equity. Comment! [Commodities, M&A]
Friday, May 31, 4:45 PM Iron ore prices suffered their worst week in more than a year, and Barclays believes the drop likely will continue as significant new capacity enters the market between now and the end of 2014 with softer demand growth magnifying the effects. No surprise that iron miners are hurting: VALE -4.6% today and -7.7% this week, CLF -3.6% today and -12.8% this week, RIO -4.1% and -2.9%, BHP -2.9% and -3.4%. 3 Comments [Commodities]
Thursday, May 30, 11:47 AM Prices of iron ore hit a seven-month low today, and are down 30% since hitting a year high in February, as prices get hit by a demand slowdown in China and a glut of supply. Analysts are predicting more declines, with Westpac projecting iron ore prices to drop to as low as $85 a ton by the end of September. Liberum Capital notes that its channel checks show the price may fall below $90 a ton. "The market is flush with product at the moment," says RBS Morgans resources analyst James Wilson. "Pricing power has switched from the iron-ore miners to the steel mills." 7 Comments [Commodities, Global & FX]
Friday, May 24, 8:10 AM Rio Tinto (RIO) cuts ~100 jobs at its Kennecott copper operation in Utah and warns more positions will be cut to reduce operating costs after April's pit-wall collapse. Rio estimates more than 165M tons of earth slid into its open-pit Bingham Canyon mine, and will reduce planned copper production there by about 50% this year. RIO -1.2% premarket. Comment! [Commodities]
Wednesday, May 15, 9:08 AM Rio Tinto (RIO) says it is open to a piecemeal sale of its diamond business rather than as a single package, if doing so means investors get a better deal. The miner has been trying to sell off its diamond business for over a year with little success; the unit, estimated by analysts to be worth as much $2.4B, includes diamond mines in Australia, Canada and Zimbabwe. RIO -2.3% premarket. Comment! [Commodities, On the Move]
Tuesday, May 14, 7:58 AM Rio Tinto (RIO) is committed to cutting capex and operating costs and selling non-core assets while ramping up production, CEO Sam Walsh says. Rio previously announced plans to cut its operating cost base by $3B by the end of 2014 and is on track to cut $2B this year alone, Walsh says, and is targeting a $750M reduction in exploration and evaluation costs this year. RIO -3% premarket. 1 Comment [Commodities, On the Move]

1
2
3
4
5
6
...
42
Next Page