Anglo American: Hopes for a takeover battle
Meetings this week of shareholders in Anglo American in London and Rio Tinto (in Australia) will continue to focus on the fate of BHP $A60 billion all-share offer for the London-based miner.
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As pioneers in mining and metals, we produce materials essential to human progress. Iron ore for steel. Aluminium for cars and smartphones. Copper for wind turbines, electric cars and the pipes that bring water to our home. Borates that help crops grow, titanium for paint – and diamonds that celebrate the best things in life.
We work in about 35 countries – in mines, smelters and refineries, as well as in sales offices, data centres, research and development labs and with artificial intelligence. Our geologists explore the Earth’s wildest terrain. Our wildlife specialists work to protect and conserve grizzly bears in Canada and migratory shorebirds in Western Australia. Our marketing teams make sure our essential materials meet the specific needs of customers around the world. In Australia, our archaeologists work alongside Indigenous Australians to preserve 40,000-year-old rock art.
We are home to one of the world’s largest robots and maybe one of the smallest – we call him Mark. We built a wind farm 200 kilometres south of the Arctic Circle to help power our diamond mine, and in 2018 became the only major mining company to stop producing fossil fuels, including coal. We want to be part of the solution to climate change, and believe we are.
We aim to deliver superior returns to our shareholders throughout the cycle by meeting our customers’ needs, allocating capital with discipline, and investing in high-quality projects and in industries with solid, long-term fundamentals.
We were founded in 1873, on the banks of the Rio Tinto river in Andalusia, Spain. We are proud of everything we have achieved. At Rio Tinto, we know our future is even brighter than our past.
19 Jul 2022 - Fund Manager Chris Pedersen discusses inflation, iron ore, BHP Group, Rio Tinto, Fortescue Metals Group, Deterra Royalties.
WATCH VIDEOMeetings this week of shareholders in Anglo American in London and Rio Tinto (in Australia) will continue to focus on the fate of BHP $A60 billion all-share offer for the London-based miner.
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"Steady as she goes," was the reaction from Rio Tinto (ASX:RIO) management to production data that, on the whole, disappointed a little on the downside, especially for copper and somewhat for iron ore.
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Chinalco of China continues to challenge Rio Tinto's share buyback resolutions, nearing the Australian government's shareholding limit at the miner's London annual meeting.
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Quietly, an American appeals court has given a new lease of life to the chances of a new copper mine in Arizona, promoted by Rio Tinto and BHP for years. However, there’s still a long way to go, and there is no certainty the mine will ever be built despite this favorable ruling.
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Rio Tinto (ASX:RIO) sticks to 2024 goals as WA iron ore inches up. Market challenges navigated with modest production increase.
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Outperform rating retained. Target rises to $130 from $110.
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Hold rating is maintained, while the target price rises to $107 from $102.
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Sell rating retained, UBS believing the iron-ore price risk is to the downside. Target price steady at $80.
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UBS retains a Sell rating, noting the iron ore outlook remains fragile as port inventories build. $79 target price retained.
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The broker's Hold rating is maintained. Target price falls to $104 from $112.
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