Rio Tinto finished 2020 in line with its guidance and ahead of UBS’s estimates with total iron ore shipments at 330.6mt. A final dividend of US$3.70 per share is forecast. The Neutral rating and target price of $115 are unchanged.
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2021 is going to be a year of marking time for Rio Tinto with targets for the coming year little changed from 2020, which likely means they will be looking to cost cutting and price gains to drive earnings growth.
Read MoreMacquarie has marked to market December quarter commodity prices and foreign exchange rates and remains positive on copper exposure going into 2021. for Rio Tinto, the major driver for the diversified miner remains buoyant iron ore prices. The Outperform rating and target of $127 are unchanged.
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A big week for the local market – not for the earnings results – but for the production and sales data from two of the world’s mining majors and iron ore giants – Rio Tinto and BHP.
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Strong demand from Chinese steel mills and renewed supply concerns about Brazil saw iron ore prices urge to new highs on Monday.
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The iron ore price so far in December is up 21.65% and looks very much in a boom and that will, if past history is any guide, end in tears and a big slide. The sharp rise in prices has triggered a moan from China’s steel industry.
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Global iron ore prices surged to new multi-year highs well above $US150 a tonne on Thursday after a tropical low in the Indian Ocean triggered moves to clear Port Hedland of vessels and send them to sea.
Read MoreAnother surge in iron ore prices Wednesday saw new multi-year highs reached. Global iron ore prices topped $US150 a tonne for 62% Fe fines for the first time in nearly 8 years on Wednesday, while the price of 65% high-grade ore went well over $US162 a tonne.
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Global iron ore prices rose again on Monday, hitting new multi-year highs, despite another fall in import volumes into China in November.
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Iron ore prices are up 56% in the year to date – compared with around 24% for copper – its 2020’s best performing commodity and incoming supplies remain tight while steel output continues to rise on strong infrastructure demand.
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As predicted in yesterday’s edition, Wednesday’s surge in world iron ore prices to seven-year highs saw the prices of Australia’s major miners jump sharply on Thursday.
Read MoreIron ore prices have hit new seven-year highs on emerging fears of a shortage in early 2020. The fears were sparked by the surprise move by big Brazilian exporter, Vale, to trim its 2020 production estimate for a third time this year and set a smaller than expected first estimate for 2021 output.
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Anton Tagliaferro and Daniel Moore analyse the fundamentals of Amcor, Brambles and Orica and seek to provide an objective insight into the ‘blue sky’ being factored into Afterpay’s share price.
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A remarkable 31% lift in iron ore fines production by Vale, the huge Brazilian miner, has signalled what could be the start of a downturn in global iron ore prices in 2021. In fact, if Vale continues boosting supply this quarter, pressure on prices will emerge in November and December.
Read MoreDelays stemming from the pandemic amid ebbing demand conditions confront Rio Tinto, while there is also work to do to improve perceptions about its cultural sensitivity.
Read MoreThe departure of certain executives is, in Macquarie’s view, a key step in regaining stakeholder trust after the Juukan Gorge incident. A search for a replacement to the outgoing CEO is the catalyst for the stock in the short term.
Read MoreRio Tinto has surprised the market with news of an executive cleanout. CEO, Jean-Sébastien Jacques, and two other senior executives are set to leave the mining giant over the decision to blow up a 46,000-year-old Aboriginal sacred site in the company’s iron ore tenements in WA’s Pilbara.
Read MoreIron ore exports to China recovered in August, but were still far short of the record 46.2 million tonnes shipped from Port Hedland in June, the Pilbara Ports Authority reported on Tuesday.
Read MoreJuly’s slump in Australian iron ore exports to China from the world’s largest export port at Port Hedland has passed without too much comment, so was it a one-off or was it something deeper?
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Shares in Perth-based mining services company Monadelphous have dropped to a four-year low as broking analysts cut their ratings on the stock in the wake of news of a $493 million damages suit from Rio Tinto.
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Shares in Perth-based engineering company Monadelphous Group dropped more than 10% on Monday after news broke that it was being sued by Rio Tinto over a fire at one of Rio’s iron ore export terminals at Cape Lambert in the Pilbara.
Read MoreRio Tinto has lifted its mid-year dividend payout despite a 20% fall in net profit with the company now more hostage to iron ore than at any other time in its history.
Read MoreRio Tinto has finally given investors an idea of the size and grade of its huge Winu copper-gold deposit in WA’s Eastern Pilbara and reckons it can get a mine underway by 2023.
Read MoreRio Tinto will be releasing its 2020 interim financial results on July 29. UBS expects earnings to decline -6% year on year driven by declining commodity prices.
Read MoreRio Tinto reported Q2 iron ore shipments slightly of 86.7Mt, slightly below UBS forecasts. However, mined copper exceeded forecasts due to record throughput at Escondida. Aluminum and Alumina production were 1.2% below the broker forecast.
Read MoreShares in Rio Tinto have edged higher after it revealed a solid quarterly and half-year performance for its key Pilbara iron ore business.
Read MoreIron ore exports hit record levels in the June quarter and in the year to June, according to figures from the Pilbara Ports Authority. That performance helped total iron ore exports for the year to June from the two major ports – Port Hedland and Dampier jump 3% to a record 717.3 million tonnes.
Read MoreRio Tinto will wind down its NZ aluminium smelter business following the conclusion of the strategic review because it is no longer viable because of the aluminium price and energy costs. The wind-down is expected to be completed in August 2021.
Read MoreRio Tinto surprised yesterday by revealing – in the midst of a recession – that it will close its ageing New Zealand aluminium smelter with the loss of 1,300 direct jobs and thousands more in other sectors.
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The gradual recovery in global economies coupled with curtailed supply are likely to be supportive of Australia’s iron ore prices in the coming months, writes Luke Smith, Portfolio Manager for Ausbil Investment Management.
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As we move toward the close of a stunning financial year (for most companies), the sharemarket is bracing for a shocking reporting season. James Dunn takes a closer look at what we can expect.
Read MoreThe steel-making ingredient that burst out of the blocks with the onset of the China boom during the early 2000s, has defied the sceptics and generated an earnings bonanza for the mining heavyweights that dominate the industry. Gavin Wendt digs into the dynamics driving the iron ore price.
Read MoreIn news that will further rattle global iron ore prices, the office that enforces labour laws in Brazil’s Para state is stepping up an investigation into potential shortcomings in the way mining giant Vale has protected its workers from the coronavirus.
Read MoreGlobal iron ore prices have surged by nearly 5% on news that Vale, the big Brazilian miner, had been forced to shut three mines in its southern mining complex because COVID-19 infections were spreading.
Read MoreGlobal iron ore prices have topped the $US100 a tonne level for the first time in 10 months on growing concerns over supplies from Brazil as the COVID-19 pandemic grows in the iron ore producing regions in the north and south of the country.
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With negative rhetoric surrounding Australia’s trade relationship with China, what is the outlook for Australia’s iron ore miners?
Read MoreGlobal iron ore prices have leapt a surprisingly strong 5% as doubts re-emerged about the security of Brazilian iron ore supplies in the wake of the continuing spread of COVID-19 across that country.
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Scott Kelly, Manager of the DNR Capital Australian Equities Income Portfolio, provides an update on his firm’s outlook for dividends in the Australian equity market.
Read MoreRio Tinto’s iron ore exports rose 5% in the March quarter compared to the same time last year.
Read MoreGovernment action in South Africa has led to Rio Tinto shutting down operations and developments there for three weeks. Quebec has called mining and smelting essential, but only at minimum rates. The broker has adjusted accordingly and also adjusted for commodity price and forex movements.
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