Company
LON:RIO
Rio Tinto Ltd is a leading international mining group that finds, mines and processes the earth's mineral resources. The Group's major products include aluminium, copper, diamonds, energy products, gold, industrial minerals (borates, titanium dioxide, salt and talc), and iron ore. Its activities span the world but are strongly represented in Australia and North America. There are also significant businesses in South America, Asia, Europe and southern Africa.
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The company announced incumbent chief executive J-S Jacques would step-down in September amidst controversy following the destruction of historical aboriginal sites at Juukan Gorge in Pilbara, Australia.
Copper is widely considered as the bellwether of the global economy
Odey wants Rio Tinto to remove the project finance package at Oyu Tolgoi
The broker believes the market has over-estimated the price support for iron ore and underestimated it for platinum group metals
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SP Angel . Morning View . Friday 16 10 20 Copper prices level ahead of Chinese Q3 GDP out early next week Power Metal Resources* (LON:POW) – Drilling commences in Botswana Rio Tinto (LON:RIO) – Maintaining production and capex guidance acro
“We have maintained our capex guidance and our 2020 production guidance across our key products.”
“Strategic stasis means M&A tail risks are eliminated and capex is highly transparent."
Those deemed responsible originally had their bonuses capped
Chris Salisbury, head of iron ore, is to leave at the end of 2020, with corporate relations director Simone Niven also stepping down
The miner added it will implement new measures to give heritage issues equivalent priority with safety and operational performance
The smelter is expected to be out of action for another two months
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Britain's top share benchmark finished down over 77 points, or 1.27%, at 6,026, while the pound was up 0.24% against the US dollar
Iron ore is in demand as new infrastructure projects paid for by stimulus get underway
Underlying profits fell 6% but the dividend was hiked 3%
"We are very pleased with the progress at Winu as it adds a further option to our strong copper portfolio in a country that is home to many of Rio Tinto's world class operations"
The mining giant continued to operate at all its locations through the pandemic
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Britain's top share index closed the day up over 39 points, or 0.63%, at 6,290
On the macro data front there will also be a UK consumer confidence report from Gfk
The broker also raised its target price to 4,200p, up from 3,600p previously, albeit with the shares currently trading at 4,580.50p
“Investors will have to understand that they (oil majors) are not going to be able to pay dividends like they did before,”
