|Bid||4,058.00 x 0|
|Ask||4,059.00 x 0|
|Day's range||4,013.02 - 4,089.50|
|52-week range||3,489.00 - 5,039.00|
|Beta (3Y monthly)||1.08|
|PE ratio (TTM)||5.09|
|Forward dividend & yield||2.59 (6.44%)|
|1y target est||N/A|
Rio Tinto (LON: RIO) shares have been climbing ahead of most sector rivals, while Antofagasta and Fresnillo report satisfying production levels.
Rio said it would make a decision on the smelter, New Zealand's largest single power user, in early 2020. "We expect the short to medium outlook for the aluminium industry to be challenging and this asset to continue to be unprofitable," Rio Tinto said in a statement.
Investing.com -- Here's a summary of regulatory news from the London Stock Exchange on Wednesday, 23rd October. Please refresh for updates.
The U.S. aluminium producer has just announced a five-year review of around 4.0 million tonnes of alumina capacity and 1.5 million tonnes of smelter capacity. It's not quite an annual event but Alcoa shareholders have been here many times before as the company keeps trying to move down the cost curve in the face of chronically depressed prices. On the London Metal Exchange (LME) three-month aluminium has ground steadily lower over the course of 2019 and at a current $1,720 per tonne is close to the near three-year low of $1,705 recorded earlier this month.
Global miner Rio Tinto Ltd said it will conduct a strategic review of its stake in New Zealand's Aluminium Smelter (NZAS), citing weakness in the aluminium market. The miner said it was considering all options for the site, including possible curtailment or closure. The move comes a week after the miner downplayed its annual aluminium production guidance and flagged challenging conditions in the industry.
(Bloomberg) -- Rio Tinto Group is starting pilot production of lithium in California and will consider an expansion to become the top domestic supplier in the U.S. as the world’s biggest miners look to boost their exposure to the electric car battery revolution.Work to reprocess waste piles from a 90-year-old mining site in Boron has successfully produced lithium carbonate -- needed in rechargeable batteries for electric vehicles and consumer technology, Rio said Tuesday in an emailed statement. Efforts are now focused on improving quality and lifting volumes, the company said.Rio is the first top diversified miner to add lithium output to its portfolio and comes ahead of a looming decision on development of its mine project in Serbia that analysts estimate could account for about 5% of world demand. Demand for lithium will advance about eight-fold to 2030 as EV adoption increases and the battery sector expands, BloombergNEF said in a July report.“If the trials continue to prove successful, this has the potential to become America’s largest domestic producer of battery-grade lithium -- all without the need for further mining,” Bold Baatar, chief executive officer of Rio’s energy and minerals division, said in the statement. Currently the only supplier in the U.S. is Albemarle Corp.’s Silver Peak operation in Nevada, according to the U.S. Geological Survey.Rio, the world’s No. 2 miner, has held discussions on the EV sector with key companies in the supply chain and executives have visited China’s battery producer Contemporary Amperex Technology Co. Ltd. and electric automaker Tesla Inc., according to people familiar with the producer’s plans, who spoke on condition of anonymity as details of the talks are private. CATL declined to comment. Tesla didn’t immediately respond to a request for comment.A pilot plant being assembled at Boron -- about 100 miles northeast of Los Angeles -- under a $10 million first phase will produce about 10 metric tons a year of lithium carbonate equivalent by chemically processing material from the pile of decades-old mining waste.Boron is part of a unit in California’s Death Valley that’s produced borates, materials used in laundry soap to components for nuclear reactors, since 1872. There’s at least 80 minerals to be found in material from the site, and staff had initially been combing the waste for gold and other elements when they discovered lithium, according to Rio.Rio will next consider a $50 million investment to build an industrial-scale lithium plant with capacity for 5,000 tons a year that could begin making sales into the battery market. That volume would be sufficient for batteries needed in about 15,000 Tesla Model S cars, the company said.While Rio’s competitors are also gearing up for forecast rising battery demand, their focus is on other commodities. Glencore Plc is aiming to add copper, nickel and cobalt output, while BHP Group is developing specialist nickel and battery cathode products and sees lithium as a less attractive option, Chief Financial Officer Peter Beaven said in May.Lithium prices have sunk since mid-2018, ending a three-year surge, as new operations have added supply and amid some signs of demand weakness. There’s probably currently enough capacity to supply the global market until the mid-2020s, according to BNEF.Rio previously weighed an offer for a stake in Soc. Quimica & Minera de Chile SA, one of the world’s top lithium producers, before deciding last year not to proceed.Separately, Rio has signed an agreement to enter the rare earths supply chain with the sale of monazite, a raw material that contains the critical elements, the company said. The material is part of the waste stream at Rio’s mineral sands operation in Madagascar.President Donald Trump has flagged concerns over the global supply of rare earths and a suite of other so-called critical minerals amid worries China, the dominant supplier of many of the materials, could restrict exports.Rio is also using a $3 million Defense Logistics Agency grant to boost recovery of rhenium, needed for jet-fighter engines, at a copper operation in Utah. It’s also working on a project to boost U.S. supply of indium, used in touch screens and solar panels.To contact the reporter on this story: David Stringer in Melbourne at email@example.comTo contact the editors responsible for this story: Alexander Kwiatkowski at firstname.lastname@example.org, ;Edward Johnson at email@example.com, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The move by Rio comes as U.S. politicians and regulators push to expand domestic mining of so-called strategic minerals used to make EV batteries and other high-tech equipment. Rio has produced borates - a group of minerals used to make soaps, cosmetics and other consumer goods - for nearly a century in the Mojave Desert, about 120 miles (195 km) north of Los Angeles. Rio said it had been probing the tailings for gold and discovered lithium at a concentration higher than rival U.S. projects under development, although the company declined to give the exact percentage.
(Bloomberg) -- After freezing out Rio Tinto Group for more than a decade for owning a highly polluting copper mine, one of the world’s biggest sovereign wealth funds has brought the company back into the fold.Norway’s $1 trillion wealth fund built a 1.4% stake in the world’s No. 2 miner by the end of September, according to Bloomberg data. That puts the fund among the top 10 holders of Rio Tinto shares, the data show.The investment demonstrates the value of meeting the increasingly aggressive environmental goals set by some of the largest money managers. Norway’s wealth fund is at the forefront of those efforts, and said earlier this year it would stop investing in companies that mine more than 20 million tons a year of thermal coal, the most polluting fuel. Miners including Glencore Plc and Anglo American Plc are set to fall foul of this rule.Norway refused to buy Rio Tinto stock for more than a decade because of the environmental damage caused by its Grasberg mine in Indonesia, one of the world’s biggest copper and gold projects. In June, the fund said it had revoked that exclusion, after a recommendation from its Council on Ethics.Rio agreed to sell its stake in Grasberg last year for $3.5 billion. The mine, operated by U.S. company Freeport-McMoRan Inc., is highly contentious. Every year it dumps tens of millions of tons of mining waste into an Indonesian river system and will continue to do so for years to come.Rio has sought to burnish its environmental credentials, becoming increasingly vocal on the subject. After offloading its last coal mine in 2018, the company has sought to distinguish itself from rivals that still have fossil-fuel exposure.To contact the reporter on this story: Thomas Biesheuvel in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, Dylan Griffiths, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Looking for big yields and great value? This FTSE 100 share appears to have it all. But Royston Wild advises why it could blow a hole in your Stocks & Shares ISA.
Harvey Jones picks out two high-yielding FTSE 100 (INDEXFTSE:UKX) giants trading at temptingly low valuations.
European stocks pulled back slightly on Wednesday from their strongest closing high in more than a year as clashing headlines on Britain's last-minute efforts to forge a divorce deal with the European Union left investors hanging on the outcome. Hopes of a breakthrough took the pan-European STOXX 600 to its highest close since May 2018 on Tuesday, but the index closed down 0.1% with London's exporter-laden FTSE 100 , which tends to fall when the pound gains, lagging the most with a 0.6% decline. A report that the main stumbling block to a deal had been removed to news that the talks had hit a "standstill" made for a choppy trading session, but expectations of a no-deal Brexit faded.
European shares dipped on Wednesday, after dramatic swings over the past week, as uncertainty over the outcome of London's last-ditch Brexit talks with Brussels kept investors on the sidelines. Brexit negotiations will resume in Brussels on Wednesday morning after "constructive" negotiations went into the night on Tuesday, a British spokesman said. Britain's domestically-focused midcaps slipped 0.2% after climbing recently on hopes of a Brexit deal.
At least one policeman and a protester were killed on Monday during demonstrations in Guinea against a possible change to the constitution that could let President Alpha Conde seek a third term, officials and residents said. Police opened fire on demonstrators as they ransacked military posts and blocked roads with burning tyres in the capital Conakry and protests in the northern opposition stronghold of Mamou also turned violent, witnesses said. Conde's second and final five-year term expires in 2020 but the 81-year-old leader has refused to rule out running again.
UK stocks paid out an eye-watering £100 billion in dividends last year, and the bulk of that cash came from the biggest and best known companies in the FTSE 358230;
Rio Tinto is looking for copper and zinc-lead deposits in four Chinese regions, including Xinjiang and Inner Mongolia, as part of an exploration venture with state-owned China Minmetals Corp , a spokeswoman for the Anglo-Australian Miner said on Friday. The two companies set up a 50-50 joint venture (JV) to explore for what they called world-class mineral deposits in China in June 2018, but it was not previously clear which minerals they were looking for or which regions they were targeting. Technical teams are carrying out field assessments in the major mineral belts of Xinjiang and Inner Mongolia, as well as in China's southwestern Yunnan province and northeastern Heilongjiang, the Rio spokesperson said in an email.
Rio Tinto, one of the world's top iron ore miners, signed its first spot trading contract denominated in Chinese Renminbi on Friday, in an effort to diversify procurement channels for Chinese customers. The Anglo-Australian mining giant held a signing ceremony at Rizhao Port in China's eastern province of Shandong, offering 10,000 tonnes of mid-grade iron ore SP10 to Shanxi Gaoyi Steel Co Ltd, said Zhang Qi, director of foreign ore at the Shanxi firm. "We believe port sales could potentially help us to better serve our existing customers, as well as potentially opening up an opportunity to sell to new customers who do not participate in the seaborne market," a Rio Tinto representative was quoted as saying.
Indian miners are lobbying against a government proposal to link a new coal index to international prices, documents reviewed by Reuters show, which could delay creation of the index. India plans to create a national coal index to end state-run Coal India's control over prices and privatise the coal sector, as the energy-hungry nation for the first time looks to invite bids from global firms for coal mining blocks by end-2019. A government panel has proposed two price formulas, both of which use prices of imported coal to arrive at a benchmark, government documents reviewed by Reuters showed.
One of BHP's biggest shareholders Aberdeen Standard Investments on Wednesday added to pressure for the world's leading miner to cut ties with lobby groups it says are at odds with the company's pledges on climate leadership. Earlier, the Church of England Pensions Board urged shareholder advisers to review their opposition to a resolution calling on BHP to withdraw from groups that lobby for policies inconsistent with global climate change limitation goals. Aberdeen Standard Investments, which holds around 3.2% of BHP's stock, said it was taking the rare step of speaking out ahead of a vote at BHP's annual shareholder meeting in London on Oct. 17 because of the urgency of tackling climate change, and after its research found the lobby groups were the biggest single obstacle to progress.
Rupert Hargreaves explains how these FTSE 100 (INDEXFTSE:UKX) income champions could help you generate a second income in the stock market.
Australian miner Fortescue and Guinea's biggest bauxite exporter SMB-Winning are the last two companies in the running for the rights to develop blocks 1 and 2 of Guinea's Simandou iron ore deposit, three sources told Reuters on Friday. A Guinea government commission in charge of the international tender for Simandou blocks 1 and 2 should come to a final decision in around a month, the sources close to the commission said. Guinea has struggled for decades to develop its Simandou iron ore deposit which is among the world's biggest and contains billions of tonnes of high-grade ore.
* European shares tread water * STOXX 600 up 0.2% after slightly negative start * Volumes below average * JPM raises euro-zone stocks to "overweight" * ECB's Draghi emphasises need for fiscal push * Wall Street opens higher Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org AN UNEASY FEELING OF DEJA VU (1348 GMT) The markets are looking eerily similar to this time last year as Q4 approaches and Morgan Stanley's equity strategist Michael Wilson says he's got a feeling of deju vu.