Rio Tinto: Productivity program yielding results

About the author:

Author name:

By Adrian Prendergast

Job title:

Senior Analyst

Date posted:

18 October 2023, 7:30 AM

Sectors Covered:

Mining, Energy

• Rio Tinto (ASX:RIO) reported a strong 3Q’CY23 production result with production up qoq across RIO’s iron ore, copper, and aluminum divisions.
• RIO still expects Pilbara iron ore shipments in the upper half of CY23 guidance.
• FY23 IOC guidance has been lowered by ~10% but does not move the needle on group numbers.
• Not trading at a steep discount to value, but we do still see an attractive return profile on a TSR basis for the big miner. Maintain ADD rating.

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