Rio Tinto: Productivity program yielding results

About the author:

Adrian Prendergast
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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