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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