Streetbeat News

RTNTF

RIO Tinto Ltd.

http://www.riotinto.com/

CEO

Jean-Sebastien Jacques

Employees

44,333

Industry

Iron Ore Mining

Open

73.75

Mkt cap

106B

Volume

200

High

84.91

P/E Ratio

11.51

52-wk high

94.30

Low

73.75

Div yield

0.08

52-wk low

70.39

Iron ore prices have dropped nearly 25% from their peak in early January due to reduced demand from China's real estate and manufacturing sectors. Major iron ore producers like Vale SA, Rio Tinto Ltd., BHP Group Ltd, and Fortescue Ltd. reported a production increase of 1.7% in 2023, adding pressure to prices. The National People's Congress in Beijing provided no demand stimulus, with construction activity remaining low amid China's crackdown on property debt. The situation is exacerbated by high iron ore inventories at Chinese ports, indicating a supply surplus.

Portfolio Pulse from Stjepan Kalinic

March 11, 2024 | 9:31 pm

Elliott Management is launching Hyperion, a new venture aimed at acquiring global mining assets worth at least $1 billion, under the leadership of Sandeep Biswas, former CEO of Newcrest Mining (OTC:NCMGY). The venture will focus on assets critical for electric vehicle production and renewable energy, leveraging low valuations in the sector. This marks a significant shift for Elliott, indicating a long-term commitment to the mining industry. Notable companies and ETFs in the sector include BHP Group Ltd. (NYSE:BHP), Rio Tinto Group (OTC:RTNTF), Vale S.A. (NYSE:VALE), VanEck Vectors Gold Miners ETF (NYSE:GDX), and Global X Lithium & Battery Tech ETF (NYSE:LIT).

Portfolio Pulse from Bibhu Pattnaik

February 25, 2024 | 7:09 pm

Rio Tinto (OTCPK: RTNTF) has received board approval for the $20 billion Simandou iron ore project in Guinea, set to be the world's largest mining project. The project, aiming for a 2025 production start, is expected to add 5% to the global seaborne supply and create 45,000 jobs. It involves collaboration with the Guinean government, China's Chalco Iron Ore Holdings, and other partners. The project emphasizes environmentally friendly steelmaking and has already seen $11.6 billion invested by Rio Tinto.

Portfolio Pulse from Stjepan Kalinic

February 22, 2024 | 3:48 pm

KoBold Metals, supported by billionaires including Bill Gates and Jeff Bezos, announced a historic copper discovery in Zambia, potentially the largest in the country's history. The Mingomba asset could rival the Kamoa-Kakula mine, operated by Ivanhoe Mines Ltd (OTC:IVPAF) and Zijin Mining Group (OTC:ZIJMF), which produced almost 400,000 tons of copper in 2023. KoBold plans to fast-track the development of this $2 billion mine for production in the early 2030s. The company spent $100 million on exploration in 2023, with plans to exceed this in 2024, aligning with the spending of giants like BHP Group (NYSE:BHP) and Rio Tinto Ltd. (OTC:RTNTF).

Portfolio Pulse from Stjepan Kalinic

February 05, 2024 | 8:22 pm

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