Rio Tinto is a world leader in finding, mining and processing the earths mineral resources. The Groups worldwide operations supply essential minerals and metals that help to meet global needs and contribute to improvements in living standards. Rio Tinto encourages strong local identities and has a devolved management philosophy, entrusting responsibility with accountability to the workplace. Major products include aluminium, copper, diamonds, energy products (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc and zircon), and iron ore. The Groups activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa. Rio Tinto comprises wholly owned subsidiaries (such as Borax, Comalco, Hamersley, Rio Tinto Coal Australia, Kennecott and Rio Tinto Iron & Titanium), partly owned subsidiaries (Coal & Allied and Palabora) and non-managed, (Escondida) and joint ventures (Grasberg) in which public shareholders, other companies or governments are partners.

            Red = 25 day moving average.           Green = 200 day moving average.

SALES PER ACTIVITY (Data as of 31/12/2005)

Iron:        29%
Coal:       19%
Copper     18%
Aluminum: 14.5%
Minerals:  12.5%
:              6%
Misc:        1%

StockMarketWire.com
Rio Tinto said global iron ore shipments totalled 336.6 million tonnes in 2015, marginally below its guidance of 340 MT but up 11% on 2014. At 327.6 MT, global iron ore output was also up 11% on 2014.

"In 2015, we delivered efficient production, meeting our targets across all of our major products, while rigorously controlling our cost base," said CEO Sam Walsh in a statement.

"We will continue to focus on disciplined management of costs and capital to maximise cash flow generation throughout 2016."

Meantime, semi-soft and thermal coal production was overall flat at 22,285 kt. Output of bauxite, aluminium and hard coking coal was up. However, mined copper production fell 16% to 504.4 kt, while titanium dioxide slag tumbled 25% to 1089 kt.

StockMarketWire.com
Rio Tinto has swung to a FY pretax loss of USD726m, from a profit of USD9.55bn a year earlier. Consolidated sales revenue was USD34.83bn, from USD47.66bn. It maintained its FY dividend at 215p a share.

CEO Sam Walsh described the performance as "strong" against a "highly challenging" environment.

"We continued to take decisive action to preserve cash through further cost reductions, lower capital expenditure and the release of working capital. This focus on cash resulted in operating cash flows of $9.4 billion," he said in an earnings statement.

"At the same time, we have significantly strengthened our balance sheet and finished 2015 with net debt of $13.8 billion, which is $700 million better than the $14.5 billion pro-forma position at the end of 2014.

"The continued deterioration in the macro environment has generated widespread market uncertainty. We are embarking on a new round of proactive measures to cut our operating costs by a further $1 billion in 2016 followed by an additional goal of $1 billion in 2017.

"We are also reducing our capital expenditure to $4 billion in 2016 and $5 billion in 2017, an overall reduction of $3 billion compared with our previous guidance.

"These significant actions provide us with the confidence that we remain robustly positioned to maintain both balance sheet strength and deliver shareholder returns through the cycle."

BIG PICTURE
"The slowdown in emerging markets limited global growth to around 3 per cent in 2015. The impact on commodity demand was much stronger, led by a further deterioration in key metals-intensive sectors in China.

"In response, high-cost marginal supply is seen exiting across most markets. This is a slow process. Without a turnaround in demand it is difficult to see these supply withdrawals having strong positive price impacts in the short term.

"The macro-economic consensus points to a moderate improvement in global growth in 2016, but volatility in financial and oil markets is a strong sign that macroeconomic risks abound, with geopolitical concerns also not far in the background.

"Longer term, demand prospects remain positive and we expect this will support a recovery from the current cyclical low phase."

Looks like 2016 dividends will be much lower ( =Like half previous Years !), so I expect the Market will reduce the sp from current £22 to meet the expectations of the Co. which probably sees the next year will be much the same as last, with general falls in hard commodity pricing.
EDIT (9May2016) sp~£20

Deutsche Bank today reaffirms its buy investment rating on Rio Tinto PLC (LON:RIO) and cut its price target to 2800p (from 3000p).

Rio Tinto will strengthen its organisational structure to continue to drive performance under its new chief executive Jean-Sébastien Jacques.

From 2 July 2016, Rio Tinto's product group structure will be adjusted to better align the Group's assets with the business strategy to help drive further efficiencies and optimise performance. The Group's world-class assets will be firmly at the centre of the business and will be supported by efficient and agile global functions.

Jean-Sébastien Jacques said "In the face of testing times for the industry, Rio Tinto is performing remarkably well. Our ambition is to deliver superior performance day-in and day-out so that we create value for our shareholders and communities now and over the long term.

"Our strategy, commitment to balance sheet strength and focus on shareholder returns will not change; but we are strengthening our structure and delivery by placing our assets at the heart of the business to drive improved performance.

"I am pleased to unveil our new executive team which represents seven nationalities and is as diverse as it is experienced. Each new team member has more than 20 years' experience in the resources sector, which complements the deep expertise of the existing executive team.

"We will work together with all of our employees around the world to build an even stronger company, well positioned for delivering returns and building growth."

Rio Tinto's organisational structure will include four product groups - Aluminium, Copper & Diamonds, Energy & Minerals and Iron Ore. These groups will be complemented by a newly shaped Growth & Innovation group, which will focus on future assets and technical support.

Under the new structure:
· Aluminium will retain its focus on safety, cash and value creation from its high-quality bauxite, alumina and aluminium businesses. Alfredo Barrios will remain as chief executive, based in Montreal.

· Iron Ore will be exclusively focused on our world-class iron ore operations in Western Australia. Chris Salisbury, currently acting Copper & Coal chief executive, will become Iron Ore chief executive based in Perth.

· Copper & Diamonds will combine our two marketing-led businesses into a single product group, which helps us maximise our technical underground mining expertise. Arnaud Soirat will join the Executive Committee as Copper & Diamonds chief executive. Arnaud, currently Aluminium Primary Metal president and chief executive officer, with more than 24 years of industry experience across three continents, will be based in London.

· Energy & Minerals re-shapes Alan Davies' current portfolio, bringing together Rio Tinto's coal, uranium, salt, borates and titanium dioxide businesses, as well as the Iron Ore Company of Canada. Alan, currently Diamonds & Minerals chief executive, remains based in London.

· Growth & Innovation will provide strategic leadership and technical expertise for the end-to-end delivery and management of growth from exploration to projects. Stephen McIntosh, currently acting Technology & Innovation Group executive, will take up the role of Growth & Innovation Group executive, based in Brisbane.

In addition, reflecting the Group's increased focus on health and safety, accountability for safety as a discrete unit will sit with an Executive Committee member for the first time.

Goldman Sachs today upgrades its investment rating on Rio Tinto PLC (LON:RIO) to neutral (from sell) and raised its price target to 1900p (from 1330p).

Credit Suisse today reaffirms its neutral investment rating on Rio Tinto PLC (LON:RIO) and raised its price target to 2300p (from 2100p).

StockMarketWire.com
Rio Tinto has delivered robust operational performance in Q2.

"We continue to focus on value and maximising cash flow from our assets, through both commercial and operational excellence while maintaining capital discipline," said CEO J-S Jacques.

"This will ensure that Rio Tinto is well-positioned to generate compelling and consistent returns for our shareholders."

HIGHLIGHTS:
* Second quarter Pilbara iron ore sales achieved a run-rate of close to 330 million tonnes per annum (100 per cent basis) in line with annual guidance. Sales exceeded production in the quarter, partially unwinding the inventory build in the first quarter.

* Bauxite production was nine per cent higher than the first half of 2015. This enabled a five per cent increase in third party sales over the first half of 2015.

* First half aluminium production was ten per cent higher than the same period in 2015, with the modernised and expanded Kitimat smelter delivering its first full quarter at nameplate capacity.

* Mined copper was in line with the first half of 2015 as strong performances at both Rio Tinto Kennecott and Oyu Tolgoi, as well as a contribution from Grasberg, offset a weaker performance from Escondida.

* On 6 May 2016, Rio Tinto and its partners, the Government of Mongolia and Turquoise Hill Resources, announced the next stage in the development of Oyu Tolgoi. Following the approval of the underground project, over $4 billion of project financing has been drawn down.

* On 21 June 2016, Rio Tinto announced changes to its organisational structure. The Group continues to be organised into four product groups: Aluminium, Copper & Diamonds, Energy & Minerals (including Iron Ore Company of Canada) and Iron Ore, complemented by a newly-shaped Growth & Innovation group, which will focus on future assets and technical support.

HARRYCAT - do you have a view on the copper miner [ATYM] - this was highlighted in IC a few months ago - it seems they bought the Rio-Mine in Spain (DYOR). . . . just treading-water until the copper Spot-price rises, I'm guessing, -but 1/20th cheaper than RIO stocks.

ATYM (EMED) not one I have followed at all. Seems they are trying to re-commission the mine near Seville in Spain, which I have actually passed recently. A huge terrassed open cast mine with vast areas of water in the middle. Can't really comment on whether it will be viable or not.

Deutsche Bank today reaffirms its buy investment rating on Rio Tinto PLC (LON:RIO) and cut its price target to 3160p (from 3175p).

Jefferies International today reaffirms its buy investment rating on Rio Tinto PLC (LON:RIO) and raised its price target to 2800p (from 2600p).

StockMarketWire.com
Rio Tinto has delivered strong third-quarter production, underpinned by improving operational performance across its Tier 1 portfolio.

"Output from our iron ore and bauxite assets reflects the drive for productivity and operational excellence," said CEO J-S Jacques.

"With a continued focus on value, we will seek further productivity improvements across the business.

"Our rigorous attention to cash generation, coupled with a disciplined allocation of capital remains our key focus in delivering shareholder value."

HIGHLIGHTS:
- Pilbara iron ore production (100 per cent basis), saw a run-rate of 330 million tonnes a year. Shipments were reduced by port and rail maintenance during the quarter and annual shipment guidance is revised to between 325 and 330 million tonnes for 2016.

- Quarterly production records at both Weipa and Gove led to nine month bauxite production of 35.6 million tonnes, ten per cent higher than the same period in 2015.

- Kitimat delivered its second consecutive quarter at nameplate capacity, giving rise to an 11 per cent increase in year to date aluminium production.

- Mined copper production for the first nine months of 2016 was four per cent higher than the same period in 2015, despite 18 per cent lower copper production at Escondida, primarily due to lower grades. Rio Tinto Kennecott achieved increased production from mining an area of higher grades, whilst continuing its focus on de-weighting to access ore from the east wall of Bingham Canyon.

- On 5 August, the Group completed the sale of its Mount Pleasant thermal coal assets for $221 million plus royalties.

Macquarie today reaffirms its outperform investment rating on Rio Tinto PLC (LON:RIO) and raised its price target to 3400p (from 3300p).

Jefferies International today (28/11/16) reaffirms its buy investment rating on Rio Tinto PLC (LON:RIO) and raised its price target to 3600p (from 3300p).

Credit Suisse today (07/12/16) upgrades its investment rating on Rio Tinto PLC (LON:RIO) to outperform (from neutral) and raised its price target to 3600p (from 2750p).

StockMarketWire.com
Rio Tinto has delivered a strong operational performance in 2016, underpinned by its drive for efficiency and maximising cash flow, says CEO J-S Jacques in a Q4 production update.

"Our disciplined approach remains in place in 2017, with the continued focus on productivity, cost reduction and commercial excellence. This will ensure that we continue to deliver value for our shareholders," he added.

HIGHLIGHTS:
- Pilbara iron ore shipments of 327.6 million tonnes (100 per cent basis) were in line with guidance and three per cent higher than 2015.

- Record bauxite production of 47.7 million tonnes exceeded full year guidance of 47 million tonnes, whilst third party shipments increased to 29.3 million tonnes.

- Aluminium production was ten per cent higher than 2015, with record annual production at ten smelters, notably at the modernised and expanded Kitimat smelter, which has produced at nameplate capacity since April 2016.

- Mined copper production was four per cent higher than 2015 at 523 thousand tonnes. This was below full year guidance, with no metal share delivered from Grasberg and lower than expected production at Kennecott.

- Rio Tinto's share of hard coking coal production was slightly above the top end of the guidance range due to strong operational performance, while semi-soft coking and thermal coal production of 21.4 million tonnes was in line.

- Titanium dioxide slag production continued to be aligned with market demand with a four per cent reduction on 2015.

- Production and shipments guidance for 2017 remains unchanged from the update given at our London investor seminar on 6 December 2016.

- On 23 November 2016, Rio Tinto announced it had reached an agreement to sell its aluminium assets at Lochaber, Scotland for a consideration totalling $410 million. The sale was finalised on 16 December 2016.

StockMarketWire.com
Rio Tinto has swung to FY net earnings of $4.6bn, from a prior year net loss of $866m. Its ordinary dividend per share was 170 cents, down 21% from 215 cents in the prior same period.

It also unveiled a share buy-back of $0.5bn over the period March 1 to Dec. 31, 2017.

The company said the results showed it had kept its commitment to maximise cash and productivity from its world-class assets, delivering $3.6bn in shareholder returns while maintaining a robust balance sheet.

"At the same time, we strengthened the portfolio and advanced our high-value growth projects as we look to the future," said CEO J-S Jacques.

He added that Rio Tinto entered 2017 in good shape.

"Our team will deliver $5bn of extra free cash flow over the next five years from our productivity programme," he said in a statement.

"Our value over volume approach, coupled with a robust balance sheet and world-class assets, places us in a strong position to deliver superior shareholder returns through the cycle."

FINANCIAL HIGHLIGHTS
Rio Tinto said it generated strong operating cash flow of $8.5bn, from down 10% from $9.4bn, and underlying earnings of $5.1bn, up 12% from $4.5bn.

It achieved $1.6bn of pre-tax sustainable operating cash cost improvements, and also invested in three major growth projects in bauxite, copper and iron ore.

Rio added that it optimised its portfolio with disposals of $1.3bn, either announced or completed in 2016, and up to $2.45bn announced so far in 2017.

It had strengthened its balance sheet further with net debt reduced to $9.6bn.

GUIDANCE
Rio confirmed operating cash cost improvements (including exploration and evaluation savings) of $2.0bn (pre-tax) over 2016 and 2017, in line with previous guidance.

It expected an additional free cash flow of $5.0bn by the end of 2021 from productivity improvements.

Capital expenditure was expected to be about $5.0bn in 2017 and about $5.5bn in each of 2018 and 2019. Each year included roughly $2.0bn of sustaining capex.

Production guidance is unchanged from the Fourth Quarter Operations Review.

RIO
the share has performed very well indeed over the last 12 months
the market clearly likes the results too, even though the divi has been cut


ANTO + AAL
these two have also performed very well of late - i particularly like ANTO though the brave may plump for KAZ instead

i've tried to do a performance comparison of these 3 shares, but the MAM sitre is currently playing silly buggers, so further comment in due course

herebelow ......

KAZ has outstripped all by miles, followed by AAL

RIO = blue
ANTO = red
AAL = black
KAZ = green

RIO clattered down during the day finishing -57 after +97, all on the back of a copper strike at a BLT mine in chile in which RIO have a stake

must surely be worth a further look in the morning
meanwhile, the likes of ANTO and KAZ should benefit