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%

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

Deutsche Bank today reaffirms its buy investment rating on Rio Tinto PLC (LON:RIO) and raised its price target to 4000p (from 3770p).

Haitong Securities today reaffirms its neutral investment rating on Rio Tinto PLC (LON:RIO) and raised its price target to 3220p (from 3070p).

bought some this morning at 3334 as fall looks well overdone

RIO
just stalling a bit at 3600 which looks to me like a minor resistance
with that in mind, have banked the profit on a few more, just in case

sure glad i bailed out yesterday

latest today ......

RIO
closing in a messy heap .... currently down 191p = 5.3%
AAL following though to a lesser degree ...... down 38p = 2.9%


not really sure why unless it's a late follow-through from yesterday's report re chinese consumption of steel

Rio went ex-divi on thurs, which may be part of the reason, though seems all miners are being hit at the mo. Possibly just profit taking after a very good run?

how much was the RIO divi?
the stock continues to be hammered and it's down a further 118 as i write

there was a negative report on iron ore prices the other day, which i'll try to find and post here

here you are ...... i posted this on 22nd

RIO and other base metal miners
the following explains the weakness in recent days, and in some ways supports what i have long been saying about chinese gdp

have just sold my RIO trading position for a decent profit, despite today's tumble ..... AAL is looking pretty sick so i'll stay with it



China's surging steel, iron ore inventories at odds with price gains:

LAUNCESTON, Australia, Feb 22 (Reuters) – Something is not quite adding up in China's iron and steel markets, with the reasons for the current rally in prices for both commodities jarring uncomfortably with actual data.

Iron ore futures on the Dalian Commodity Exchange on Tuesday hit the highest since the contract was launched in 2013, reaching an intraday peak of 741.5 yuan ($108) a tonne, ending 3.2 percent up on the day, taking the gain since the beginning of 2016 to 258 percent.

The simple explanation is that iron ore is merely tracking gains in steel rebar futures, the main Chinese benchmark traded on the Shanghai Futures Exchange.

Steel futures closed on Tuesday at 3,589 yuan a tonne, having earlier reached their highest level since February 2014. Their gain since the start of 2016 stands at a fraction over 100 percent.

The main reasons cited for the rally in steel are strong growth in demand because of Chinese infrastructure spending and fears over supply, given Beijing's plans to cut excess capacity and enforce stricter pollution controls.

While it's fair to say demand for steel has been boosted by increased spending, and that steel capacity has been cut, there is little evidence that this is creating any shortage of the alloy.

Production is still strong, with China's crude steel output reaching 67.2 million tonnes in January, up 7.4 percent from the same month a year earlier, the World Steel Association said on Tuesday. ...

Production for 2016 was 808.4 million tonnes, up 1.2 percent on the prior year, confounding expectations at the start of last year that output would decline as the industry was forced to rationalise capacity.

Some 45 million tonnes of excess capacity was shut in 2016, part of a plan to shutter as much as 150 million tonnes by 2020.

But it's clear that shutting excess capacity has had zero impact on steel mills' ability to increase production.

In fact, it may have the opposite effect, as the capacity that has been closed was older, less efficient and generally loss-making, meaning the mills currently operating are more profitable and thus incentivised to boost output.

Certainly, there appears to be no shortage of steel in China, with rebar inventories rising to 8.397 million tonnes in the week to Feb. 17, the highest for almost two years and more than double the recent low of 3.508 million recorded on Nov. 18 last year.

It's much the same story with iron ore, with inventories surging to 127.5 million tonnes in the week ended Feb. 17, the most since at least 2004, according to data compiler SteelHome.

Inventories To Prompt Correction?
What has happened in recent months is that China's output of steel, and its imports of iron ore, have been robust on the back of the rise in steel prices.

Steel production has been incentivised by the solid profits being made by steel mills, and this has led to strong gains in iron ore imports, with January's 92 million tonnes being the second highest on record.

The question is how long can the current situation be sustained?

It certainly doesn't seem logical that prices can continue to rally when inventories are reaching uncomfortably high levels.

At some point the volume of steel and iron ore sitting at Chinese ports and warehouses will overwhelm even the most optimistic traders, but picking that point is far from an exact science.

In the past, peaks in inventory cycles have been matched by falling prices, but the last five years are tricky given the market was also suffering from persistent oversupply in iron ore and steel, whereas now it's more fundamentally balanced.

Certainly, Andrew Mackenzie, chief executive of BHP Billiton , is cautious on iron ore, telling reporters on Tuesday that the world's No.3 producer of the steelmaking ingredient sees risks to the downside in the short term from moderating Chinese steel demand growth, high port inventories and incremental low cost supply. ...

So far, the paper markets for iron ore and steel have been happy to forego a cautious approach to the outlook in 2017, but optimism in the face of contradictory data may well lead to a sharp reality check.