51.73 +0.15 (0.29%)
Pre-market: 7:23AM EDT
|Bid||51.72 x 1100|
|Ask||51.76 x 900|
|Day's range||51.41 - 51.92|
|52-week range||45.62 - 60.72|
|PE ratio (TTM)||9.29|
|Forward dividend & yield||2.54 (5.38%)|
|1y target est||61.93|
Rio Tinto on Thursday laid out the details of a share buyback programme that will return $3.2bn to shareholders following the Anglo-Australian miner’s disposal of coal assets. “Returning $3.2 billion of coal disposal proceeds demonstrates our commitment to capital discipline and providing sector leading shareholder returns,” said Jean-Sébastien Jacques, Rio’s chief executive.
The news helped to drive Rio Tinto's London share price nearly 2 percent higher by 0927 GMT and pushed up the Australian listing by 3.5 percent. Across the mining sector, a trend to hand money back to shareholders has gathered steam following a recovery from the mining and commodity crash of 2015-16 and pressure from investors not to waste growing piles of cash on buying up assets that may never deliver returns. In its latest move, Rio Tinto, which has already returned more money to shareholders than its peers, said it will conduct an off-market share buyback for up to 41.2 million shares in its Australian entity Rio Tinto Ltd, worth about $1.9 billion, and further on-market purchases of London's Rio Tinto plc shares, bringing the total to $3.2 billion.
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in the mining sector, laying out a plan to return $3.2bn to shareholders following the Anglo-Australian miner’s disposal of coal assets. The programme will include an off-market share purchase of up to 41.2m shares worth about A$2.7bn (US$1.96bn) and an on-market buyback, with details on the latter to be announced once the former is completed. “Returning $3.2 billion of coal disposal proceeds demonstrates our commitment to capital discipline and providing sector leading shareholder returns,” said Jean-Sébastien Jacques, Rio’s chief executive.
MELBOURNE, Australia—Rio Tinto (RIO) unveiled plans to buy back a swath of its Australia-listed shares before the end of the year as part of its move to return about $3.2 billion in proceeds from the sale of coal assets to its shareholders. It comes on top of an ongoing program to buy back London-listed Rio Tinto PLC shares, where the company said it has A$1.7 billion still to repurchase by no later than Feb. 27. The cash comes from the sale of the company’s Hail Creek and Valeria coal operations, and Winchester South and Kestrel mines.
, took home an extra $100,000 last year but did not receive any long-term bonus payments as the company’s performance lagged its peers. The Scottish-born geologist, who has led the world’s biggest mining company since 2013, had a base salary of $1.7m in the year to June, the same as in 2017, plus a short-term bonus of $2.4m, paid equally in cash and deferred shares.
Norwegian aluminum producer Norsk Hydro said it has pulled its planned $345 million acquisition of Rio Tinto’s Icelandic aluminum plant
Freeport-McMoRan (FCX), the leading US-based copper miner (DIA), is having a tough year. The stock has lost 27.7% YTD (year-to-date) based on the closing prices on September 12. Other copper miners are also feeling the heat. Copper is caught in the US-China trade war. Copper prices are hovering near $6,000 per metric ton. In June, copper rose past $7,200 per metric ton to a four-year high.
In the previous article, we looked at some of Alcoa’s (AA) bearish drivers. As Alcoa is long on alumina, the company benefits from higher alumina prices. Earlier this year, the sanctions lifted alumina prices to an all-time high, while aluminum also rallied to seven-year highs.
Alcoa (AA), the leading US-based aluminum producer, is having a terrible year. Century Aluminum (CENX) has lost almost 40%, while Rio Tinto (RIO) has fallen 5.5%. Aluminum has seen a selling spree after prices hit multiyear highs in April after President Trump imposed sanctions on Russian aluminum producer RUSAL.
LONDON/ULAANBAATAR, Sept x (Reuters) - Mining giant Rio Tinto is racing against time to find the electricity needed to run its giant copper-gold mine in Mongolia, as wrangles with the government threaten a further setback for the flagship project. Oyu Tolgoi, located in the South Gobi region near landlocked Mongolia's southern border with China, is scheduled to complete a $5.3 billion underground expansion by 2022, creating one of the world's biggest copper suppliers.
Today, J.P. Morgan (JPM) upgraded Rio Tinto (RIO), believing that demand from China (FXI) should pick up over the coming months. It also believes that miners’ valuations are cheap compared to the same stages of previous cycles.
The number of analysts recommending a “buy” for Vale (VALE) has increased in the last few months. Currently, 73.0% of the analysts covering Vale stock recommend a “buy,” compared with 56.0% at the end of April. Approximately 23.0% of analysts recommend a “hold,” and 4.0% recommend a “sell.” Vale’s target price implies a 17.0% upside based on its current market price.
On August 31, Rio Tinto (RIO)(TRQ) stock had returned -9.3% year-to-date. Similar to BHP Billiton (BHP) stock, it fell 2.6% in the first quarter. As commodity prices firmed up, the miners’ stocks picked up in April.
Of the 14 analysts covering Rio Tinto (RIO) stock, 57.0% recommend a “buy,” 29.0% recommend a “hold,” and 14.0% recommend a “sell.” One year ago, 80.0% of analysts recommended a “buy.”
BHP Billiton (BHP), in a bid to capitalize on surging demand for copper, buys share in the promising Cascabel porphyry copper-gold project in Ecuador.
Rio Tinto (RIO) and Antofagasta (ANTO) kept their 2018 copper production guidances unchanged during their respective second-quarter production report releases. Rio Tinto has assumed its copper share in Grasberg to be zero in 2018. Anglo American (AAL-L) has also maintained its 2018 copper production guidance of 630,000–660,000 metric tons.
In this article, we’ll look at leading copper miners’ second-quarter production data. By looking at top copper miners’ production profiles, we can gain crucial insight into the global copper supply.
The second-quarter earnings season is over, and most copper miners, including Southern Copper (SCCO), Freeport-McMoRan (FCX), and First Quantum Minerals (FM), have released their quarterly financial performance results.
Has Trade War Affected China’s Steel and Iron Ore Demand? Stronger steel demand is the key driving factor behind the rising output. While steel margins are still strong due to robust demand, concerns over the Chinese growth outlook were weighing on steel prices.
Has Trade War Affected China’s Steel and Iron Ore Demand? In the previous article, we discussed that Chinese iron ore imports remained stronger despite the trade war fears in July. The stronger imports are primarily due to the robust steel production in the country.
Alcoa (AA) has seen upward price action in August. The stock has risen 4.3% in August, while it’s still down 16.2% YTD (year-to-date). Century Aluminum (CENX) and Rio Tinto (RIO) have fallen 33.8% and 1.8%, respectively, YTD. So far, the SPDR Dow Jones Industrial Average ETF (DIA) has risen 7.0% in 2018 based on the closing prices on August 29.