Rio Tinto is the world's lowest-cost iron ore miner, but boomtime investment destroyed returns.
We raise our fair value estimate for no-moat-rated Rio Tinto to AUD 46 per share from AUD 44 per share. Approximately half of the increase reflects the recent fall in the AUD/USD exchange rate to 0.76, with the remainder reflecting several small assumption changes following Rio Tinto’s 2017 investor day. Assumption changes include lower near-term capital expenditure, slightly higher titanium dioxide feedstock volumes, and minor improvements to our cost-reduction assumptions.Management reiterate...
Rio Tinto is a mining group based in the United Kingdom and Australia. Co. is engaged in the business of finding, mining and processing mineral resources. Co.'s major products are iron ore, aluminium, copper, diamonds, coal, uranium, gold and industrial minerals (borax, titanium dioxide and salt). Co.'s activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and Africa. Co.'s operations comprise four principal product groups - Iron Ore, Aluminium, Copper and Diamonds, and Energy & Minerals.
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