Rio Tinto’s 1Q Broadly in Line
We maintain our AUD 48 per share fair value estimate for no-moat-rated Rio Tinto. First-quarter production was largely as expected and sees the company generally on track to meet 2018 production guidance. Titanium dioxide is the exception though, with output interrupted by strikes at Richards Bay in South Africa. Titanium dioxide guidance is lowered by about 8% to 1.1 to 1.3 million tonnes; however, the impact on near-term earnings is relatively small and could possibly be made up through higher...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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