Rio Tinto’s Sale of Simandou May See China Develop a Strategic Iron Ore Deposit
We raise our fair value estimate from AUD 32 to AUD 33 per share due to better-than-expected third-quarter 2016 production and higher near-term commodity prices. Aluminium and coal volumes were stronger than expected, as were the prices for coal, aluminium and iron ore. Commodity prices have generally remained favourable into the final quarter of 2016. Third-quarter copper output was slightly weaker than we forecast and 2016 volume guidance was lowered by about 4%. The overall result was positiv...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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