Soft Start to 2017 Production for Rio Tinto, but FVE Maintained
Rio Tinto’s production in the first quarter of 2017 was slightly below expectations; however, somewhat stronger realised prices for the year to date countered the headwind. Our earnings forecast for 2017 is little changed at AUD 7.19 per share, and we maintain our AUD 42 per share fair value estimate. Despite a near 15% correction in the share price from the peak of close to AUD 70 in February, we still think Rio Tinto is overvalued. Iron ore is particularly exposed to investment and we don’t th...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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