No Change to FVEs with Glencore’s Alternate Proposal for Rio Tinto Coal Assets
Our fair value estimates for no-moat-rated Glencore and Rio Tinto are unchanged with Glencore’s proposal to acquire Rio Tinto’s interest in Coal and Allied. Glencore proposes to buy Rio Tinto’s 67.6% interest in the Hunter Valley Operations, 80% of Mount Thorley and 55.6% of Warkworth for USD 2.55 billion, USD 100 million more than Yancoal’s existing proposal. Glencore will also spend a further USD 920 million to acquire Mitsubishi’s 32.4% share of the Hunter Valley Operations and its 28.9% inte...Rio Tinto is engaged in finding, mining and processing mineral resources. Co. has four product groups: iron ore, which supplies the global seaborne iron ore trade; aluminium, which includes bauxite mines, alumina refineries, and aluminium smelters; Copper and Diamonds, which has managed operations in Australia, Canada, Mongolia and the U.S., and non-managed operations in Chile and Indonesia, with by-product including gold, silver, molybdenum and others such as sulphuric acid, rhenium, and lead carbonate; and Energy and Minerals, which comprises mining, refining and marketing operations across borates, coal, iron ore concentrate and pellets, salt, titanium dioxide and uranium sectors.
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