Raising Rio Tinto's Near-Term Commodity Price Forecasts, but Long-Term Outlook Unchanged
Mined commodities and mining stocks have seen massive gains in 2016. The coking coal price quadrupled, iron ore and thermal coal doubled, and copper is up about 35% this year. We still see meaningful downside for commodity prices from current levels but acknowledge tighter markets will take time to normalise. For iron ore, we raise our near-term forecasts (in real terms) to USD 60 per tonne in 2017 and USD 50 per tonne in 2018 from USD 35 per tonne previously. For metallurgical coal, we forecast...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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