Rio Tinto Plc : Soft Q3 production release but almost all 2024 targets unchanged
>Underwhelming Q3 production numbers - Rio Tinto last night released mixed Q3 production numbers that slightly undershot our expectations for the three main divisions. In the core iron ore division (71% of 2024e EBITDA), production stood at 84.1mt, +1% y-o-y, and shipments at 84.5mt, +1% y-o-y, as productivity gains offset ore depletion. The mix continued to deteriorate with the share of low-grade SP10 up at 19% vs 17% in H1. In aluminium (12% of EBITDA), production ...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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