Rio Tinto PLC

NYSE:RIOUnited States

0002 GMT - Rio Tinto's 2025 guidance--especially iron-ore shipments and unit costs--will be the focus for Morgan Stanley analysts at the miner's 2024 investor seminar next Wednesday. "We see minimal risks to 2025 consensus iron-ore shipments, while we are slightly above consensus on unit costs," they say. Consensus is for annual iron-ore shipments of 338 million tons, up 2% on year. The analysts also want to hear more about Rio's copper production outlook in light of operating challenges at the Kennecott operation. They expect an annual capex budget around $10 billion will be the new normal, and "will also look for more color on the company's M&A aspirations following the Arcadium acquisition." Rio's shares appeal at current prices, and is preferred over rival BHP, they add. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0122 GMT - A visit to the BHP-led Escondida copper mine in Chile has underscored the challenges the miner--and the broader copper industry--faces in sustaining output of the industrial metal as ore grades decline and costs rise, Citi analyst Paul McTaggart says in a note. Plans to expand the Laguna Seca concentrator, replace the ageing Los Colorados facility and explore leaching technologies will be key to maintaining production levels, says McTaggart. "These initiatives highlight not only the operational challenges at Escondida but also the broader implications for rising capital intensity across the [copper] industry as grades deteriorate globally," he says. Citi has a buy rating and A$46.00 target on BHP. The stock is down 0.1% at A$39.84. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

06:07 AM EST, 11/25/2024 (MT Newswires) -- Rio Tinto (RIO) lifted the force majeure on alumina exports from its Gladstone operations in Australia, following a fire incident in March that disrupted its operations, S&P Global reported Friday, citing u...