RIO - Rio Tinto

[mullokintyre]

Rio and its subsidiary Alcoa say they are another step closer to net zero emissions.
From The OZ business review

Rio Tinto and Alcoa say they are another step closer to decarbonising their global fleet of aluminium smelters after successfully completing trials of a technology that could eliminate the use of carbon anodes at their smelters.


Combustion of the carbon anodes was worth about a quarter of Rio's total emissions of about 31.5 million tonnes of carbon dioxide equivalent in 2020, and the company has been working with Alcoa since 2018 to develop an inert anode that would eliminate a major cause of emissions in the 100-year-old smelting process.


Rio said on Friday it had completed successful trials of its ELYSIS technology at commercial scale, using a full industrial design of the inert anodes "at a size comparable to small smelting cells operating in the industry today".

Hit a 12 month low yesterday, so bought in with the expectation of a buyback this year.
Must be due for one.
Mick

 

[mullokintyre]

Got out of RIo with a neutral net.
Bought in at the 12 month low in the hope of a share buyback.
Talk now is that they may well follow the Shell petroleum initiative and get rid of the cumbersome dual listing structure.
Did not want to be in it with that prospect hanging over it.
Mick

 

[Garpal Gumnut]

Something is happening at RIO.

Extraordinary volume between just under $98 and just under $100.

gg

 

[Dona Ferentes]

Something is happening at RIO.

Extraordinary volume between just under $98 and just under $100.

gg

FTSE index / sector reweight in London now BHP is coming home?

 

[Garpal Gumnut]

FTSE index / sector reweight in London now BHP is coming home?

Ah so.

Thanks.

gg

 

[dyna]

On the wrong thread, again....
Now Woodside is said to be considering a London listing. New York, too I think.
Mais, pourquoi ?

 

[Garpal Gumnut]

RIO is one of my picks in the CY22 Competition. Expensive at $100 you say.

It has survived desecrating cathedrals and those responsible have been burnt at the stake.

New management with China experience.

Onwards and upwards for this miner, possibly to double imo. What can go wrong

gg

 

[Garpal Gumnut]

Well RIO is the only stock in the Green in my LT portfolio today.

gg

 

[CityIndex]

Rio Tinto warned of a challenging first quarter of production earlier this morning, and after facing rejection on another attempted break above $123 yesterday, it will be interesting to see whether this news triggers a deeper pullback today.

However, the company also stuck to its guidance for iron ore and copper production. So, given the surge in commodity prices, perhaps the stock can continue to find support between $117-$118 as it has on multiple occasions already this year.

All trading carries risk, but $RIO looks like it could be worth keeping an eye on today.

 

[qldfrog]

Very extensive research found here

Should You Buy Rio Tinto For Its 17% Dividend Yield? (undefined:RIO)

Even if we ignore the special dividend, Rio Tinto (RIO) still has a dividend yield of 13% from its ordinary dividend alone. Click here for a detailed review...

seekingalpha.com

I owe some.

 

[Dona Ferentes]

What are the chances of RIO holding on the these tenements? Brown paper bag time for the Minister.

Guinea’s mines minister has ordered all work related to the Simandou iron ore mine project to be halted after the two companies involved missed an extended deadline to agree on a joint venture, a letter seen by Reuters shows.

Rio Tinto’s Guinea subsidiary Simfer and Chinese-backed consortium Winning Consortium Simandou (WCS) have shown a “lack of willingness” to work on a partnership, Mines Minister Moussa Magassouba said in a July 3 letter addressed to both companies.

Rio Tinto has held rights to Simandou since 1997.

In a later statement, the government said it was open to discussions with new partners in the ambitious project that aims to extract iron ore from Guinea’s remote hinterland to a port hundreds of kilometres away, but which has been dogged by delays in recent years.

 

[Dona Ferentes]

Shares are trading down to $92. Iron Ore dropping to US$100 for 62Fe, and an ambiguous update on costs. (And AUD is down to around USD 0.67 now)

Rio retained its promise to keep unit costs between $US19.50 and $US21 per tonne, but changed its assumption for the value of the Australian dollar this year from an average of US75¢ to US71¢.

A 5 per cent decline in the Australian dollar should notionally reduce the US denominated cost of exporting Australian iron ore because the wages paid to Rio’s Australian workforce are in Australian dollars.

But Rio did not lower its unit costs in lockstep with its change to foreign exchange guidance; a move that is tantamount to raising unit cost guidance.

 

[SirRumpole]

RIO hit with $1 billion tax bill.

Rio Tinto agrees to pay nearly $1 billion in tax avoidance settlement with ATO

Rio Tinto will hand over $1 billion in unpaid taxes after an ATO investigation, in one of the largest settlements in Australian tax history.

www.abc.net.au

Divvies may be under threat ?

 

[frugal.rock]

RIO hit with $1 billion tax bill.

About ruddy time too.

 

[Garpal Gumnut]

The 2022 interim dividend of AUD 3.8370 per share is fully franked at the applicable corporate rate of 30%

Quite a miserable little interim divi from RIO, a core part of my SMSF portfolio.

From the AFR.

I shall have a word with Jakob Stausholm the newish CEO.

What language does he speak?

gg

 

[Dona Ferentes]

Quite a miserable little interim divi from RIO, a core part of my SMSF portfolio

What language does Mr Stausholm speak?

gg

Mr Stausholm told me that last year’s interim dividend was unusual in that it was boosted by a special dividend and Wednesday’s dividend was more in line with Rio’s traditional payout policy. (but that was using Google Translate)

 

[InsvestoBoy]

Quite a miserable little interim divi from RIO, a core part of my SMSF portfolio.

What were you hoping for GG

 

[Garpal Gumnut]

What were you hoping for GG

Same as last year. Interim and Special $7.60

I believe myself they are withholding cash as BHP may make another tilt at them as Iron Ore falls in price.

I'm waiting for a crash to bulk up on both of them.

gg

 

[InsvestoBoy]

Same as last year. Interim and Special $7.60

I believe myself they are withholding cash as BHP may make another tilt at them as Iron Ore falls in price.

I'm waiting for a crash to bulk up on both of them.

gg

As a holder does it matter to you too much whether that cash sits in your bank account or theirs? Once they give it to you the share price will go down by the same amount anyway.

 

[Garpal Gumnut]

As a holder does it matter to you too much whether that cash sits in your bank account or theirs? Once they give it to you the share price will go down by the same amount anyway.

Thanks @InsvestoBoy

My attitude towards RIO is similar to that of the late Kerry Packer towards the Federal Government and the ATO of the time back in the 1990's.

RIO has a big heft in mining and metals for historical reasons. The recent behaviour of its board and executives towards investors and workers and indigenous peoples has been atrocious.

I have pulled more fully franked divies out of RIO than they are now worth so I see no reason to support the high salaries and poor performance of its upper echelons by reinvesting my divies.

The board has shown extremely poor corporate governance over the last five years, it is lock-stepped in to China much as Germany was to Russian gas and nobody at RIO seems to take any responsibility for atrocious decisions.

I bought them for b***er all and am along for the ride, until they get taken over by BHP.

The money is better off in my bank account than some muppet paid close to $20m. or $30m. to do a job my manservant Švejk could do blindfolded.

gg