@rcw1 My eldest son works in the Pilbara and for Rio.
He has a truckload of Rio shares via salary sacrifice.
Reckons the deal the company gives is better than sliced bread.
With the number he holds it is a terrific pension fund gold mine.
@rcw1 Yeah he turned 50 a couple of months ago. Has just had a new home finished on the few acres east of Geraldton and from the murmurings he is making will probably snatch his time in the Pilbara and look for a job around there and go fishing as is his passion.
RIO 1/4erly published today (16/01/25); see attached
Reported via News Corp Media outlets today:
RBC Capital Markets analysts Kaan Peker and Ben Davis hailed Rio’s ‘good finish to the year with beats across divisions, with the small exception of titanium dioxide’.
Production guidance has been reaffirmed and projects remain all on track with Rio Tinto hoping to achieve 3 per cent compound annual growth in copper (Oyu Tolgoi), iron ore (Simandou) and lithium for the next decade, they noted.
It comes after December quarter production of 86.5 million tonnes came in 1 per cent ahead of RBC’s estimates and in line with consensus expectations of 86.8 million tonnes. That took FY24 shipments to 328.6 million tonnes, in line with Rio’s guidance of 323 million tonnes to 338 million tonnes.
But Rio’s flat shipments result for the year came as Pilbara iron ore unit cash costs likely rose to the higher range of its $US21.75-$US23.50 per tonne guidance due to inflation being at “the higher end of our expectations and lower production”.
Citi’s equity team, led by Paul McTaggart, also said it was a “solid DecQ prodn result” as RIO focuses on delivering growth from major projects. “The Oyu Tolgoi underground copper mine continues to ramp up successfully and the Simandou high-grade iron ore project & Western Range mine are on schedule for first prodn this year,” Citi noted.
Bloomberg is reporting that Rio Tinto and Glencore are holding talks about merging their businesses, a combination that would leapfrog BHP as the world’s largest mining group.
Bloomberg is reporting that Rio Tinto and Glencore are holding talks about merging their businesses, a combination that would leapfrog BHP as the world’s largest mining group.
Not sure why they'd do this. For what? Iron Ore in the toilet - maybe just for a while, coal being replaced by hot air. Maybe Glencore have some copper and they sell off the crap.
Apart from rationalising production from similar assets RIOs board has been under considerable pressure to delist from London and just be listed on the ASX. This may be an issue for UK based directors.
Both stocks fell a bit on the news, Glencore more than RIO. I don’t believe it is a goer.
Apart from rationalising production from similar assets RIOs board has been under considerable pressure to delist from London and just be listed on the ASX. This may be an issue for UK based directors.
Both stocks fell a bit on the news, Glencore more than RIO. I don’t believe it is a goer.
The miner will pay its lowest dividend in seven years and enact “strict” cost controls on its flagship iron ore division, ending a golden era of shareholder returns.