RIO Stock Recent News

Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF)'s earnings could be aided by an unexpected tailwind - the gold by-product from its copper production. So says Benrenberg, which has relooked at its estimates with the sky-high price of the precious metal front of mind.

Miners Rio Tinto and Eramet as well as battery maker LG Energy were among 30 companies that submitted proposals to develop lithium extraction technology for a Chilean salt flat in early stages of exploration, state-run mining body ENAMI said on Monday.

BHP Group (BHP) records iron ore production of 191Mt for the first nine-month period of fiscal 2024. This puts the miner on track to attain its targeted output of 254-264.5 Mt for fiscal 2024.

Anglesey Mining, which is developing the Parys Mountain project, has appointed former Rio Tinto executive Rob Marsden as its new chief executive starting in May.  A graduate of the Camborne mine school, Marsden spent 18 years at Rio before founding his own consultancy in 2013.

VALE delivers first-quarter iron ore production of around 71 million tons (MT) and reiterates its 2024 iron ore production goal between 310 MT and 320 MT.

Rio Tinto's share price rose almost 3% on a more upbeat outlook about China from the miner Iron ore accounts for more than 80% of Rio's underlying operating earnings and the miner expects prices to rise as demand from China, its main customer, starts to recover. In line with that, Rio reiterated earlier guidance of iron ore shipments of 323 million to 338 million tons in 2024, or close to its record annual output.

Rio Tinto (LON: RIO) and Anglo American (LON: AAL) share prices continued doing well this week. Anglo American jumped to 2,220p on Friday, its highest point since December while Rio Tinto soared to 5,400p.

With slowing demand due to elevated interest rates, the mining sectors have been hit hard since 2022. Moreover, lithium carbonate, the rare earth mineral for making electric vehicles and smartphone batteries, also experienced price pressure.

The shares of diversified mining giant Rio Tinto (NYSE: RIO) have declined almost 16% since early 2023, underperforming the broader markets. The company recently posted weaker-than-expected earnings for FY'23, with revenue declining by 2.7% year-over-year to $54.04 billion, and earnings coming in at $6.17 per share as the company was weighed down by lower commodity prices.

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