RIO Stock Recent News

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.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.

The crash in prices for nickel and lithium, two key battery metals, could be a precursor to something more significant, a collapse in the price of iron ore which underpins the profits of some of the world's biggest mining companies.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) has reported an expected dip in profits over the year as commodity prices faltered and supply growth exceeded demand. Underlying pre-tax earnings fell 12% to US$11.8 billion as lower prices and inflation ate into profits, the mining giant reported on Wednesday.

Rio Tinto Ltd has signed a renewable power purchase agreement with specialist renewable energy firm Windlab to buy the majority of electricity from its planned 1.4 giga-watt wind energy project in Queensland, the miner said on Wednesday.

Simandou mine in Guinea is the largest known undeveloped high-grade iron ore resource globally. With our commodity view, we are upgrading our 2024 iron ore price estimates. Post-Q4, the company left its production guidance unchanged. Solid balance sheet, compelling valuation, and economic moat make Rio Tinto a buy.