logo
Plus   Neg
Share
Email

Rio Tinto:well Placed To Benefit From Copper's Attractive Long-term Fundamentals

Rio Tinto PLC (RTPPF.PK,RIO.L,RIO,RTNTF.PK) said that it is well placed to benefit from copper's attractive long-term fundamentals. Market remains finely balanced despite healthy mine performance since the sond-quarterof 17, underscoring solid demand. Rio Tinto copper growth will be delivered into a period that requires development of higher-cost projects.

Current year demand is above trend growth (2.8% year-over-year) on outperforming Chinese end-use and OECD prolonged industrial production cycle. Further demand growth is expected in China and other emerging markets to drive consumption expansion.
The company noted that 1.6 million tonnes of annual production will be lost as mines close between now and 2023.

Committed projects are expected to deliver an additional 1.5 million tones of supply by 2023. Uncommitted projects will need to deliver a further 1.7 million tonnes of copper by 2023 to fill the supply gap.

UG mine and open pit scheduled to deliver on average 560 thousand tonnes of copper per year between 2025 and 2030.

Rio Tinto signed a binding agreement to sell its entire interest in the Grasberg mine to PT Indonesia Asahan Aluminium (Persero) (Inalum), Indonesia's state mining company, for $3.5 billion. The Completion is expected in first half of 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Lowe's Companies Inc. (LOW) and Office Depot Inc. (ODP) reported profit for their fourth-quarter, while TJX Companies' (TJX) profit increased 17 percent from the prior year. TJX plans to increase dividend by 13 percent and to buy back up to $2.25 billion of stock. Starbucks is introducing plant-based meat to its menu in Canada in early March. The Seattle-based coffee chain said it will introduce a new Beyond Meat, Cheddar and Egg Sandwich to its Canadian stores on March 3, along with the launch of its new spring menu. The meatless breakfast sandwich will be part of Starbucks Canada's core menu. Auto major Ford Motor Co. issued a safety compliance recall for a total of 217,185 F-150 pickup trucks with LED headlamps in North America, including 50,989 in Canada, to fix issues with the headlamps that could increase risk of a crash. The F-150 has been the top selling U.S. vehicle by any manufacturer for more than 40 years.
Follow RTT
>