Rio Tinto

Rio Tinto plans a US$1.9 billion investment to develop the Kangwinan bauxite project on the Cape York Peninsula to expand Weipa operations. Production is scheduled to start in 2029, with full capacity expected three years later. The project is intended to replace the outgoing Andoom mine, raise Weipa’s annual capacity to about 44 million tonnes and offset the planned end of Gove production in 2029. » More on finanzen.net

Rio Tinto raised iron ore shipments in the third quarter by 3% to 90.8 million tonnes and keeps the full-year guidance unchanged at 343–366 million tonnes. Copper production in the quarter was 205,000 tonnes, driven by Oyu Tolgoi (+27% year-on-year); nine-month production reached 646,000 tonnes (+1%). The company reports only limited impact from rising energy and freight costs thanks to buffer stocks and alternative sourcing. Berenberg analysts praise the progress, maintain a “buy” rating and see around 30% upside to a fair value of 8,700 pence; the dividend yield is about 4.3%. » More on deraktionaer.de

Rio Tinto sold 90.8 million tonnes of iron ore in the third quarter, a 3% increase, and confirmed its full-year guidance of 343–366 million tonnes. Copper production rose in the quarter to 205,000 tonnes, supported by a 27% increase at Oyu Tolgoi; nine-month copper output stands at 646,000 tonnes (+1% year-on-year). Management reports over USD 2 billion of capital releases since the start of the year as part of a USD 5–10 billion program and emphasizes that major projects are on schedule and on budget. The company says operational impacts from the Middle East conflict remain limited, although energy prices and freight rates are rising. » More on finanzen.net