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Highlights
- ASX-listed metals and mining company Rio Tinto primarily deals in copper, aluminium, iron ore and minerals
- Due to substantial changes in commodity prices, Rio’s consolidated sales revenue dropped by 10.41% in 1HFY23
- The company expects to incur Capex of up to USD 7.5 billion in FY23
Rio Tinto Limited (ASX:RIO) is an Australian metals and mining company with operations in Australia, Canada, Iceland, Madagascar, New Zealand, Mongolia, South Africa and the US. The company deals in those metals and minerals that help the world decarbonise and grow. The company’s key segments are copper, aluminium, iron ore and minerals.
RIO’s financial performance can be affected by changes in commodity prices. This risk led to a 10.41% (over the previous corresponding period) fall in the company’s consolidated sales revenue to USD 26.7 billion during the first half of 2023. Underlying EBITDA dropped by 24.76% over pcp to USD 11.7 billion during the same period.
While announcing the half-yearly results, the company declared a per share interim dividend of AUD 2.608 , which is 34% lower than the previous corresponding period. The dividend ex-date is 10 August 2023, and the pay date is 21 September 2023.
Recent business update
Through an ASX update dated 31 July 2023, the company revealed the change in shareholdings of persons discharging managerial responsibility/ key management personnel in the company’s shares. Sinead Kaufman sold 6000 shares on 27 July 2023, Bold Baatar disposed of 9000 shares, and Ivan Vella sold 5000 shares.
Outlook
Rio expects to incur Capex of up to USD 7.5 billion in FY23. Expected Pilbara iron ore production is 320-335 million tonnes, and bauxite production is 54-57 million tonnes. The company expects an iron ore unit cash cost of USD 21- 22.5 per tonne in FY23. The company said it is taking cost control measres to improve its margins in the second half of the ongoing financial year.
Share performance of Rio
Rio stock closed 0.54% lower at AUD112.85 apiece on 9 August 2023. Including this, Rio’s share price surged by 13.54% in the last one year and dropped by 9.13% in the last six months.
The 52-week high of Rio is AUD 128.78 apiece, recorded on 1 February 2023, and the 52-week low is AUD 87.60 apiece, recorded on 26 September 2022. Worth mentioning here is that, the 52-week low is 28.82% lower than the existing share price.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 09 August 2023. The reference data in this report has been partly sourced from EODHD/Others.
Disclaimer
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