Derren Nathan, head of equity research, Hargreaves Lansdown:
“Rio Tinto’s been pulling more metal out of the ground in the first half of the year. Some 3% growth in production is respectable, but not in itself enough to deliver the step change in profitability and cash generation that we’ve seen in the first half. However, strong pricing notably in copper (+39%), aluminium (+33%) and lithium (+125%) and $0.9bn of efficiency savings banked so far this year have provided a major boost. Operational performance wasn’t quite as strong as expected, but the cash impact’s been offset by lower taxes and receipts from project partners. Overall, the make-up of the beat hasn’t worried investors, with the shares up 4% off the back of the announcement.
Production and sales guidance is unchanged, and while currency and fuel prices are weighing on iron ore unit costs, that’s being offset by improved productivity at Rio’s copper mines. With another $1bn of efficiency savings targeted by the year-end, the mining giant’s heading for a good year. The direction of travel is also positive. The ramp-up of the Oyu Toulgoi copper mine is on track with lithium projects ahead of schedule as the company leans into future-facing commodities. However, the group’s fortunes remain intrinsically tied to commodity prices, and with the shares already reflecting the supportive backdrop, there’s little scope for disappointments.”
Notes to Editors
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