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Rio Tinto

RIOLN is the third largest global miner behind BHP and Vale. It is the second largest producer of iron ore and a top five producer of copper. In 2018, RIOLN sold its remaining coal assets, exiting out of coal production entirely. 2017 sales amounted to $40 bn, up 18% YoY from $33.8 bn in the prior year with iron ore sales accounting for half of total sales. In terms of geography the largest sales destinations include: China (44%), US (14%), and Japan (12%). In 2007, RIOLN became a top-3 producer of primary aluminum with the $37 bn all-cash acquisition of Alcan. Fast forward, RIOLN racked up more than $29 bn of impairments against its purchase of Alcan. (10 Sep 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Rio Tinto: $2.6 Bn Koodaideri Iron Ore Mine

Worth Watching: 28 Nov 2018, 10:46 PM ET - Rio Tinto (A3/A/A) announced the Board has approved an investment of A$3.5 bn (~$2.6 bn) for the development of the Koodaideri iron ore mine in Western Australia, following the prior approval for $150 mn of early-work spending. First production is ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Rio Tinto: 3Q18 Production Results

Worth Watching: 16 Oct 2018, 10:41 PM ET - Rio Tinto (A3/A/A): Overall, 3Q18 production results were soft on a YoY basis with the exception of copper, as RIOLN saw production declines in iron ore, diamonds, aluminum, and bauxite. Pilbara iron ore production on a 100% basis was 82.5 Mt in 3 ..

Rio Tinto: $3.2 bn Share Repurchase

Worth Watching: 20 Sep 2018, 11:39 PM ET - Rio Tinto (A3/A/A) will return ~$3.2 bn of post-tax proceeds from the coal asset sales to shareholders via share repurchases. RIOLN plans to purchase up to 41.2 mn shares ($1.9 bn) in an off-market buyback tender by November 12, 2018. The remaini ..

Rio Tinto: Potential $6 bn Sale of IOC

Worth Watching: 15 Aug 2018, 9:54 PM ET - Rio Tinto (A3/A/A): According to Sky News, Rio Tinto has hired Credit Suisse to carry out a sales process for its 58.7% interest in Iron Ore Company of Canada (IOC) that could fetch up to $6 bn. The remaining equity stakes in IOC is owned by Mitsu ..

RIOLN 1H18: Shareholder Rewards Take Center Stage

Earnings Note: 01 Aug 2018, 9:58 PM ET - We examine Rio Tinto's 1H18 results and take a look at the company's increased focus on shareholder enhancements. 

Rio Tinto: 2Q18 Production Results

Worth Watching: 17 Jul 2018, 10:17 PM ET - Rio Tinto (A3/A/A): Overall, 2Q18 production results were solid on a YoY basis, as RIOLN saw production growth in iron ore, copper, diamonds, and bauxite. Sequentially, all major commodity production was higher with the exception of IOC iron ore a ..

RIOLN: Fitch Upgrade to A

Worth Watching: 13 Jul 2018, 3:37 PM ET - RIOLN (A3/A/A): Fitch upgraded RIOLN's long-term issuer default and senior unsecured ratings to A from A-, which follows the S&P upgrade earlier this year (see: RIOLN: S&P Upgrade to A 02-12-18). The upgrade reflects RIOLN's improved financial fle ..

FCX: Relatively Unscathed in Grasberg Deal

Worth Watching: 12 Jul 2018, 9:53 PM ET - FCX (Ba2/BB-), along with PT-FI JV partner Rio Tinto, entered into a nonbinding agreement to sell stakes of the Grasberg copper mine to the Indonesian government. The transaction is expected to close in 2H18. For some background color, Grasberg is ..

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 

RIOLN: Potential Grasberg Sale Positive for FCX

Worth Watching: 22 May 2018, 6:55 PM ET - RIOLN: According to Bloomberg, Rio Tinto is ready to accept a $3.5 bn deal with the Indonesia government for its 40% interest in the Grasberg copper mine. This $3.5 bn figure implies that the total valuation for the Grasberg mine is greater than $ ..

BHP: F3Q18 Production Results, IO Disappoints

Worth Watching: 19 Apr 2018, 11:36 PM ET - BHP (A3/A) posted mixed F3Q18 production results for the quarter that ended on March 31, 2018. WAIO iron ore production of 67 Mt on 100% basis came in below analyst estimates of 69 Mt. Iron ore production was up 8% YoY due to record production at ..

Rio Tinto: 1Q18 Production Results

Worth Watching: 18 Apr 2018, 1:52 PM ET - Rio Tinto (A3/A): Overall, 1Q18 production results were solid on a YoY basis, as RIOLN saw production growth in iron ore, copper, diamonds, and bauxite. Sequentially, all major commodity production was lower with the exception of copper and therma ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Rio Tinto: SEC Fraud Case Progresses

Worth Watching: 27 Mar 2018, 10:30 PM ET - Rio Tinto (A3/A) Following up on our coverage of the fraud case (Rio Tinto: SEC Brings Fraud Charges 10-18-17) that was filed in federal court in Manhattan on October 17, 2017, the SEC alleges Rio Tinto plc, Rio Tinto Limited, Albanese, and Elliot ..

RIOLN: Final Coal Sale for $2.25 bn

Worth Watching: 27 Mar 2018, 2:06 PM ET - RIOLN (A3/A) sold its 80% stake in the Kestrel coal mine in Queensland, Australia to a consortium comprising of private equity firm EMR Capital and Indonesian coal company Adaro Energy for $2.25 bn, which values the assets at ~6.6x 2017 EBITDA. Th ..

RIOLN: Another Coal Sale

Worth Watching: 23 Mar 2018, 12:06 AM ET - RIOLN (A3/A): Two days after announcing the Hail Creek coal mine and Valeria resource sale to GLENLN, RIOLN has agreed to sell its 75% share in the Winchester South development project in Queensland to Whitehaven Coal for $200 mn (see: RIOLN: Coal ..

RIOLN: Coal Asset Sales & $2.25 bn of Deleveraging

Worth Watching: 20 Mar 2018, 11:18 AM ET - RIOLN (A3/A) has agreed to sell its 82% share in the Hail Creek coal mine and its 71.2% share in the Valeria resource, both located in Queensland Australia, to GLENLN for $1.7 bn. The sale will leave RIOLN with two coal assets, the Kestrel mine ..

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