Rio Tinto Group's Q2 Update Shows Production in Line With Consensus, Says Jefferies
Rio Tinto Group (ASX:RIO) reported second quarter production exceeding expectations for Pilbara iron ore production and shipments, while performance across its other major operating assets was also broadly in line with market forecasts, according to a Wednesday Jefferies note. The investment firm added that the company has reduced unit cost guidance in copper to $0.30 to $0.50 per pound from $0.65 to $0.75 per pound due to higher gold prices and operational improvement initiatives. "While mostly an uneventful report from Rio, the [quarter-on-quarter] rebound in volumes at certain assets in 2Q is encouraging," the investment firm said. Jefferies kept a hold rating on Rio Tinto with a price target of AU$187. The company's shares rose past 1% in recent Wednesday trade.
Rio Tinto Group (ASX:RIO) reported second quarter production exceeding expectations for Pilbara iron ore production and shipments, while performance across its other major operating assets was also broadly in line with market forecasts, according to a Wednesday Jefferies note.
The investment firm added that the company has reduced unit cost guidance in copper to $0.30 to $0.50 per pound from $0.65 to $0.75 per pound due to higher gold prices and operational improvement initiatives. "While mostly an uneventful report from Rio, the [quarter-on-quarter] rebound in volumes at certain assets in 2Q is encouraging," the investment firm said.
Jefferies kept a hold rating on Rio Tinto with a price target of AU$187.
The company's shares rose past 1% in recent Wednesday trade.