Rio Tinto slumps on trimming iron ore shipments forecast

Freeport Resources

15/10/2021 02:46

** Shares of Rio Tinto  RIO.AX  fall as much as 1.18% to
A$99.32 after co reports quarterly production figures, trims
shipments forecast 
    ** Shares hit lowest level since Oct. 11; have fallen 0.81%
this week, as of today's trading prices 
    ** Miner cut its Pilbara iron ore shipments for 2021 to a
range of 320 mt to 325 mt, from its previous forecast of 325 mt
to 340 mt  urn:newsml:reuters.com:*:nL4N2RA49T 
    ** Brokerage Jefferies attributes Rio's "difficult" quarter
to collapse in iron ore price and weaker-than-expected
production in bauxite, aluminum and copper
    ** "An operational recovery is needed for these shares to
work" - Jefferies 
    ** Brokerage sees better value in sector rivals Anglo
American  AAL.L , Glencore  GLEN.L , Freeport  FRI.V  and First
Quantum  FM.TO   
    ** Reiterates PT of 5,800.00p, and "buy" rating in
anticipation of improved operating performance, upside to
commodity price forecasts
    ** Stock down 9.12% so far this year, as of Thursday's close
    


 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))