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Rio Tinto has reached a deal to supply electrical cables made with low-carbon aluminum for an Amazon data center. The project, managed by cable maker Prysmian, uses aluminum produced with fewer carbon emissions than standard smelting methods.
This is a small deal in terms of total tons, but it shows how the company can win business by helping tech giants meet their climate goals. As big tech firms build more data centers to power AI, they are looking for ways to lower the environmental footprint of their construction materials. This gives Rio Tinto a way to charge more for its metals or win contracts that rivals with higher carbon footprints cannot.
Source: Reuters
Rio Tinto and the Nyangumarta Warrarn Aboriginal Corporation have signed a project agreement for the proposed Winu copper-gold mine in Western Australia. This deal sets the rules for how the two groups will work together and ensures that local knowledge and priorities are included in the mine's development.
Securing these partnerships is a critical step for the company's growth in copper, a metal used heavily in electric vehicles and power grids. By reaching this milestone, Rio Tinto reduces the risk of legal or social delays as it tries to bring this new mine into production.
Source: Business Wire
Rio Tinto has agreed to buy the Aurukun bauxite project in Queensland from a partnership between Glencore and Mitsubishi. Bauxite is the raw ore used to make aluminum, a metal that is becoming more important as the world shifts to electric vehicles and renewable energy.
This move strengthens Rio Tinto's existing footprint in the region, where it already runs several large mines. By picking up this project, the company is securing more long-term supply for its aluminum business, which is a key part of its strategy to provide the materials needed for the global energy transition.
Source: Reuters
Rio Tinto and the Ngarlawangga Aboriginal Corporation have signed a new agreement to work together on mining projects in Western Australia. The deal focuses on a co-management approach, meaning the local traditional owners will be involved much earlier in the planning and life cycle of a mine. While this is a routine part of operating in Australia, these partnerships are vital for the company's ability to keep its mines running without legal or social delays. It shows a continued effort to improve how the company works with local communities after past mistakes with heritage sites.
Source: Business Wire
Morgan Stanley downgraded the stock to Underweight, a rating that suggests they expect it to perform worse than other companies in the same industry. They set a price target of $90, which is about 14 percent lower than where the stock is trading today. This is a more cautious view than most other analysts, who have an average target of $102.
The move comes as the stock has risen about 30 percent so far this year. While the company is shifting more of its focus toward copper and lithium for the green energy transition, this downgrade suggests some analysts believe the current price has already accounted for that growth.
Source: Morgan Stanley
Management has recently moved from a string of misses to a pattern of narrow beats. This suggests they have found a better rhythm in forecasting costs and production after a choppy period.
| Expectation | |
|---|---|
| EPS | $3.89 |
| Revenue | $32.45B |