Rio Tinto bounces back into the black with a $6 billion profit

Argo managing director Jason Beddow says BHP and Rio are likely to stay in favour for a while NAB is the cheapest

Argo managing director Jason Beddow says BHP and Rio are likely to stay in favour for a while NAB is the cheapest

Underlying Ebitda from Aluminium dropped 10% from 2015 to USD2.47 billion and the Copper & Diamonds unit reported a 24% fall to USD1.38 billion. That missed the US$5.18 billion median of eight analyst profit forecasts.

Mining companies have faced a tough year, with commodity prices at rock bottom forcing all miners to sell assets and cut down on costs. Brent crude, the global benchmark, averaged about $44 a barrel past year, down from more than $100 as recently as September 2014.

"We enter 2017 in good shape", said Rio Tinto chief executive JS Jacques in a statement.

Rio Tinto plans to deliver another USD2.00 billion worth of cash cost improvements in 2017.

Rio stock is up 9 per cent this year and reached an nearly four-year high in late January.

Capital expenditure will be $5 billion this year before rising to $5.5 billion for the following two years.

BP is ahead its 52-week low with 40.04%and going down from its 52-week high price with -7.39%.

As the revenues measures, firm has operation margin of -3.60% in the following twelve months with net profit margin of negative -2.00%.

Jio, note ban pull Voda India revenue 4.7% to Rs 10556 cr
He added: "Our overall performance in Europe and Africa remained strong during the third quarter, reflecting good execution". Vodafone expects the business to decelerate in the fourth quarter due to intense competition from Reliance Jio's free offers.


JP Morgan noted a target price of 4000 on Rio Tinto PLC's shares.

The company declared a 170c per share dividend, down from a year ago, but above RBC's estimate of 153c.

The Bunder project was closed as Rio sought to cut costs and conserve cash.

The company said under an order signed in January, the government would accept ownership and responsibility for the Bunder assets, including land, plant, vehicles and diamond samples recovered during exploration.

This approach will assist the government to package the assets if it were to proceed with an auction process for the Bunder mineral rights, it added.

Rio Tinto, the London-headquartered transnational mining giant, has made a decision to wash its hand off the Bunder diamond project in the Chhattarpur district of the state due to "commercial considerations". Development was hampered by delays getting environmental approvals.

"At the same time, we strengthened the portfolio and advanced our high-value growth projects as we look to the future", he said.

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