20/03/2025 09:53

BHP vs RIO

First off this morning, we’ve considered whether MM still prefers BHP Group (BHP) over RIO Tinto (RIO) as talk around the potential end to RIO’s dual listing gathers momentum – so far in 2025, RIO is up +1.8%, and BHP group (BHP) +0.2% while both have also paid healthy dividends.

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04/03/2025 09:13

RIO Tinto Ltd (RIO) $117.41

Iron ore giant RIO advanced +3.6% on Monday, outpacing BHP, which closed up +1.4%. There isn’t a massive gap between the two miners at this stage, with both basically flat year-to-date, but as we saw last September when they embraced the China recovery story, the upside is exciting.

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27/02/2025 09:20

RIO Tinto Ltd (RIO) 115.02

RIO fell 3.4% on Wednesday, with weakness gaining momentum in London, on increased talk of a multi-billion dollar capital raise to help settle a $US6.7bn lithium acquisition.

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20/02/2025 09:27

Mineral Resources (MIN) & RIO Tinto (RIO)

The shocking performance by MIN has weighed on our performance, and again, we must ask if this cluster has simply become too hard. MIN was hammered yesterday after revenue and underlying earnings beat consensus, but lower iron ore guidance and higher capex at a time when debt is elevated saw a capitulation-style sell-off. The psychology is half the issue here and it feels like the market has lost faith in some of the rhetoric being espoused by the company. 

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03/12/2024 09:45

RIO Tinto (RIO) $119.28

RIO is less than 10% below its October high, outperforming BHP, which has slipped ~12%. However, both are highly correlated to the iron ore price. If iron ore rallies, so will RIO, which generated ~55% of its revenue last year from the bulk commodity.

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20/09/2024 09:20

RIO Tinto (RIO) $113.61

Diversified heavyweight RIO rallied +3.5% on Thursday, aided by iron ore futures gaining 2.9% in Singapore and copper rising 1.5% on futures markets. The miners have endured a really tough 2024, and if we see some switching out of the high-flying banks, they could rapidly pop 10-20%. Large-cap miners were strong overnight in the UK and the US as economic optimism supported the embattled sector.

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15/08/2024 09:15

RIO Tinto Ltd (RIO) $112.43

Over recent weeks, RIO has become several analysts' preferred diversified miner, but when the news around China is this bad, all related stocks basically fall as one. With RIO generating ~56% of its revenue from iron ore in 2023, we see slightly less earnings risk with BHP if the iron ore picture continues to deteriorate further through 2024.

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31/07/2024 16:53

Rio Tinto (RIO) $117.48

RIO $117.48: First half numbers for RIO today were broadly in line with expectations, showing its operational strength amidst some challenging conditions. They maintained cost and production guidance for the year ahead, while capex also remained unchanged. Net debt was slightly better, coming in at $5.1bn vs $6.0bn expected. Nothing to change the dial here for RIO, with the stock at the mercy of commodity prices, primarily Iron Ore.

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09/07/2024 09:25

RIO Tinto Ltd (RIO) $119.90

RIO has recently become several analysts' preferred diversified miner, with BHP 3rd in some cases behind South32 (S32). However, with RIO generating ~56% of its revenue from iron ore in 2023, we see less earnings risk with BHP if the iron ore picture does deteriorate further through 2024.

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14/05/2024 09:17

RIO Tinto Ltd (RIO) $129.04

At this stage, it appears that RIO is looking at simpler and smaller assets, a good strategy in theory. However, the value of such assets has rallied significantly over the last six months, and as we’re seeing with BHP, they’re not going to get anything on the cheap.

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