RIO edged higher to a level not enjoyed since February, now only 7% below its all-time high posted in 2021 when iron ore was trading ~$US225, over 70% higher than current levels. Also, we shouldn’t forget that RIO has paid out well over $25 of fully franked dividends since COVID-19 dominated the world, making this a stellar investment for patient investors who were prepared to ride the waves of pessimism towards both iron ore and China – we believe the same will be true of coal stocks over the coming years although they are struggling at present, as RIO did in 2022.
- We can see RIO testing/breaking $140 into 2024 and its ~$3.50 dividend in February.
MM remains short-term bullish towards RIO
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