Rio Tinto PLC

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  • Why Rio Tinto has key advantages over its peers
    Basic Materials

    Why Rio Tinto has key advantages over its peers

    Rio is the largest owner and operator of autonomous—driverless—trucks in the world. These initiatives are part of Rio’s “Mine of the Future” program.

    By Anuradha Garg
  • Basic Materials

    Must-know: Is the share buyback the right thing to do?

    Cliffs Natural Resources’ (CLF) new management changed the terms of its debt agreement to repurchase the company’s shares. The shares are worth up to $200 million.

    By Anuradha Garg
  • uploads///cOPPER
    Basic Materials

    Copper Weaker on August 19 Due to Weaker Demand Signs

    After starting the day with decreased momentum, copper prices remains mixed on Friday, August 19. At 1:50 PM EDT on August 19, the COMEX copper futures contract for September delivery was trading at ~$2.17 per pound, a gain of ~0.16%.

    By Val Kensington
  • uploads///part
    Earnings Report

    Why It’s No Surprise that Alcoa Cut Aluminum Demand Guidance

    Alcoa has revised down its 2016 global aluminum demand growth projection to 5%.

    By Mohit Oberoi, CFA
  • uploads///Portfolio Breakdown of the VEUAX
    Macroeconomic Analysis

    Analyzing JPMorgan Intrepid European Fund’s Allocation in 2015

    The JPMorgan Intrepid European Fund’s assets were spread across 79 holdings as of December 2015.

    By David Ashworth
  • uploads///Aggregate financing
    Basic Materials

    How China’s Credit Growth Could Progress in 2018

    Aggregate financing in China (MCHI) came in at 1.6 trillion yuan in November 2017.

    By Anuradha Garg
  • uploads///UK
    Macroeconomic Analysis

    UK Industrial Production Regained Strength in August

    With a rise in mining and quarrying activities, the UK industrial production index rose by 1% in August 2015 against a fall of 0.3% in July.

    By Lara Sheldon
  • uploads///Copper
    Basic Materials

    Copper Rose to 1-Month High Price Levels on September 20

    At 1:15 PM EST on September 20, the COMEX copper futures contract for December delivery rose ~0.35%. It was trading at $2.16 per pound.

    By Val Kensington
  • uploads///Aggregate financing
    Macroeconomic Analysis

    China’s Credit Growth Metrics Also Worsen in April

    China’s credit growth clearly has been weaker than expected, especially given the recent easing measures adopted by the government.

    By Anuradha Garg
  • uploads///Productivity
    Basic Materials

    Why BHP focuses on productivity

    Under equipment, the focus is on increasing availability, utilization, and rate. A 6% increase in utilization helped achieve a 9% increase in group production in FY14.

    By Anuradha Garg
  • uploads///part  forward ebitda
    Company & Industry Overviews

    Freeport or Glencore: Which Company Looks Set for 2017?

    According to data compiled by Thomson Reuters, analysts expect Freeport-McMoRan (FCX) to post an adjusted EBITDA of $5.3 billion in 2017, compared to $4.9 billion in 2016.

    By Mohit Oberoi, CFA
  • uploads///China interest rates
    Basic Materials

    How does Chinese credit easing help iron ore names?

    The immediate impact of Chinese credit easing was seen as China’s iron ore and rebar futures posted their strongest gains in three weeks.

    By Anuradha Garg
  • uploads///Industrial output
    Basic Materials

    China’s industrial output growth slows in November

    FAI is a good indicator of how much investment occurs in a country or region. It’s a closely watched indicator of construction activity in China.

    By Anuradha Garg
  • uploads///Copper
    Basic Materials

    Copper Weakened amid Recovery in Dollar on August 3

    After starting the day on a weaker note on Wednesday, August 3, copper maintained the same sentiment throughout the day and declined lower.

    By Val Kensington
  • uploads///Copper
    Macroeconomic Analysis

    Copper Remains Stable as Brexit Fears Eased

    Although the fundamentals are not as supportive of the Market’s sentiment, the weakness of the dollar and decreased anxiety over the Brexit vote helped copper on Friday.

    By Val Kensington
  • uploads///China crude steel production
    Macroeconomic Analysis

    China’s Crude Steel Production Impacts Iron Ore Miners Like Vale

    Since 98% of mined iron ore goes into making steel, it’s important to track steel production. China consumes two-thirds of seaborne iron ore.

    By Anuradha Garg
  • uploads///copper
    Macroeconomic Analysis

    Copper, Gold, and Silver Are Trading Lower on Thursday Morning

    Copper is trading lower on Thursday. At 6:36 AM EST, the COMEX copper futures contract for July delivery was trading at $2.06—a decline of 1.1%.

    By Val Kensington
  • uploads///Analyst reco
    Company & Industry Overviews

    How Do Analysts Rate Rio Tinto?

    Citigroup (C) upgraded Rio Tinto’s (RIO) rating from “sell” to “neutral” on June 6, 2016. The broker also raised the target price for the stock from 20 pounds to 21 pounds.

    By Anuradha Garg
  • uploads///Miners weekly
    Company & Industry Overviews

    Base Metal Miners Declined the Week Ended January 2, 2016

    The equities of major base metal mining companies fell in the week ended on January 2. Freeport-McMoRan, one of the leading copper producers, fell last week and ended in a loss.

    By Val Kensington
  • uploads///Japan imports
    Macroeconomic Analysis

    Japanese iron ore imports were flat year-over-year in 2014

    Japan accounts for 10%–13% of the seaborne market, so Japanese iron ore imports are another good indicator of demand.

    By Anuradha Garg
  • Basic Materials

    Why is the market reacting?

    Market analysts have started turning bearish on Cliffs Natural Resources (CLF). There are many downgrades. The target price has been revised down in recent weeks.

    By Anuradha Garg
  • Basic Materials

    Why the demerger of non-core assets makes sense for BHP

    BHP had been contemplating whether to sell the non-core assets or go for a demerger. Finally, the company decided in favor of a demerger on August 15. The proposed company will likely have assets in the range of $12–$20 billion.

    By Anuradha Garg
  • uploads///Freeport
    Macroeconomic Analysis

    Why Did Merrill Lynch Resume Coverage of Freeport-McMoRan?

    On Wednesday, March 2, 2016, Merrill Lynch resumed Freeport-McMoRan’s (FCX) coverage, with a neutral rating and a price target of $9.

    By Val Kensington
  • uploads///FCF Estimates
    Basic Materials

    Factors That Could Cause an Upside to CLF’s Free Cash Flow in 2017

    Cleveland-Cliffs’ management noted during its 4Q16 earnings call that it is expecting to generate FCF of $550 million in 2017.

    By Anuradha Garg
  • uploads///Miners
    Macroeconomic Analysis

    Base Metal Miners Freeport-McMoRan and Glencore Fell Last Week

    Freeport-McMoRan is one of the largest copper miners in the world. It fell for the second consecutive trading week. In the week ending on April 2, it fell 2.2%.

    By Val Kensington
  • uploads///part
    Macroeconomic Analysis

    Copper Prices Hold at $4,500 amid Commodity Meltdown

    Copper has been on a downtrend for nearly two months. The goodwill generated by supply cuts by major miners failed to last beyond a month, and copper again resumed its downtrend.

    By Mohit Oberoi, CFA
  • uploads///debt levels
    Macroeconomic Analysis

    Alcoa’s Leverage Ratio Misses The Mark

    Alcoa’s leverage ratio has increased over 2Q 2014. This basically means that the proportion of debt in Alcoa’s capital structure has increased.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why Alcoa is improving its competitive position

    Alcoa idled several smelting plants since 2007. Its aluminum smelting capacity has come down by 28% over the period. Most of these smelters had high unit production costs.

    By Mohit Oberoi, CFA
  • uploads///ana abad  unsplash
    Company & Industry Overviews

    Why Vale’s Iron Ore Margins Should Remain Supported

    In this series, we’ll see how Vale is planning to deal with the current volatile commodity price environment.

    By Anuradha Garg
  • uploads///goldman
    Company & Industry Overviews

    Must Know: Goldman Provided Fodder to Copper Bears

    Goldman Sachs (GS) now expects copper prices to fall to $4,000 per metric ton this year. In its previous guidance, Goldman had expected copper to fall to $4,500 per metric ton in 2016.

    By Mohit Oberoi, CFA
  • uploads///Quarterly production
    Macroeconomic Analysis

    What Does the Current Supply Outlook Mean for Iron Ore Prices?

    The weak demand from China is hurting iron ore prices. The supply side, on the other hand, remains quite strong.

    By Anuradha Garg
  • uploads///Initial
    Macroeconomic Analysis

    Copper, Gold, and Silver Are Stable Early on October 7

    At 6:35 AM EST on October 7, the COMEX copper futures contract for December delivery was trading at $2.15 per pound—a fall of ~0.12%.

    By Val Kensington
  • uploads///Base Metals
    Macroeconomic Analysis

    Why Did Base Metals Fall in the Second Week of March?

    LME nickel fell to lower price levels last week and stood as the biggest loser in base metals. It fell 5.5% and ended the week at $8,830 per metric ton.

    By Val Kensington
  • Basic Materials

    Why did the Cliff’s share price rally?

    Iron ore prices are down 19% year-over-year (or YoY) and coal prices are down 30% YoY—volumes were also down YoY, but the stock rallied 7% in a single trading session the next day of the earnings call and up 3% the subsequent trading day.

    By Anuradha Garg
  • uploads///Copper
    Basic Materials

    Why Is Copper Trading High in the Early Hours on September 14?

    At 6:20 AM EST on September 14, the COMEX copper futures contract for December delivery was trading at $2.13 per pound—a gain of ~1.2%.

    By Val Kensington
  • uploads///COPPER
    Basic Materials

    Copper Dove in July 22 Due to a Stronger Dollar

    At 1:15 PM EDT on July 22, major copper producers Freeport-McMoRan (FCX), Billiton (BHP), and Rio Tinto (RIO) fell by ~1.7%, ~1.7%, and ~1.19%, respectively.

    By Val Kensington
  • Basic Materials

    Must-know: Why Brazilian iron ore exports fell 9% in August

    Brazilian exports show how much volume is shipped out of Brazilian ports to China and the rest of the world. Along with exports from Port Hedland, Australia, this is an important supply side indicator.

    By Anuradha Garg
  • uploads///Iron ore companies performance
    Macroeconomic Analysis

    Iron Ore Pricing Pressures Likely to Persist

    Almost all of the iron ore miners are cutting costs, which is driving the cost curve down. This will put additional pressure on prices.

    By Anuradha Garg
  • uploads///comparative
    Basic Materials

    Aluminum company metrics compared

    Trading on the London metal exchange determines the price for primary aluminum. Any increase in the price of aluminum benefits companies that produce primary aluminum.

    By Mohit Oberoi, CFA
  • uploads///Steel prices
    Miscellaneous

    China’s Steel Prices Might Have Started Giving Up: More Downside?

    One of the most dominant factors driving iron ore’s price rally is rising steel production and the resulting increase in steel prices in China (FXI).

    By Anuradha Garg
  • uploads///Chinas Industrial Production in November
    Miscellaneous

    China Moves from Manufacturing to Consumption: Impact on Iron Ore

    Over the past few months, we’ve seen that China (MCHI) (ASHR) is transitioning from a manufacturing-based to consumption-based economy.

    By Anuradha Garg
  • uploads///China steel production
    Macroeconomic Analysis

    China’s Steel Production Outlook Pressures Iron Ore Prices

    According to the China Iron and Steel Association, China’s 2015 crude steel output could decline by as much as 2%. This estimate is lower than CISA’s March estimate of a 1.1% decline.

    By Anuradha Garg
  • uploads///Estimates_iron oreprices
    Miscellaneous

    Why Analysts Have Mixed Views on Iron Ore Prices

    Goldman Sachs (GS) is notably still quite bearish on iron ore. The bank cited the recent string of shipment data from Australia to support its view.

    By Anuradha Garg
  • uploads///Untitled
    Company & Industry Overviews

    Could the OPEC Meeting Have an Impact on Alcoa?

    It could be déjà vu for Alcoa (AA) investors after the OPEC meeting on December 4, 2015. Last year’s decision to maintain daily crude output had a negative impact on all commodities.

    By Mohit Oberoi, CFA
  • uploads///Copper
    Macroeconomic Analysis

    How Were Copper, Gold, and Silver Trading on Monday?

    China’s better-than-expected growth in real estate investments in April supported copper prices on Monday.

    By Val Kensington
  • Basic Materials

    Must-know: Alcoa’s third quarter portfolio transformation

    Alcoa announced the acquisition of Firth Rixson. Firth Rixson is the largest jet engine ring manufacturer. It gets ~75% of its revenues from aerospace industries.

    By Mohit Oberoi, CFA
  • uploads///part  premiums
    Basic Materials

    Why the Aluminum Supply Deficit Is Not Causing Premiums to Strengthen

    US Midwest aluminum premiums are currently quoted at $0.07 per pound. Premiums have fallen slightly in July and are now down more than 22% year-to-date.

    By Mohit Oberoi, CFA
  • uploads///Iron ore companies performance
    Macroeconomic Analysis

    It’s Hard to Be Positive on Long-Term Iron Ore Price Fundamentals

    Vale SA will cut the high-cost iron ore production from its Southern and Southeastern systems by 25 million–30 million tons per year. Its 2015 iron ore guidance production is unchanged at 340 million tons.

    By Anuradha Garg
  • uploads///VALE_Estimates
    Miscellaneous

    Understanding S11D’s Impact on Vale’s Earnings Estimates for 2017

    Vale’s total volumes should see a significant boost from iron ore volumes as its S11D project starts commercial production.

    By Anuradha Garg
  • uploads///part  alumina prices
    Miscellaneous

    Why Alumina Prices Are a Challenge for Alcoa

    The decline in alumina prices is a concern for Alcoa. The profitability of its alumina operations would be hit due to lower alumina prices.

    By Mohit Oberoi, CFA
  • uploads///Iron ore supply
    Macroeconomic Analysis

    Roy Hill Has the Potential to Push Iron Ore Prices Further Down

    Australia’s billionaire Gina Rinehart’s $10 billion Roy Hill iron ore project expects to start shipping iron ore to world markets starting in October 2015.

    By Anuradha Garg
  • uploads///part
    Basic Materials

    Why Copper Bears Shouldn’t Lose Heart

    While copper bears have been overshadowed by the bulls this month, they might like their chances in 4Q17.

    By Mohit Oberoi, CFA
  • uploads///Valuation
    Miscellaneous

    What is Driving the Valuation for Iron Ore Miners?

    Valuation multiple The EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple is a widely used relative valuation multiple for capital-intensive industries such as metals and mining. It takes into account a company’s capital structure. By using this multiple, we can compare companies’ valuations. Miners’ EV-to-EBITDA Vale (VALE) has a forward EV-to-EBITDA multiple […]

    By Anuradha Garg
  • uploads///China Steel production
    Miscellaneous

    Understanding China’s Monthly Record in Steel Production

    In April, China’s steel production surpassed the previous monthly record of 72 million achieved in March 2017 by producing 72.78 million tons.

    By Anuradha Garg
  • uploads///lme rules
    Macroeconomic Analysis

    2 Factors That Could Impact Aluminum Premiums In 2015

    Aluminum premiums are negotiated between aluminum warehouses and the end buyers. This makes them less susceptible to speculation.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Freeport-McMoRan’s Technical and Fundamental Indicators

    Freeport-McMoRan (FCX) closed at $10.54 on September 21. It rose almost 6% from its closing the previous day. The stock has gained 2.4% in September.

    By Mohit Oberoi, CFA
  • uploads///comparative
    Basic Materials

    Must-know: Alcoa is placed better than other aluminum companies

    The aluminum process starts by extracting bauxite from the Earth’s crust. The bauxite is refined into alumina. Alumina is a key raw material—along with carbon and electricity.

    By Mohit Oberoi, CFA
  • uploads///part
    Miscellaneous

    How Integrated Operations Would Be Alcoa’s Competitive Advantage

    Alcoa (AA) has integrated operations. Under the current market scenario, integrated operations could become Alcoa’s competitive advantage.

    By Mohit Oberoi, CFA
  • uploads///part  valuation
    Basic Materials

    How Freeport’s Valuation Looks Going into 3Q16

    Freeport’s asset sales program has restored investor confidence, helping it to trade at a higher valuation multiple.

    By Mohit Oberoi, CFA
  • uploads///Companies performance
    Macroeconomic Analysis

    Why the Outlook on Iron Ore Is Still Negative

    Major iron ore producers are further reducing costs to weather the current market downturn.

    By Anuradha Garg
  • uploads///part  TCK
    Company & Industry Overviews

    Will Teck Resources Have a Merry Christmas in 2017 Also?

    Higher commodity prices and an improved risk-on sentiment were Teck Resources’ key drivers in 2016.

    By Mohit Oberoi, CFA
  • uploads///part  deficit
    Basic Materials

    How Does Alcoa’s Record Aluminum Deficit Projection Look?

    Earlier, Alcoa projected a 1.1 million metric ton deficit for global aluminum markets. It revised down its deficit projection during its 2Q16 conference call.

    By Mohit Oberoi, CFA
  • uploads///part  outlook
    Company & Industry Overviews

    Aluminum Executives Discuss the Industry Outlook

    For commodity companies like Rio Tinto (RIO), the industry outlook is as important, if not more important, than the company’s position in the industry.

    By Mohit Oberoi, CFA
  • uploads///dedaeeca
    Macroeconomic Analysis

    UK Stock Market Stymies Awaiting a US Rate Hike in September

    September 4 saw rises in none of the 109 constituent stocks of the EWU. The Fed’s rate-hike indecision impacted UK investors.

    By Renee Blakely
  • uploads///part  outlook
    Earnings Report

    Aluminum Industry Outlook: What Do Top Executives Have to Say?

    Aluminum industry outlook For commodity companies like Rio Tinto (RIO), industry outlook is as important—if not more important—than the company’s position in the industry. Let’s see what senior aluminum executives have had to say about the aluminum industry’s outlook during their companies’ 3Q16 earnings calls. Century Aluminum Century Aluminum (CENX) expects two million metric tons […]

    By Mohit Oberoi, CFA
  • uploads///aluminum price
    Basic Materials

    Trouble Ahead For Alcoa? Halcyon Days Of 2014 Could Be Over

    Aluminum prices were strong for most of 2014. But OPEC changed all that last fall when it decided to maintain crude oil output levels.

    By Mohit Oberoi, CFA
  • uploads///last
    Earnings Report

    ArcelorMittal’s Key Risks in 2H15: Investor Must-Knows

    ArcelorMittal faces certain macro risks. We’ll discuss these risks in this part of our series.

    By Mohit Oberoi, CFA
  • uploads///metals and mining segment
    Company & Industry Overviews

    Understanding Glencore’s Metals and Mining Business

    Glencore’s metals and mining segment was the second-biggest contributor to its 1H15 revenues.

    By Mohit Oberoi, CFA
  • uploads///part  gross profits
    Company & Industry Overviews

    Did Alcoa Just Bail Out Century Aluminum?

    Century Aluminum’s earnings have come under severe pressure because of the steep correction in aluminum prices. The company posted a gross loss in 3Q15.

    By Mohit Oberoi, CFA
  • uploads///china PMI
    Earnings Report

    Global Turmoil Continues to Weigh on Freeport-McMoRan

    Metal shares bear the brunt whenever there’s a global turmoil in the markets. China’s slowdown could continue to weigh heavily on metal companies like Freeport.

    By Mohit Oberoi, CFA
  • uploads///NCM vs GDX
    Company & Industry Overviews

    Analyzing Newcrest Mining’s Rising Costs and Falling Gold Prices

    Newcrest Mining is based in Australia. It’s engaged in the exploration, mining, and sale of gold and copper. It produced about 2,396,000 ounces of gold in 2014.

    By Meera Shawn
  • uploads///Aggregate financing
    Miscellaneous

    Will Iron Ore Prices Benefit from China’s Credit Growth Prospects?

    China’s aggregate financing stood at ~3.7 trillion Chinese yuan in January 2017, as compared to 1.6 trillion yuan in December 2016.

    By Anuradha Garg
  • uploads///Cost cutting
    Earnings Report

    How Will Cliffs Natural Resources’ Costs Progress in 2017?

    In 4Q16, Cliffs’ cash costs of goods sold for APIO was $36.4 per ton, or 8% higher YoY.

    By Anuradha Garg
  • uploads///Valuation
    Miscellaneous

    Which Iron Ore Miners Currently Look Undervalued or Overvalued?

    Rio Tinto has received a boost due to its recent announcement regarding $5 billion of additional free cash flow generation through productivity improvements.

    By Anuradha Garg
  • uploads///Debt
    Basic Materials

    What Rio Tinto’s Balance Sheet Means for Future Growth

    Rio Tinto’s (RIO) net debt at the end of 1H17 was $7.6 billion, compared with $12.9 billion at the end of 1H16 and $9.6 billion at the end of December 2016.

    By Anuradha Garg
  • uploads///UNIT PRODUCTION COSTS
    Earnings Report

    What to Expect from Freeport-McMoRan’s 3Q15 Earnings

    Looking at Freeport’s earnings sensitivity to WTI and copper prices, its 3Q15 earnings could take a hit compared to the previous quarter.

    By Mohit Oberoi, CFA
  • uploads///A VanEck Chart
    Company & Industry Overviews

    How Bond Buybacks Add Value

    As of June 30, 11 fallen angel companies had issued tender offers YTD, boosting their bond prices by 5% on average.

    By VanEck
  • uploads///Aluminum
    Earnings Report

    Rio Tinto: In-Line Aluminum, More-than-Expected Bauxite Production

    Rio Tinto (RIO) and Alcan combined in 2007 to form Rio Tinto Alcan, a global leader in the aluminum industry. Its fully integrated facilities include high-quality bauxite mines…

    By Anuradha Garg
  • uploads///APIO Volumes
    Earnings Report

    Cliffs’ Asia-Pacific: Will Strong Seaborne Iron Ore Prices Lead to Mine-Extension?

    Seaborne iron ore prices have held firm in 2016 and 2017 YTD, despite market participants calling for a downturn.

    By Anuradha Garg
  • uploads///part  aluminum
    Basic Materials

    Will the Demand-Supply Mismatch Spur Chinese Aluminum Exports?

    China’s unwrought aluminum exports rose 20.4% YoY in August. Although the increase is a concern, things aren’t as bad as suggested by the big YoY spike.

    By Mohit Oberoi, CFA
  • uploads///Intro
    Miscellaneous

    Here’s What’s Driving Iron Ore Prices through the Roof

    Iron ore prices reached a six-month high of $62.7 per ton on October 26, 2016, bringing the YTD (year-to-date) gains for the commodity to an impressive 46%.

    By Anuradha Garg
  • uploads///part  inventory
    Basic Materials

    Global Copper Inventory Stabilizes, Supports Prices

    Stable copper inventories seem to support copper prices. Copper’s upside might be capped due to global uncertainty and copper’s projected surplus.

    By Mohit Oberoi, CFA
  • uploads///mt holly dynamics
    Earnings Report

    Was Alcoa Smart to Sell Mt. Holly Smelter to Century Aluminum?

    In 2014, Alcoa (AA) sold its stake in the Mt. Holly smelter to Century Aluminum (CENX).

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Will Freeport Follow Glencore and Restore Its Dividend?

    Freeport-McMoRan and Glencore suffered from the same issues last year. While Glencore restored its dividend, Freeport hasn’t restored its dividend yet.

    By Mohit Oberoi, CFA
  • uploads///Analysts estimates
    Company & Industry Overviews

    What Are Analysts Recommending for Cliffs Natural Resources?

    Of the analysts covering Cliffs, one analyst has a “buy” recommendation, eight have “hold” recommendations, and six have “sell” recommendations.

    By Anuradha Garg
  • uploads///part
    Earnings Report

    Key Takeaways from Alcoa’s 4Q16 Earnings Call

    The question of restarting US plants cropped up during Alcoa’s 4Q16 earnings call. However, Alcoa’s management sounded wary.

    By Mohit Oberoi, CFA
  • uploads///Coal
    Earnings Report

    Why Rio Tinto’s Kestrel Ramp-Up Keeps Coal Volumes Going

    RIO’s hard coking coal production was up 10% YoY to 4 million tons in 9M15 due to improved production rates at Kestrel.

    By Anuradha Garg
  • uploads///Slight Fall in Business Confidence in Chile in
    Macroeconomic Analysis

    What Chile’s Mining Strike Means for a Highly Privatized Economy

    Chile had been known as the best-managed economy in Latin America—until recently.

    By Mary Sadler
  • uploads///China aluminum export
    Basic Materials

    China Has A Limited Impact On The Global Aluminum Industry

    Bauxite is the main raw material in aluminum production. China lacks high-quality bauxite reserves. Until last year, China was relying on bauxite from Indonesia.

    By Mohit Oberoi, CFA
  • uploads///part  scco
    Basic Materials

    How Are Analysts Rating Southern Copper This Month?

    According to consensus estimates compiled by Bloomberg, Southern Copper (SCCO) has a one-year price target of $27.82—7.5% above its current stock price.

    By Mohit Oberoi, CFA
  • uploads///Copper prod
    Earnings Report

    Rio Tinto Maintained Copper Production Guidance for 2015

    Rio Tinto (RIO) had combined its coal and copper divisions to form a single division earlier in the year. Together they contributed to 20% of RIO’s underlying EBITDA for 1H15.

    By Anuradha Garg
  • uploads///part  grasberg
    Basic Materials

    Why October Could Be a Crucial Month for Freeport-McMoRan

    In the previous parts of this series, we looked at some of the macro developments that could impact Freeport-McMoRan (FCX) in October.

    By Mohit Oberoi, CFA
  • uploads///considerations part
    Fund Managers

    Must Know: What Value Can Elliott Management Add to Alcoa?

    Elliott Management noted that it plans to engage in a “constructive dialogue” with Alcoa’s (AA) board regarding Alcoa’s split transaction and “additional available opportunities to maximize shareholder value.”

    By Mohit Oberoi, CFA
  • uploads///part  trq
    Miscellaneous

    Do Analysts See Value in Turquoise Hill Resources?

    According to Reuters, TRQ has a mean one-year price target of 5.68 Canadian dollars (~$4.28), which is a 24.3% upside over its closing price on January 20.

    By Mohit Oberoi, CFA
  • uploads///Iron ore prices
    Earnings Report

    Inside BHP Billiton’s Iron Ore Price Concerns

    Iron ore prices were very strong in 2016 and have remained so year-to-date. Prices increased by more than 80% in 2016.

    By Anuradha Garg
  • uploads///part  alumina price
    Basic Materials

    How Alumina Prices Affect Century Aluminum

    Alcoa (AA) is an integrated aluminum producer like Rio Tinto (RIO) and Norsk Hydro (NHYDY) and produces alumina and aluminum (DBB).

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Why Arconic Investors Can Find Solace in Alcoa’s Gains

    While Alcoa (AA) has seen upward price action following its split, Arconic (ARNC) has sagged. However, Arconic’s investors can still find some solace in Alcoa’s gains.

    By Mohit Oberoi, CFA
  • uploads///part  poor cousin
    Miscellaneous

    Alcoa’s Split: Is the ‘Crown Jewel’ Doing as Expected?

    When the split was announced last year, Arconic was supposed to be the crown jewel that would help drive value for shareholders once listed as a separate entity.

    By Mohit Oberoi, CFA
  • uploads///part  copper part
    Basic Materials

    Chinese Copper Imports Impact the Global Inventory

    Since China’s refined copper imports started to taper down starting in April, we saw big drawdowns in the SHFE copper inventory.

    By Mohit Oberoi, CFA
  • uploads///part
    Earnings Report

    Key Takeaways from Freeport-McMoRan’s 3Q16 Earnings Call

    During its 3Q16 earnings call, Freeport-McMoRan (FCX) reduced its production guidance. The company expects its 2016 copper shipments to be 4.8 billion pounds.

    By Mohit Oberoi, CFA
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