💥 Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

Rio Tinto chief fuels copper deal speculation after in-line half year

Published 31/07/2024, 08:47 pm
© Reuters.  Rio Tinto chief fuels copper deal speculation after in-line half year
BHP
-
RIO
-
AAL
-
ANTO
-
RIO
-
HG
-

Rio Tinto Ltd (ASX:RIO) (LSE:RIO, ASX:RIO, OTC:RTNTF) has confirmed it would be open to a major acquisition, sending shares in London-listed copper miners jumping this mining.

Copper production is ramping up at the mining giant with Oyu Tolgoi in Mongolia and new ventures in Chile and Peru expected to boost output this year by 3%.

Rio was rumoured to be considering a rival offer for Anglo American (JO:AGLJ) to BHP (ASX:BHP), though ultimately that bid fell through.

Speaking to reporters, Jakob Stausholm said: "There's definitely the opportunity to grow further ... We are constantly looking for other opportunities,"

"On the other hand, it is a bit of a heated market, so that's not an easy market to just buy yourself into. While we are looking we are also saying, we are not prepared to pay those prices."

Stausholm was speaking after half-year results showed better revenues in copper and aluminium offset by lower prices for iron ore.

"We see the Chinese economy growing plus or minus 5% and that is very good for commodity markets.

“You also see the US growing. Not fantastic, but absolutely underpinning good markets and good demand for our products," Stausholm said.

Underlying interim earnings were flat at US$5.8 billion for the six months ended June 30.

The interim dividend was also unchanged at US$1.77 per share.

Shares rose 1.9% to 5,028p. while Chile-based copper miner Antofagasta (LON:ANTO) jumped 4% to 2,009p.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.