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Rio Tinto PLC $RIO reiterated as Buy and price target raised to $61 from $52 at Argus. Raised its 2018 earnings forecast to $4.90 from $4.49 per American depositary share and setting a 2019 estimate of $5.03.
Rio Tinto will invest C$250 million to extend operations at the Vaudreuil alumina refinery, in the Saguenay–Lac-Saint-Jean region of Quebec, Canada.
Rio Tinto Aluminium chief executive Alf Barrios said “This investment will extend operations at the Vaudreuil refinery beyond 2022.
“The high-quality, cost-competitive alumina from the Vaudreuil plant will continue to support our world-class, low-carbon aluminium smelting operations in the region to deliver a range of products that meets our customers’ needs.”
Rio Tinto Completes Sale Of Australian Coal Project Interest
Rio Tinto PLC said Friday it has completed the sale of its 75% interest in an Australian coal project to Whitehaven Coal Ltd.
$RIO sold their stake in the Winchester South coal development project in Queensland amounted to USD200 million, of which USD150 million was paid in cash on Friday and USD50 million will be received within 12 months.
The company also said it expects the sale of the Kestrel and Hail Creek coal mines and of the Valeria coal project to be completed in the second half of 2018. All also are in Queensland.
Rio Tinto is selling its 80% interest in Kestrel for USD2.25 billion to a consortium made up of private equity manager EMR Capital and Indonesian coal company PT Adaro Energy Tbk.
Rio Tinto is also selling its 82% interest in the Hail Creek coal mine and its 71% stake in the Valeria coal resource for USD1.7 billion to FTSE 100 peer Glencore PLC.
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