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UBS has maintained a "Neutral" rating for Rio Tinto plc, setting a target price of 5250 pence following an investor day that conveyed mixed messages. Analyst Myles Allsop noted management's confidence in achieving targeted growth while sustaining a solid base dividend.
Rio Tinto plc, a leading global mining company, reported 2023 production figures with iron ore at 290.2 Mt (62.5%), aluminum and related products at 65.4 Mt (22.2%), and copper at 562.4 Kt (5.9%). The company’s sales are heavily concentrated in China (59.6%), followed by the United States (13.9%) and Japan (6.9%).
UBS has rated Rio Tinto 'Neutral' with a target price of 5250 pence. The company is a leading mining firm, with 2023 net sales primarily from iron ore (62.5%), followed by aluminium, alumina, and bauxite (22.2%), and smaller contributions from copper, industrial minerals, gold, and diamonds. Geographically, 59.6% of net sales come from China, with additional sales in the US, Japan, and Europe.
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