A China-induced commodity market crisis has engulfed all miners globally and Rio Tinto – despite being extremely competitive in its operations – has been no exception. Rio reported weak H1 15 results on the back of its hefty iron ore exposure. Top-line plummeted 26% yoy to $18bn, thanks to a 46% correction in iron ore prices, followed by weakness in thermal coal (-17%), met coal (-14%) and copper (-14%) prices. Only the aluminium price was up 2%, but there again prices (along with
07 Aug 2015
Commodity market turmoil dwarfs Rio’s (good) H1 cost savings
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Commodity market turmoil dwarfs Rio’s (good) H1 cost savings
Rio Tinto plc (RIO:LON) | 5,035 2870 1.1% | Mkt Cap: 63,064m
- Published:
07 Aug 2015 -
Author:
Varun Sikka -
Pages:
3
A China-induced commodity market crisis has engulfed all miners globally and Rio Tinto – despite being extremely competitive in its operations – has been no exception. Rio reported weak H1 15 results on the back of its hefty iron ore exposure. Top-line plummeted 26% yoy to $18bn, thanks to a 46% correction in iron ore prices, followed by weakness in thermal coal (-17%), met coal (-14%) and copper (-14%) prices. Only the aluminium price was up 2%, but there again prices (along with