H1 performance, even though healthy, was fairly stable (both yoy and hoh). Apart from iron ore and aluminium continuing to be healthy profit-generators, some revival in copper was welcome. While the recent sentiment is driven by the optimism around hefty shareholder rewards, revival of the capex cycle might soon come to the fore. Nevertheless, Rio is one of the best positioned miners to withstand most uncertainties and, hence, remains one of our preferred bets.