We update estimates following 1H24 financial results from Rio Tinto (+) and FQ4 production results from South 32 (-). South32 - Previewing FH2 results in late August Following FQ4 production results and FY25 production guidance, we cut FY24 underlying EBITDA by -4%, FY25 -5% and FY26 -3%. This is detailed in Figure 2 overleaf. Given the amount of information provided within the production report - production, realised prices, cash costs - it''s not surprising that our revised estimates are so close to consensus (Figure 1). We forecast FH2 underlying EBITDA of USD 1.04bn, underling earnings of USD 0.3bn and dividend of USc 2.6/sh, all of which are a low single digit or less variance away from consensus. South32 releases results last within our coverage, 29 August (Aus morning). Given the earnings decreases, our TP falls to 136p (prev 150p) and we reiterate Underperform. Rio Tinto - Another steady half-year Our comments from RIO''s 1H24 results largely mirror what we said post 2H23, it was a boring (not in a bad way) half-year print. Considering that, it''s not a surprise that our estimate revisions are minor. Our 2024-2026 EBITDA forecasts (Figure 3) are trimmed by -1% as we lower iron ore and copper but upgrade aluminium forecasts. Takeaways from the results presentation were primarily that RIO is seriously considering larger scale MandA, more so than in recent history, and it is looking at different capital allocation opportunities. Buybacks on the PLC line were discussed but would require Chinalco to participate/sell down and those conversations have yet to take place. Reiterate Outperform with TP 6,900p (prev 7,000p).