“RIO delivered a good fourth quarter result, with iron ore shipments in line and bauxite and copper output beating estimates,” Michael said.
“Pilbara iron ore unit cash costs are expected at the upper end of $21.75-$23.50/t.
“We maintain an ADD rating on RIO, viewing its mix as an attractive mix of metals.
“With an updated A$125 per share target price (was A$129 per share),” Michael said.
GRAPH OF RIO
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