[VIDEO] Unlocking Rio Tinto's success
Rio Tinto is one of the largest and most diverse metals and mineral mining companies in the world. Headquartered in London, the company specializes in major products such as aluminium, copper, diamonds, gold, industrial minerals, iron ore, thermal and metallurgical coal and uranium, with operations across the globe.
For more than 140 years, Rio Tinto has been mining the Earth’s mineral resources to unlock the products that make modern life work. The company utilizes some of the most cutting-edge technology and machinery available, while implementing forward-thinking strategies with host communities to work in harmony to deliver results.
“Rio Tinto delivers sustainable shareholder returns from our portfolio of world-class assets. In doing so, we are creating value for many of our partners and host communities around the world,” the company declares on their website.
Rio Tinto's vision is simple: Be a company that is admired and respected for delivering superior value, as the industry’s most trusted partner.
"Our operations give us the opportunity to create mutual benefit with the communities, regions and countries in which we work, and our metals and minerals are transformed into end products that contribute to higher living standards."
Learn more about Rio Tinto here.
Lynas revenue jumps 21% as rare earth prices jump
Australian miner Lynas Rare Earths posted a 20.6% rise in revenue in the March quarter as selling prices for the key metals it mines hit record highs amid strong demand, particularly for neodymium and praseodymium (NdPr).
NdPr is used in magnets for electric vehicles and windfarms, in consumer goods like smartphones, and in military equipment such as jet engines and missile guidance systems.
The company said it plans to maintain production at 75% however, as it seeks to continue to meet covid-19 safety protocols and grapples with shipping difficulties. Shares in Lynas fell 6.1% after the results.
“They have faced a few logistics issues, and it would be good to know when they are going to start lifting their utilisation rates a bit,” said portfolio manager Andy Forster of Argo Investments in Sydney.
“Pricing has been pretty strong although it may have peeled back a bit recently. I still think the medium, long-term outlook is pretty good for their suite of products.”
Lynas post ed revenue of A$110mn ($85.37mn) for the three months to the end of March, up from A$91.2mn a year earlier as prices soared.
It said its full product range garnered average selling prices of A$35.5/kg during the March quarter, up from $23.7 in the first half of the financial year. “While the persistence of the covid crisis, especially in Europe, calls for careful forecasts for our business ahead, we see the rare earth market recovering very quickly,” said Lynas, the world’s largest rare earths producer outside China.
Freight demand has spiked during the pandemic, while the blockage of the Suez Canal in March delayed a shipment to April.
Lynas’ output of 4,463 tonnes of rare earth oxide (REO) during the quarter was marginally lower than 4,465 tonnes from a year earlier.