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Morningstar’s Analysis

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Solid Third Quarter for Rio Tinto, Maintaining Our AUD 69 per Share Fair Value Estimate

Analyst Note

| Mathew Hodge, CFA |

No-moat Rio Tinto’s third quarter 2020 production was robust. The company maintained production guidance for 2020 across its products and we’ve made no material changes to our full year forecasts. We’ve marginally reduced our forecast for Rio Tinto’s share of iron ore production, and titanium dioxide slag and raised our forecast for diamond production after a relatively strong first nine months. As a result, we lower our 2020 adjusted earnings forecast by a modest 2% to USD 7.29 per share with no material change to our earnings forecasts from 2021 onwards.

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Company Profile

Business Description

Rio Tinto searches for and extracts a variety of minerals worldwide, with the heaviest concentrations in North America and Australia. Iron ore is the dominant commodity, with significantly lesser contributions from aluminium, copper, diamonds, energy products, gold, and industrial minerals. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity. Shareholders in each company have equivalent economic and voting rights.

6 St James’s Square
London, SW1Y 4AD, United Kingdom
T +44 2077812000
Sector Basic Materials
Industry Other Industrial Metals & Mining
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 46,000