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.