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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Rio Tinto    RIO   GB0007188757

RIO TINTO (RIO)
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Rio Tinto Confident Trade Jolts Won't Rub Shine Off Rare Diamonds

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07/12/2018 | 06:15am CEST

By Rhiannon Hoyle

SYDNEY--Rio Tinto PLC (RIO.LN) expects the high-end colored diamonds its sells from an Australian mine to sidestep the volatility facing broader commodity markets as a trade battle intensifies.

Chief Executive Jean-Sebastien Jacques said he expects strong demand and better prices versus last year for stones being sold in Rio Tinto's annual Argyle pink diamonds tender, interest for which is typically greatest in the U.S. but within a niche, "connoisseur" market.

"Are we concerned about the market at this point in time, either in the U.S. or in other parts of the world, the answer is no," Mr. Jacques said in an interview on Thursday.

A selloff in metals and other commodities has intensified this week, as the latest tariff threats from China and the U.S. amplified fears a trade fight could slow commerce and weaken economic growth.

But Mr. Jacques said the small colored-diamond market should be insulated and that Rio has "high expectations" for its 2018 sales, which include 63 rare pink, red and violet diamonds totaling 51.48 carats.

Rio Tinto last year said its 2017 tender fetched a record value, without disclosing prices.

Pink diamonds have previously sold for as much as US$2.2 million per carat. Rio's diamond sales this year will include the largest vivid pink diamond ever sold via the Argyle tender, a 3.14-carat stone, as well as a 2.28-carat purplish red diamond that will also be the largest of its kind.

The nearing closure of Rio Tinto's 34-year-old Argyle mine, which produces almost all the world's pink, red and violet diamonds, is expected to increasingly underpin demand, said Mr. Jacques.

"People know that maybe we will have another two or three of those tenders before the mine closes," he said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
LME COPPER CASH 2.44% 6003 End-of-day quote.-16.40%
LME ZINC CASH 2.62% 2347 End-of-day quote.-30.50%
RIO TINTO 0.29% 3615.5 Delayed Quote.-8.28%
RIO TINTO LIMITED 3.06% 75.4 End-of-day quote.-3.50%
SILVER 0.17% 14.17 Delayed Quote.-16.73%
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Financials ($)
Sales 2018 39 880 M
EBIT 2018 12 949 M
Net income 2018 8 242 M
Debt 2018 3 567 M
Yield 2018 6,03%
P/E ratio 2018 9,62
P/E ratio 2019 10,89
EV / Sales 2018 2,18x
EV / Sales 2019 2,29x
Capitalization 83 510 M
Chart RIO TINTO
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Technical analysis trends RIO TINTO
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 56,7 $
Spread / Average Target 19%
EPS Revisions
Managers
NameTitle
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Jakob Stausholm Chief Financial Officer & Executive Director
Ann Frances Godbehere Independent Non-Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RIO TINTO-8.28%82 789
BHP BILLITON PLC1.78%114 891
BHP BILLITON LIMITED6.46%114 891
RIO TINTO LIMITED-3.50%82 789
ANGLO AMERICAN1.71%28 384
GRUPO MEXICO S.A. DE C.V.-17.58%21 825