Rio Tinto Limited Better than expected second quarter performance

Better than expected second quarter performance: Rio Tinto Limited (ASX:RIO) reported Pilbara iron ore shipments of 77.7 million tons in the second quarter of 2017 (100 per cent basis), which is a decrease of 6% as compared to the prior corresponding period. This decline was mainly on the back of accelerated rail track maintenance. The group expects Iron ore shipments to be around 330 million tons for FY17 which is lower end to their earlier forecasts of 330 to 340 million tons. On the other hand, the group reported a solid bauxite production of 12.9 million tons, an increase of 7% as compared to the prior corresponding period (pcp) boosted by Weipa and Gove production. Despite Mined copper production recovery from last quarter, it fell 6% as compared to the pcp on the back of ongoing ramp up in Escondida after the labor strike.  Titanium dioxide slag production enhanced 34% from pcp showing improving market demand. The group chose Yancoal Australia as its preferred buyer of Coal & Allied, as they enhanced their offer from $2.69 billion, and expects to finish the sale by the third quarter of 2017.    

 

 

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APRA advised that the bank’s Common Equity Tier 1 APRA’s reasonable 2020 CET1 target reiterated the confidence on the stock

APRA’s reasonable 2020 CET1 target reiterated the confidence on the stock: APRA advised that the bank’s Common Equity Tier 1 (CET1) ratio need to reach at least 10.5% by January 2020. However, the bank is on track to achieve this target with their CET1 ratio already reaching 10.1% on an APRA basis, as of March 31st, 2017. Moreover, the bank declared a $1.1997 distribution amount, while the reasonable APRA’s target wiped off the concerns over the bank’s ability to pay dividends. NAB is offloading 55% interest in its complementary asset consulting business (JANA) to the JANA senior management team. The bank recently launched a new product to enable Australians manage their superannuation in the lead up to and during retirement.

 

 

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Rio Tinto Limited (ASX: RIO) has reported a solid quarter for production, including record output at bauxite operations.

Rio Tinto Limited (ASX: RIO) has reported a solid quarter for production, including record output at bauxite operations. Iron ore production was in line with last year, although iron ore shipments were impacted by an acceleration in its rail maintenance program following poor weather in the first quarter. Pilbara operations produced 157.0 million tons (Rio Tinto share 128.7 million tons) in the first half of 2017, 2% lower than the same period of 2016 reflecting adverse weather conditions in the first quarter. Second quarter production of 79.8 million tons (Rio Tinto share 65.0 million tons) was slightly lower than the same quarter of 2016 and 3% higher than the first quarter. At the Silvergrass project, earthworks for the plant have been completed, installation of the conveyor is underway, and full commissioning remains on target for the fourth quarter of this year. Rio Tinto expects Pilbara shipments to be around 330 million tons in in 2017 (previously between 330 and 340 million tons) on a 100% basis.   

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BHP has approved a total of US$250 million (BHP Billiton Brasil) in financial support for the Renova Foundation and Samarco Mineração S.A.

BHP has approved a total of US$250 million (BHP Billiton Brasil) in financial support for the Renova Foundation and Samarco Mineração S.A. (Samarco) until 31 December 2017. The amount of US$174 million will be used to fund the Renova Foundation for remediation and compensation programs identified under the Framework Agreement (described in the Note below) (Programs). This amount will be offset against the Group’s provision for the Samarco dam failure. A short-term facility of up to US$76 million (BHP Billiton Brasil’s share) will be made available to Samarco to carry out remediation and stabilization work and to support Samarco’s operations. Funds will be released to Samarco only as required, and subject to achievement of key milestones. On 18 January 2017, Samarco and its shareholders, Vale S.A. (Vale) and BHP Billiton Brasil entered into a preliminary agreement with the Federal Prosecutors’ Office in Brazil (Federal Prosecutors) in relation to the Samarco dam failure (Preliminary Agreement). The Preliminary Agreement outlines the process and timeline for negotiation of a settlement of the BRL 155 billion (approximately US$47.5 billion) and BRL 20 billion (approximately US$6.1 billion) Public Civil Claims relating to the dam failure. The Preliminary Agreement also provides for the appointment of experts to advise the Federal Prosecutors in relation to environmental and socioeconomic impact assessment and review of the Programs being implemented by the Renova Foundation under the terms of the Framework Agreement.

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Three Iron Ore Stocks – BHP Billiton Ltd, Rio Tinto Ltd and Fortescue Metals Group Ltd.

BHP has approved a total of US$250 million (BHP Billiton Brasil) in financial support for the Renova Foundation and Samarco Mineração S.A. (Samarco) until 31 December 2017. The amount of US$174 million will be used to fund the Renova Foundation for remediation and compensation programs identified under the Framework Agreement (described in the Note below) (Programs). This amount will be offset against the Group’s provision for the Samarco dam failure. A short-term facility of up to US$76 million (BHP Billiton Brasil’s share) will be made available to Samarco to carry out remediation and stabilization work and to support Samarco’s operations. Funds will be released to Samarco only as required, and subject to achievement of key milestones. On 18 January 2017, Samarco and its shareholders, Vale S.A. (Vale) and BHP Billiton Brasil entered into a preliminary agreement with the Federal Prosecutors’ Office in Brazil (Federal Prosecutors) in relation to the Samarco dam failure (Preliminary Agreement). The Preliminary Agreement outlines the process and timeline for negotiation of a settlement of the BRL 155 billion (approximately US$47.5 billion) and BRL 20 billion (approximately US$6.1 billion) Public Civil Claims relating to the dam failure. The Preliminary Agreement also provides for the appointment of experts to advise the Federal Prosecutors in relation to environmental and socioeconomic impact assessment and review of the Programs being implemented by the Renova Foundation under the terms of the Framework Agreement.

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Telstra Corporation Ltd First mover advantage

First mover advantage: Telstra Corporation Ltd (ASX: TLS) stock recently reported that they are supporting the Australian Competition and Consumer Commission (ACCC) legal initiative against Vodafone regarding their decision on wholesale domestic mobile roaming. ACCC went against Vodafone decision of leveraging Telstra’s mobile infrastructure in regional and remote areas, where it has the least network coverage as compared to its peers. Moreover, recently ACCC decided to regulate high-speed internet services supplied by non-NBN fixed line networks. ACCC’s announced to set wholesale prices and other terms and conditions which would lead customers with several options to choose from. Telstra has a huge first mover advantage as the group invested more than $8 billion in the last six years for building Australia’s major and best mobile network with 15% of this investment directed to cover the last two per cent of Australia’s population. Telstra believes that ACCC decision would give all telecos to have the opportunity to invest in regional Australia and ensure more people can enjoy the benefits of future technology upgrades. Customers can enjoy the opportunities and benefits that 4G and in the future, 5G would offer to rural and regional Australia. Accordingly, Telstra is further investing $1 billion to strengthen their regional mobile coverage and expanding their 4G coverage to reach 99 per cent of the population. For the coming years, the group would see a further 1.4 million square kilometers of 4G coverage for regional and rural Australia. As a result, over 600 base stations would be upgraded from 3G to 4G, enabling the Australian population access to world-leading 4G networks. As per ACCC, Telstra’s fiber network prices would be $16.03 per port per month (Zone 1) for 2017 to 2018 and $21.10 per port per month (Zone 2) and $29.27 per Mbps per month for aggregation. An RSP would also need to be bought to Telstra’s wholesale line rental service, which is a further $20.69 per month.

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Two Telecom stocks to buy – Telstra & TPG

First mover advantage: Telstra Corporation Ltd (ASX: TLS) stock recently reported that they are supporting the Australian Competition and Consumer Commission (ACCC) legal initiative against Vodafone regarding their decision on wholesale domestic mobile roaming. ACCC went against Vodafone decision of leveraging Telstra’s mobile infrastructure in regional and remote areas, where it has the least network coverage as compared to its peers. Moreover, recently ACCC decided to regulate high-speed internet services supplied by non-NBN fixed line networks. ACCC’s announced to set wholesale prices and other terms and conditions which would lead customers with several options to choose from. Telstra has a huge first mover advantage as the group invested more than $8 billion in the last six years for building Australia’s major and best mobile network with 15% of this investment directed to cover the last two per cent of Australia’s population. Telstra believes that ACCC decision would give all telecos to have the opportunity to invest in regional Australia and ensure more people can enjoy the benefits of future technology upgrades. Customers can enjoy the opportunities and benefits that 4G and in the future, 5G would offer to rural and regional Australia. Accordingly, Telstra is further investing $1 billion to strengthen their regional mobile coverage and expanding their 4G coverage to reach 99 per cent of the population. For the coming years, the group would see a further 1.4 million square kilometers of 4G coverage for regional and rural Australia. As a result, over 600 base stations would be upgraded from 3G to 4G, enabling the Australian population access to world-leading 4G networks. As per ACCC, Telstra’s fiber network prices would be $16.03 per port per month (Zone 1) for 2017 to 2018 and $21.10 per port per month (Zone 2) and $29.27 per Mbps per month for aggregation. An RSP would also need to be bought to Telstra’s wholesale line rental service, which is a further $20.69 per month.

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