Short interest for Rio Tinto gives investors a sense of the degree to which investors are betting on the decline of Rio Tinto's stock. Short interest data is updated every two weeks.

Rio Tinto Stock (NYSE:RIO), Short Interest Report

Rio Tinto

Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, 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, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

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Microsoft solidifies its commitment to sustainability with agreement backing renewable energy projects by Brookfield Asset Management. 

Microsoft&#39;s Renewable Energy Leap: A Game Changer?

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Multinational miner BHP&#39;s bid for Anglo American may not be enough as other miners are likely to make rival bids for copper assets. Global demand for copper is expected to increase for clean energy.

Copper Is A Hot Commodity: Bidding War for Anglo American May Emerge After BHP&#39;s &#39;Low Ball&#39; Offer — &#39;Let The Games Begin&#39;

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Rio Tinto, Manara, Mitsui &amp; Co. and Sumitomo Corp. are rumored to be circling First Quantum-owned assets currently for sale.

Rio Tinto, Saudi Arabia&#39;s Manara Emerge As Likely Bidders For First Quantum&#39;s Zambian Assets: Report

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Brookfield Asset Management Ltd&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAM#NYSE">BAM</a>),&nbsp;Brookfield Renewable Partners LP&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEP#NYSE">BEP</a>), and&nbsp;Microsoft&nbsp;Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) have reached a&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g38544431/brookfield-and-microsoft-collaborating-to-deliver-over-10-5-gw-of-new-renewable-power-capacity-glo" rel="noreferrer noopener">global renewable energy framework agreement</a>.
Under the terms of the five-year agreement, Brookfield is set to deliver over 10.5 gigawatts of new renewable energy capacity between 2026 and 2030, primarily in the U.S. and Europe. 
There&#8217;s also potential for further expansion into regions like Asia-Pacific, India, and Latin America. 
Read Next: <a href="https://www.benzinga.com/general/24/04/38514885/instead-of-taking-jobs-microsoft-ceo-satya-nadella-says-ai-will-help-increase-wages-as-employees-can" target="_blank" rel="noreferrer noopener">Instead Of Taking Jobs, Microsoft CEO Satya Nadella Says, &#8216;AI Will Help Increase Wages&#8217; As Employees Can Provide More Expertise</a>
Microsoft&nbsp;stands to benefit&nbsp;from access to this enhanced renewable energy capacity, which will support the growing demand for its cloud services while fostering grid decarbonization.
The move highlights the urgency to meet clean energy targets while addressing the soaring energy needs of cloud computing and artificial intelligence, according to a&nbsp;<a target="_blank" href="https://www.ft.com/content/70f3ce57-1d02-4aa9-a94f-d8d728671672" rel="noreferrer noopener">report&nbsp;</a>from&nbsp;Financial&nbsp;Times.
The report noted that adding 10.5GW of new capacity would cost more than $10 billion, based on recent industry trends.
This agreement surpasses the previous record set by&nbsp;Rio Tinto plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) for the&nbsp;largest&nbsp;corporate renewable electricity purchase.
By 2026, data centers&nbsp;are projected&nbsp;to consume over 1,000 terawatt-hours of electricity globally, more than double the levels seen in 2022, the report further noted, citing the International Energy Agency.&nbsp;
Also&nbsp;Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38542747/bill-gates-quietly-guides-microsofts-ai-revolution-despite-ouster-his-opinion-is-sought-every-time-s" rel="noreferrer noopener">Bill Gates Quietly Guides Microsoft&#8217;s AI Revolution Despite Ouster, &#8216;His Opinion Is Sought Every Time&#8217; Says Executive: Report</a>
The U.S., housing a third of the world&#8217;s data centers, experiences a significant uptick in electricity demand, driven partly by these energy-intensive facilities.
The endeavor aligns with Microsoft&#8217;s goal to ensure all its electricity consumption is matched by zero-carbon energy purchases by 2030, reinforcing its commitment to sustainability.
Microsoft stock has gained more than 29% in the past 12 months. Investors can gain exposure to the stock via&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and&nbsp;IShares U.S. Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: MSFT shares are trading higher by 1.36% at $394.64 at&nbsp;the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Microsoft's Renewable Energy Leap: A Game Changer?

Australian multinational miner&nbsp;<a href="https://www.benzinga.com/quote/BHP">BHP Group</a>'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) nearly $40 billion bid for rival Anglo American (OTC:&nbsp;NGLOY) may not be enough to acquire the company as other diversified miners will probably make rival bids amid the global scramble for copper assets.
After completing a $6.4 billion takeover of Australian copper producer&nbsp;OZ Minerals&nbsp;last year, BHP is doubling down on the red metal amid widespread expectations that demand will greatly increase in coming years as the global economy transitions from fossil fuels. 
Solar and wind farms and electric vehicles require more copper than traditional utilities and internal combustion engine automobiles.
"This is the latest move to consolidate in industrial metals driven by a scramble for copper and other metals central to the world&#8217;s clean energy movement,"&nbsp;Sean Casterline, founder of the investment consulting firm&nbsp;Delta Capital Management, told Benzinga.
BHP, already the world's biggest mining company, is currently the third-largest copper producer behind Chile's state-run&nbsp;Codelco&nbsp;and U.S.-based heavyweight&nbsp;Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>). A combination with Anglo American would push BHP to the pole position.&nbsp;&nbsp;
"In our view, the copper assets are the primary driver of a proposed transaction,"&nbsp;RBC Capital Markets analysts said.&nbsp;
<h1 class="wp-block-heading">Rival Bids Seem Likely</h1>
BHP said it offered 25.08 pounds ($32.27) a share for London-based Anglo American, which said it is reviewing the proposal. The all-share deal values Anglo American at GBP 31.1 billion ($38.9 billion) and is contingent on the U.K. company spinning off its shareholdings in Anglo American Platinum Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANGPY#OTC">ANGPY</a>) and Kumba Iron Ore Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIROY#OTC">KIROY</a>), which are both listed in South Africa.
The proposal represents a nearly 14% premium for Anglo American's London-listed shares and a 31% premium without the platinum and iron ore units.
Analysts said that probably isn't enough.
Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38090219/will-copper-reach-10-000-an-essential-metal-that-faces-an-uncertain-future">Will Copper Reach $10,000? &#8216;An Essential Metal That Faces An Uncertain Future&#8217;</a>
Anglo American's shares have been so beaten down recently that its board and shareholders probably see BHP's bid as undervaluing the company, including copper assets in Chile and Peru, where BHP also has copper operations. Anglo American's shares have been suffering because of operational problems, a disappointing production outlook and a slump in diamond and platinum-group markets.
BHP's offer is "a timid and somewhat convoluted bid" that "won't be enough to draw either Anglo's board or its key shareholders," Liberum analyst Ben Davis said. After BHP's offer, he raised Anglo's price target to 27.50 pounds ($34.41), a near 25% bump from the stock&#8217;s closing price before the offer was officially made public.
Jefferies analysts went higher, saying a price of at least 28 pounds ($35.04) per share would be required for serious discussions between the companies, and a takeout price north of 30 pounds ($37.54) per share would be the outcome of a bidding war.
"If BHP does indeed continue to pursue this deal, we would be surprised if other bidders do not emerge," the company said. "Let the games begin."
The RBC Capital Markets analysts pegged diversified miner Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) as one logical bidder because of the potential advantages in combining the companies' copper assets. The company also listed Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) as a possibility because of the attractiveness of combining iron ore assets in Brazil. 
Davis pointed to diversified multinational miner&nbsp;Rio Tinto&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) as his top pick for an interloper, although he noted the company has a reputation for preferring to build mines rather than buy them.
<h1 class="wp-block-heading">Gold Miners Expand Copper Holdings</h1>
One reason why copper acquisitions are attractive is that building new copper mines from scratch is expensive and time-consuming.
That's especially true in the U.S., where getting a permit is difficult, or in other jurisdictions such as Panama, where a court ruling recently forced the closure of a huge copper mine after local protests, said&nbsp;Jason Crawshaw, portfolio manager at&nbsp;Polaris Capital, which invests in copper miners&nbsp;Lundin Mining Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) and Antofagasta (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANFGF#OTC">ANFGF</a>).
"There is a scramble for assets," he told Benzinga. "Everybody is always looking to get more exposure to copper."
Even gold miners have been interested in bulking up on copper assets.&nbsp;
Last year, U.S.-based gold mining major&nbsp;Newmont Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) bought Australian gold miner Newcrest Mining Ltd. for nearly $17 billion, adding nearly 50 billion pounds of copper reserves and resources in one fell swoop.
Meanwhile, Canada-headquartered rival&nbsp;Barrick Gold Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is spending nearly $2 billion to expand a copper mine in Zambia, targeting expanded plant production in 2028.&nbsp;
Investors looking for diverse exposure to copper producers can consider the&nbsp;Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>),&nbsp;Sprott Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>),&nbsp;Sprott Junior Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPJ#NASDAQ">COPJ</a>)&nbsp;and&nbsp;iShares Copper and Metals Mining ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>).
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37924793/rising-copper-prices-portfolio-review-make-underperforming-anglo-american-stock-a-p">Rising Copper Prices, Portfolio Review Make Underperforming Anglo American Stock A Potential Bargain: Report (CORRECTED)</a>
Photo: Anglo American copper mine in Chile courtesy of Anglo American Flickr

Copper Is A Hot Commodity: Bidding War for Anglo American May Emerge After BHP's 'Low Ball' Offer — 'Let The Games Begin'

Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and Saudi Arabia&#8217;s Manara Minerals Investment are reportedly interested in buying First Quantum Minerals&#8216; (OTCPK: FQVLF) <a href="https://www.benzinga.com/markets/commodities/24/03/37466646/zambia-plans-to-increase-copper-production-but-faces-3-problems">Zambian assets</a>.
What Happened: According to Bloomberg News, potential buyers are circling First Quantum-owned assets. 
In addition to Rio Tinto and Manara, Japanese trading houses Mitsui &amp; Co. and Sumitomo Corp. are considering bids. 
The Sentinel and Kansanshi mines are estimated <a href="https://www.mining-technology.com/news/first-quantum-zambia-mines-sale/">at</a> $6 billion. 
Zambia accounted for about half of First Quantum's copper output and revenue last year, delivering more than $450 million in operating profit. 
See Also: <a href="https://www.benzinga.com/news/24/04/38313888/new-canadian-budget-deemed-mixed-bag-for-mining-sector">New Canadian Budget Deemed Mixed Bag For Mining Sector</a>
Why It Matters: First Quantum&#8217;s management has been working on a restructuring, including <a href="https://www.benzinga.com/news/asset-sales">cost-cutting and asset sales</a>. 
The company has raised substantial capital, including $1 billion from stock sales and $1.6 billion from note offerings.
The proceeds come as the company faces a shutdown of its flagship Cobre Panama mine. The mine could come back online depending on how the <a href="https://www.benzinga.com/news/24/02/37130299/first-quantum-awaits-general-elections-in-may-maintains-hope-for-cobre-copper-mine">Panamanian elections</a> turn out in May, 
Meanwhile, Zambia&#8217;s mining sector faces challenges in energy supply. The nation is heavily reliant on hydroelectric power. Ongoing droughts have led to rolling blackouts, further complicating mining operations.
Additionally, <a href="https://www.benzinga.com/markets/commodities/24/03/37466646/zambia-plans-to-increase-copper-production-but-faces-3-problems">declining ore grades</a> pose a significant concern for miners in Zambia, affecting major operations like Kansanshi and Jinchuan Group's (OTCPK: JGRRF) Chibuluma. 
Efficient mineral mapping systems are crucial to addressing this issue and ensuring the industry&#8217;s sustainability.
Fiscal policies, especially tax regimes, also contribute to challenges. Zambia set ambitious plans for copper production. Copper is a crucial component in electric vehicles and renewable energy infrastructure. 
Finance minister Situmbeko Muskotwane expects copper production to reach <a href="https://www.benzinga.com/markets/commodities/24/04/38115830/zambia-mining-boom-the-road-to-1-million-tons-of-copper">1 million tons by 2026</a>.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
See Also: <a href="https://www.benzinga.com/markets/commodities/24/04/38295033/rio-tintos-next-chief-commercial-officer-says-building-mines-is-better-than-buying-heres-how-">Rio Tinto&#8217;s Next Chief Commercial Officer Says Building Mines Is Better Than Buying: Here&#8217;s How Long It Takes</a>
Image: Shutterstock

Rio Tinto, Saudi Arabia's Manara Emerge As Likely Bidders For First Quantum's Zambian Assets: Report

While industry observers might have anticipated a wave of mergers and acquisitions, Rio Tinto&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) copper chief, Bold Baatar, sees more value in building new mines from the ground up. He will<a href="https://www.benzinga.com/markets/commodities/24/04/38184559/rio-tinto-appointment-ushers-in-green-era-for-mining-titan-with-copper-at-the-core"> inherit the commercial post</a> in September, replacing Alf Barrios.
"For us, the focus is organic growth, supply growth and where in projects can we partner rather than necessarily acquiring an existing production," Bataar said in an interview <a href="https://www.bnnbloomberg.ca/rio-tinto-copper-boss-says-building-mines-is-better-than-buying-1.2059889">with</a> Bloomberg at the CRU World Copper Conference in Santiago.
Baatar noted a plan to increase copper production by a million metric tons within five years. This expansion will involve ramping up existing projects in Mongolia and Utah alongside global exploration efforts, including a joint venture with Codelco in Chile.
Citing a divergence between development costs and acquisition costs, Bataar gave a specific example—a Chilean copper mine constructed for $20,000 per metric ton of production, contrasting it with publicly traded companies commanding prices around $60,000 per ton.
Now read: <a href="https://www.benzinga.com/markets/asia/24/04/38190070/iron-ore-surge-boosts-australian-dollar-as-rio-tinto-invests-in-innovation">Iron Ore Surge Boosts Australian Dollar As Rio Tinto Invests in Innovation</a>
However, the path to building new mines is not without its challenges. Permitting reform is a major hurdle, as evidenced by concerns from BHP&#8217;s President for the Americas, Brandon Craig.
&#8220;In Chile it is urgent to improve the permit system to allow companies to approve large investment projects in a timely manner,&#8221; Craig said on a panel in Santiago, according to Reuters.
Chile, a major copper producer, is struggling with a permitting process that can involve up to 500 requests from various authorities. This delays investment and hinders growth in the sector.
Despite the potential benefits, building new mines is a long and arduous process. Data from <a href="https://www.statista.com/statistics/1297832/global-average-lead-times-for-mineral-resources-from-discovery-to-production/">Statista</a> reveals the average timeframe from mineral discovery to production is 16.9 years. This breakdown highlights the dominance of the initial exploration and feasibility stages, which take an average of 12.5 years. Construction planning takes roughly 1.8 years, while the final stage of transitioning from construction to production takes approximately 2.6 years.
Beyond permitting, the mining industry faces several environmental and organizational barriers to adopting new technologies that could improve efficiency and sustainability.
According to the <a href="https://sci-hub.se/10.1016/j.resourpol.2021.102188">paper</a> by researchers from Queensland University of Technology titled "Barriers and enablers of technology adoption in the mining industry," these obstacles include:
<ul>
<li>Inadequate engagement with external stakeholders like research institutions and suppliers.</li>
<li>Uncertainty in the ground conditions and operational outcomes (making companies hesitant to adopt new technologies).</li>
<li>The cyclical nature of the mining industry (discouraging long-term investments in innovation during downturns).</li>
<li>Geographically dispersed mining sites (hindering information sharing and collaboration).</li>
<li>The capital-intensive nature of the industry (making companies prioritize short-term returns over long-term innovation).</li>
</ul>
While building new mines offers a cost-effective path to long-term growth for Rio Tinto, the industry faces significant challenges. Technological advancements can play a crucial role in overcoming these hurdles, but successful adoption requires addressing environmental and organizational barriers and creating a culture that embraces innovation.
This process can be lengthy for large companies. However, academics provide solutions that can encourage technology adaptation. These include cultivating a learning culture, encouraging cross-disciplinary knowledge sharing, building trust and collaboration with external stakeholders, rewarding innovation, and giving employees more decision-making authority.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also read: <a href="https://www.benzinga.com/markets/commodities/24/04/38184559/rio-tinto-appointment-ushers-in-green-era-for-mining-titan-with-copper-at-the-core">Rio Tinto Appointment Ushers In Green Era For Mining Titan, With Copper At The Core</a>
Photo: Shutterstock

Rio Tinto's Next Chief Commercial Officer Says Building Mines Is Better Than Buying: Here's How Long It Takes

WIIM

CENX

KALU

SCCO

Shares of metals stocks are trading higher following sanctions banning the delivery of Russian metals on the London Metal Exchange.

Investors with a lot of money to spend have taken a bullish stance on Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with RIO, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 10 options trades for Rio Tinto.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $142,710, and 9, calls, for a total amount of $310,200.
<h3>Expected Price Movements</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $65.0 and $85.0 for Rio Tinto, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Rio Tinto's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Rio Tinto's substantial trades, within a strike price spectrum from $65.0 to $85.0 over the preceding 30 days.
<h3>Rio Tinto Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712950421_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$20.1</td>
<td>$17.5</td>
<td>$20.1</td>
<td>$85.00</td>
<td>$142.7K</td>
<td>0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$4.1</td>
<td>$4.0</td>
<td>$4.1</td>
<td>$65.00</td>
<td>$41.0K</td>
<td>9.1K</td>
<td style="text-align: right;">346</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$4.1</td>
<td>$4.0</td>
<td>$4.1</td>
<td>$65.00</td>
<td>$41.0K</td>
<td>9.1K</td>
<td style="text-align: right;">340</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$4.1</td>
<td>$3.9</td>
<td>$4.0</td>
<td>$65.00</td>
<td>$40.4K</td>
<td>9.1K</td>
<td style="text-align: right;">746</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$4.0</td>
<td>$4.0</td>
<td>$4.0</td>
<td>$65.00</td>
<td>$40.0K</td>
<td>9.1K</td>
<td style="text-align: right;">746</td>
</tr>
</tbody>
</table>

<h3>About Rio Tinto</h3>
Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, 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, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.
In light of the recent options history for Rio Tinto, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Where Is Rio Tinto Standing Right Now?</h3>
<ul>
<li>With a trading volume of 3,227,694, the price of RIO is down by -0.39%, reaching $66.01.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 103 days from now.</li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Rio Tinto options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Rio Tinto Unusual Options Activity For April 12

Iron ore prices are on the rise, fueled by optimism about increased demand from China, the world&#8217;s top consumer of the steelmaking ingredient. 
The iron lift-off is welcoming for the Australian dollar (AUD), a currency heavily influenced by the performance of this key export commodity.
Transaction volumes of iron ore at major Chinese ports witnessed a significant rise, swelling to 1.63 million tons on Monday from 305,000 tons on Sunday. This surge in transaction volumes indicated a resurgence in demand and the growing appeal of iron ore against <a href="https://www.benzinga.com/topic/steel">steel</a> scrap due to its cost competitiveness despite thin margins.
Per Kallanish's <a href="https://www.kallanish.com/en/news/steel/market-reports/article-details/iron-ore-surges-after-holiday-0424/">report</a>, the most-traded September iron ore on China's Dalian Commodity Exchange (DCE) traded up 5.63% at $112.73 per metric ton, closing Tuesday at its highest level in weeks. 
Meanwhile, Reuters <a href="https://www.nasdaq.com/articles/iron-ore-gains-on-bets-of-more-china-stimulus-improved-steel-margins">reported</a> analysts at Huatai Futures attributed this uptick to China's announcement regarding policies, including crude steel control, which has bolstered overall macro expectations. The expectation of improved steel margins has led to anticipations of steelmakers ramping up production, thus generating increased demand for iron ore.
Now Read:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38164785/bank-of-america-sees-gold-at-3-000-warns-of-a-copper-supply-crisis-metals-dance-to-"> Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals ‘Dance To Their Own Tune'</a>
John Meyer, an analyst at SP Angel, <a href="https://audioboom.com/posts/8484406-john-meyer-anglo-asian-gileon-kodal-power-rainbow-shanta-gold-lithium-copper">noted</a> 62% Fe iron ore prices in China have increased to $108 per ton, bouncing back from recent lows under $99 per ton. Meyer highlighted that mills were reportedly ramping up steel output on improved margins, which boded well for Australia&#8217;s exports and its currency.&nbsp;
This development is especially significant considering the AUD's recent underperformance, which has been attributed to soft iron demand and troubles in China&#8217;s property sector. The correlation between industrial metals, including iron ore and the AUD remains strong, making the recent price surge a positive indicator for the currency.&nbsp;
Despite its remoteness, Australia had an immense influence on commodities markets for decades — a fact that created one of the longest economic streaks without a recession in history. The decades of experience cultivate accumulated knowledge and, unsurprisingly, draw some of the largest producers to seek talent there.
Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), a global mining leader,&nbsp;announced a <a href="https://www.benzinga.com/markets/commodities/24/04/38184559/rio-tinto-appointment-ushers-in-green-era-for-mining-titan-with-copper-at-the-core">partnership with Founders Factory</a> to launch an entrepreneurial hub in West Australia. A $9.5 million investment will establish the first Australian hub in Perth, focusing on pre-seed and seed-stage startups oriented toward safe mine operations, decarbonization, exploration processing and automation.
Per Bloomberg's <a href="https://www.bloomberg.com/news/articles/2024-04-09/guinea-partners-get-15-billion-funds-for-top-iron-ore-deposit">report</a>, a $15 billion financing agreement for the Simandou iron mine in Guinea is a done deal, and the mine is scheduled to commence production by the end of 2025. Thus, Rio Tinto, its operator, is looking for Australian talent to help innovate for some of the largest projects in the industry's history.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also Read:<a href="https://www.benzinga.com/news/24/04/38149136/fortuna-silver-mines-highlights-strong-q1-gold-silver-production-amid-precious-metal-surge"> Fortuna Silver Mines Highlights Strong Q1 Gold, Silver Production Amid Precious Metal Surge</a>
Photo: Conveyor belt of iron ore, photo by Aussie Family Living via Shutterstock

Asia

Iron Ore Surge Boosts Australian Dollar As Rio Tinto Invests in Innovation

Multinational mining giant Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) has appointed Bold Baatar as its chief commercial officer (CCO), entrusting him with global business development. Bataar joined the company in 2013 and became the copper business chief in 2021. He will inherit the commercial post in September, replacing Alf Barrios, who is retiring and will leave the company at <a href="https://www.benzinga.com/topic/mining">the end of the year.</a>
&#8220;Bold brings deep experience across geographies, commodities, and markets – and combines strong business development expertise with a focus on developing world-class relationships," <a href="https://www.riotinto.com/en/news/releases/2024/rio-tinto-appoints-bold-baatar-as-chief-commercial-officer">said</a> CEO Jakob Stausholm.
Baatar&#8217;s promotion aligns with Rio Tinto&#8217;s focus on key metals such as copper, crucial for renewable energy and electric vehicles. His notable achievements include leading the successful completion of the underground expansion of the Oyu Tolgoi copper mine in his native Mongolia.
Now read:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38164785/bank-of-america-sees-gold-at-3-000-warns-of-a-copper-supply-crisis-metals-dance-to-"> Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals &#8216;Dance To Their Own Tune&#8217;</a>
In addition to overseeing commercial operations and business development initiatives, Baatar will continue to lead Rio Tinto&#8217;s relationships with joint venture partners, particularly regarding the <a href="https://www.benzinga.com/news/24/01/36544368/mining-milestone-rio-tinto-to-launch-worlds-largest-project-in-guineas-simandou-mountains">Simandou iron-ore project</a> in Guinea.
Analysts and investors see Bataar as a candidate to succeed Stausholm at the helm. The Danish businessman has held the CEO tenure since January 2021, focusing on improving the company's brand after a string of controversies, including the destruction of Aboriginal rock shelters at Juukan Gorge in Western Australia in 2020.
Looking ahead, the company is trying to foster entrepreneurship in that region, partnering up with a renowned startup accelerator, Founders Factory. A $9.5 million investment will establish the <a href="https://www.riotinto.com/en/news/releases/2024/rio-tinto-to-invest-in-the-worlds-best-technology-startups">first Australian hub in Perth</a>, focusing on pre-seed and seed-stage startups oriented toward safe mine operations, decarbonization, exploration processing, and automation.
"This program can help international and local founders test their technologies with the global leader in the sector and find pathways to commercial scale and impact," said Founders Factory CEO Henry Lane.
The partnership with Founders Factory also aligns with the Western Australian Government&#8217;s commitment to fostering innovation and supporting the growth of the state&#8217;s innovation economy. By establishing the first Australian entrepreneurial hub, Rio Tinto aims to boost innovation and technology adoption in the mining industry.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also read:<a href="https://www.benzinga.com/news/24/04/38149136/fortuna-silver-mines-highlights-strong-q1-gold-silver-production-amid-precious-metal-surge"> Fortuna Silver Mines Highlights Strong Q1 Gold, Silver Production Amid Precious Metal Surge</a>
Image generated using artificial intelligence via Midjourney.

Rio Tinto Appointment Ushers In Green Era For Mining Titan, With Copper At The Core

Financial giants have made a conspicuous bearish move on Rio Tinto. Our analysis of options history for Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) revealed 9 unusual trades.
Delving into the details, we found 33% of traders were bullish, while 66% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $231,178, and 5 were calls, valued at $596,284.
<h3>What's The Price Target?</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $60.0 to $72.5 for Rio Tinto over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for Rio Tinto options trades today is 844.83 with a total volume of 6,051.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Rio Tinto's big money trades within a strike price range of $60.0 to $72.5 over the last 30 days.
<h3>Rio Tinto 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712603756_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$3.7</td>
<td>$3.5</td>
<td>$3.5</td>
<td>$72.50</td>
<td>$177.2K</td>
<td style="text-align: right;">544</td>
<td>1.0K</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$3.8</td>
<td>$3.5</td>
<td>$3.5</td>
<td>$72.50</td>
<td>$175.0K</td>
<td style="text-align: right;">544</td>
<td>506</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$4.3</td>
<td>$3.5</td>
<td>$3.5</td>
<td>$72.50</td>
<td>$154.3K</td>
<td style="text-align: right;">544</td>
<td>1.9K</td>
</tr>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$2.2</td>
<td>$2.15</td>
<td>$2.15</td>
<td>$67.50</td>
<td>$103.4K</td>
<td style="text-align: right;">963</td>
<td>604</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$3.7</td>
<td>$3.5</td>
<td>$3.5</td>
<td>$72.50</td>
<td>$62.6K</td>
<td style="text-align: right;">544</td>
<td>1.5K</td>
</tr>
</tbody>
</table>

<h3>About Rio Tinto</h3>
Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, 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, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.
After a thorough review of the options trading surrounding Rio Tinto, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Current Position of Rio Tinto</h3>
<ul>
<li>With a volume of 3,582,838, the price of RIO is up 3.46% at $65.18. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 107 days.</li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Rio Tinto options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Market Whales and Their Recent Bets on RIO Options

Shares of several iron ore-related companies are trading higher amid strength in iron ore futures on hopes Chinese demand will improve.

Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), the world&#8217;s second-largest metals and mining corporation, is facing a possible divestment from the Norwegian sovereign wealth fund. 
The Council On Ethics, charged with ensuring adherence to strict ethical guidelines, is deliberating whether to recommend exiting the $2.15 billion stake due to alleged <a href="https://www.benzinga.com/markets/equities/24/04/38073216/why-rio-tinto-shares-are-falling-today">deforestation links in the Brazilian Amazon</a>.
According <a href="https://www.wsj.com/articles/rio-tinto-faces-possible-norway-fund-divestment-over-alleged-deforestation-links-de34bec2">to</a> The Wall Street Journal, in January, the council asked Rio Tinto for comment on its draft recommendation to exclude the company from Norway's $1.6 trillion fund. Since then, Rio Tinto and the council have been in discussions, but a final decision hasn't been made.
The council, which is independent, plays an important role in the world's largest sovereign wealth fund. Its job is to scrutinize investments made by Norges Bank Investment Management, the fund's operator. It can then recommend excluding companies from the fund or placing them on an observation list.
Now Read: <a href="https://www.benzinga.com/news/24/04/38059585/a-watershed-moment-for-gold">A Watershed Moment for Gold</a>
Norway&#8217;s stringent approach to ethical investing has also led to divestments from other major players in the industry, such as Glencore ADR (OTCPK: GLNCY), as the fund dropped the stake in the Swiss miner in 2020 due to thermal coal production concerns. 
With Norges closely adhering to recommendations related to environmental, social and corporate governance factors since 2015, Rio Tinto&#8217;s potential exclusion from the fund carries significant weight, as the fund is its fifth largest shareholder.
Yet, this isn&#8217;t the first time Rio Tinto has faced such a predicament. Back in 2008, Norway made headlines by divesting from Rio Tinto over concerns regarding the Grasberg mine&#8217;s operations in Indonesia, citing environmental damage. This divestment lasted for 11 years until June 2019, when Rio Tinto sold its stake in the mine for $3.5 billion, paving the way for its re-entry into the fund.
Today, the controversy lies in Rio Tinto&#8217;s 22% ownership of a bauxite producer, Mineração Rio do Norte (MRN), in northern Brazil. Another MRN shareholder, Australian miner South32 ADR (OTCPK: SOUHY), which has a 33% stake, is also under assessment, as Norges owns 2.18% worth some $223 million. The third major shareholder is the aforementioned Glencore, with 45%.
As the largest sovereign wealth fund with $1.6 trillion under management, Norges holds an average of 1.5% stake in the world's listed companies. Owing to its size, the fund holds significant global sway. Its actions attract interest from other sovereign-wealth funds and large pools of capital, potentially shifting the sentiment around the companies in focus.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37924793/rising-copper-prices-portfolio-review-make-underperforming-anglo-american-stock-a-p">Rising Copper Prices, Portfolio Review Make Underperforming Anglo American Stock A Potential Bargain: Repor</a>
Photo: Shutterstock

SOUHY

Norway's Sovereign Wealth Fund Contemplates Rio Tinto Divestment

Rio Tinto Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Wednesday.</a>
Norway&#8217;s sovereign wealth fund&#8217;s ethics adviser is evaluating the possibility of suggesting a sell-off of its substantial investment in Rio Tinto, citing environmental apprehensions, The Wall Street Journal&nbsp;<a target="_blank" href="https://www.wsj.com/articles/rio-tinto-faces-possible-norway-fund-divestment-over-alleged-deforestation-links-de34bec2" rel="noreferrer noopener">reported</a>.
In recent months, the Council on Ethics, acting as the adviser, has informed Rio Tinto of its scrutiny regarding potential environmental harm stemming from the mining company&#8217;s activities in the Brazilian Amazon, the report read, citing a letter viewed by The Wall Street Journal.
The council&#8217;s apprehensions regarding Rio Tinto have centered on deforestation, particularly its stake in Mineração Rio do Norte (MRN) in northern Brazil, the report stated.&nbsp;
MRN claims to be Brazil&#8217;s largest bauxite producer, supplying around 12 million tons annually for aluminum production, as per the report.
Rio Tinto holds 22% ownership in MRN, alongside&nbsp;Glencore Plc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) (45%) and Australian miner&nbsp;South32 Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SHTLF#OTC">SHTLF</a>) (33%).
In January, the council requested Rio Tinto&#8217;s feedback on its preliminary proposal to bar the company from Norway&#8217;s $1.6 trillion fund. Subsequently, Rio Tinto and the council have engaged in talks, but a definitive verdict is pending, the report noted, citing sources familiar with the matter.
As an independent entity, the council holds significance for the world&#8217;s largest sovereign-wealth fund, examining investments made by Norges Bank Investment Management to ensure adherence to rigorous ethical standards. Subsequently, it may advise on excluding companies from the fund or listing them for observation.
Since 2015, Norges has adhered to every environmental recommendation, maintaining an average 1.5% stake in global listed companies.
For Rio Tinto, the world&#8217;s second-largest miner by market value, exclusion from the fund would be detrimental, the report read.
As of December 31, Norges held a substantial 2.24% stake valued at approximately $2.7 billion, making it one of the company&#8217;s top shareholders, The Wall Street Journal added.
Price Action:&nbsp;RIO shares are trading lower by 1.21% to $64.30 on Wednesday.

Movers

Media

SHTLF

Why Rio Tinto Shares Are Falling Today

<a href="https://www.wsj.com/articles/rio-tinto-faces-possible-norway-fund-divestment-over-alleged-deforestation-links-de34bec2?mod=latest_headlines">https://www.wsj.com/articles/rio-tinto-faces-possible-norway-fund-divestment-over-alleged-deforestation-links-de34bec2?mod=latest_headlines</a>
&nbsp;
<h2>The ethics adviser to the Norwegian sovereign-wealth fund has told the miner it is assessing it for alleged environmental damage in the Brazilian Amazon</h2>
&nbsp;
The ethics adviser to Norway's giant sovereign-wealth fund is examining whether to recommend the investor sell its multibillion-dollar stake in miner Rio Tinto because of environmental concerns, according to people familiar with the matter.
The Council on Ethics, as the adviser is called, has told Rio Tinto in recent months that it is assessing the mining company for environmental damage from its operations in the Brazilian Amazon, according to a letter viewed by The Wall Street Journal.
In the January letter, the council asked Rio Tinto for comment on its draft recommendation to exclude the company from Norway's $1.6 trillion fund. Since then, Rio Tinto and the council have been in discussions but a final decision hasn't been made, the people said.
The council, which is independent, plays an important role for the world's largest sovereign-wealth fund. Its job is to scrutinize investments made by Norges Bank Investment Management, the fund's operator, to ensure they comply with a strict set of ethical guidelines. It can then make recommendations to exclude companies from the fund or place them on an observation list.&nbsp;
Norges has followed every recommendation related to the environment since 2015, the council says.
Norges holds, on average, a 1.5% stake in the world's listed companies. In recent years it has&nbsp;<a href="https://www.wsj.com/articles/the-worlds-largest-sovereign-wealth-fund-weighs-a-more-active-approach-11608391342?mod=article_inline">ramped up divestments</a>&nbsp;related to environmental, social and corporate-governance factors. Its moves are closely watched by other sovereign-wealth funds and large pools of capital.
Getting blacklisted from the fund would be a blow for Rio Tinto, the world's second-largest miner by market value. As of Dec. 31, Norges was one of the company's largest shareholders, with a 2.24% stake worth some $2.7 billion.&nbsp;
A share sale by Norges could be a setback for Rio Tinto's efforts to burnish its reputation after it&nbsp;<a href="https://www.wsj.com/articles/rio-tinto-tries-to-dig-itself-out-of-a-hole-after-blowing-up-ancient-caves-11592555227?mod=article_inline">blew up two ancient rock shelters</a>&nbsp;in Australia in 2020. The company has apologized and&nbsp;<a href="https://www.wsj.com/articles/rio-tinto-to-set-up-indigenous-advisory-group-boost-heritage-disclosures-11616457219?mod=article_inline">taken steps to try to restore trust</a>&nbsp;with the local indigenous community.&nbsp;
The council's concerns about Rio Tinto have focused on deforestation, and its partial ownership of an operation in northern Brazil called Mineração Rio do Norte, or MRN.&nbsp;
MRN says it is Brazil's largest producer of bauxite, which is used to make aluminum, with output of some 12 million tons a year.
Rio Tinto owns 22% of MRN. Its other shareholders are <a href="https://www.wsj.com/market-data/quotes/GLNCY">Glencore</a>, with a 45% stake, and Australian miner <a href="https://www.wsj.com/market-data/quotes/AU/XASX/S32">South32</a>, which has a 33% stake.
&nbsp;
South32 is also in discussions with the Norwegian fund's ethics adviser, according to people familiar with the matter.&nbsp;As of Dec. 31, Norges owned a 2.16% stake in South32 worth $223 million.&nbsp;
Norges divested from Glencore, alongside others, in 2020 because of concerns about thermal coal production.&nbsp;
Kjell Kristian Dørum, a chief adviser at the council, confirmed that Rio Tinto and South32 are under assessment but declined to comment further. Norges declined to comment.
A representative for South32 also declined to comment.
A spokesperson for Rio Tinto said it doesn't manage MRN but that the latter is working to improve its environmental and social performance. Rio Tinto will continue to support those efforts, including by providing technical assistance, the spokesperson added.&nbsp;
MRN said mining activities in the area where it operates are subject to a rigorous environmental licensing framework, and that it operates in strict compliance with Brazilian laws and regulations. The company implements procedures to avoid and mitigate environmental impacts and has a program to restore mined areas as close as possible to their original condition, an MRN spokesperson added.
This isn't the first time Rio Tinto has landed in the ethics adviser's crosshairs. Norges&nbsp;sold its stake in the company in 2008, citing environmental damage caused by the Grasberg mine in Indonesia, in which Rio Tinto held a stake. Rio Tinto was allowed back into the fund in 2019 after the company sold its&nbsp;Grasberg stake for $3.5 billion.&nbsp;
Norway has its own history of involvement in the Amazon. <a href="https://www.wsj.com/market-data/quotes/NHYDY">Norsk Hydro</a>, a Norwegian aluminum and renewable energy company backed by the Norwegian state, used to partially own MRN and continues to get bauxite from those operations. Spokespeople for Hydro and the Norwegian Ministry of Trade, Industry and Fisheries, which owns the stake in the company, declined to comment.&nbsp;
&nbsp;

'Rio Tinto Faces Possible Norway Fund Divestment Over Alleged Deforestation Links' - WSJ

Editor&#8217;s note: This story has been updated to correct the spelling of the investment banking firm Jefferies.
Diversified miner Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTC">NGLOY</a>) could be a promising buy <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37852494/copper-stocks-rally-as-market-tightness-reaches-historic-levels-analysts-see-major-">as copper prices rise </a>and the company looks to transform itself, financial magazine Barron's said in an article.
The company has been underperforming competitors BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>), Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and Glencore ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) because of operational problems, a disappointing production outlook and a slump in diamond and platinum-group markets, <a href="https://www.barrons.com/articles/buy-anglo-american-stock-pick-price-ecab17ba">according</a> to the article, which ran on Friday.
Anglo said it is reviewing its assets, with CEO Duncan Wanblad saying in a conference call that "nothing is off the table" in the asset review.&nbsp;
Anglo's exposure to South Africa, via stakes in platinum and iron ore operations, helped depress its stock price because of the nation's problems with the economy, crime and power outages, Barron's said. Meanwhile, analysts aren't thrilled about the company's expensive fertilizer project in England.
The company&#8217;s platinum and iron ore stakes could be spun off while it would be bullish for the stock if Anglo can bring in a partner on the fertilizer project. The article also speculated that the entire company could be sold to a competitor.
"Because of its recent troubles, Anglo American's stock looks inexpensive," the article said. "Ultimately, Anglo American offers shareholders two ways to win. It either cleans up its business this year, or it could find itself in the hands of a larger mining company that will develop its attractive resource base."
Also read: <a href="https://www.benzinga.com/markets/esg/24/03/37914506/bidens-475m-for-mining-aims-to-power-communities-hit-hardest-by-our-evolving-energy-landscape">Biden&#8217;s $475M For Mining Aims To Power Communities &#8216;Hit Hardest By Our Evolving Energy Landscape&#8217;</a>
The Barron&#8217;s article cited Jefferies mining analyst Christopher LaFemina as saying that if Anglo's situation doesn't improve, the company could attract a buyer or activist investor. He also said recoveries in the diamond and platinum-group metals markets could help the company's shares.
Meanwhile, Anglo's best business is copper, but LaFemina said the company isn't getting credit for that metal because of the other issues.
Morgan Stanley analyst Alain Gabriel recently upgraded Anglo to Overweight, noting the portfolio review, potential operational improvements and the company's exposure to copper, which has a strong long-term outlook because of limited new supply and rising demand from the green energy industry.&nbsp;
Others are bullish on copper too.
An RBC Capital Markets analyst note on Monday said copper fundamentals are supportive as inventories in Shanghai posted their first weekly decline since December, an indicator that destocking may have begun. That would create more supply tightness in the copper market, as Chinese smelters said they would cut production amid falling concentrate supply.
Meanwhile, demand from China, the world's largest copper consumer, could see improvement.
"We are also seeing constructive commentary surrounding China stimulus and property market support with China&#8217;s central bank stating on Thursday that there is significant monetary policy flexibility to implement additional cuts to the reserve requirement ratio for banks while state media cited cabinet meetings on Friday which were focused on further optimizing property policy to support the struggling property sector," the RBC note said.
An ING commodities strategist also sees potential in improving Chinese demand from rising housing completions, as well as support for copper from a weaker U.S. dollar resulting from potential rate cuts from the Federal Reserve.
ING, along with other experts, also saw support for copper from the energy transition away from fossil fuels.&nbsp;
"The demand side is expected to slowly improve this year, especially from the green energy sector," the ING note said. "Copper is used in everything from electric vehicles to wind turbines and power grids."
Now Read: <a href="https://www.benzinga.com/markets/equities/24/03/37906958/exclusive-new-era-for-mining-as-nouveau-monde-takes-on-china-in-graphite-supply-chain">EXCLUSIVE: &#8216;New Era For Mining&#8217; As Nouveau Monde Takes On China In Graphite Supply Chain</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to&nbsp;<a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a>&nbsp;to get started!
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Long Ideas

Upgrades

Trading Ideas

NGLOY

Rising Copper Prices, Portfolio Review Make Underperforming Anglo American Stock A Potential Bargain: Report (CORRECTED)

Iron ore prices were boosted by hopes of an industrial recovery in China following data that showed improving activity in the country&#8217;s manufacturing sector.
Singapore iron ore 58% futures rose 3.8% on Monday, reversing earlier losses that took the prices nearly 4% lower, while futures on the Dalian exchange in China ended 3.8% higher. However, iron ore futures on the Chicago Mercantile Exchange (CME) fell 0.3%. 
The catalyst for the gains in Asia appeared to be data from the latest purchasing manager index (PMI) survey on <a href="https://www.benzinga.com/markets/asia/24/04/38021682/chinas-march-manufacturing-growth-could-dump-into-global-markets-thus-triggering-deflation-expert-wa">China&#8217;s manufacturing sector</a> that showed further improvement in economic activity during the first quarter.
This was driven by greater inflows of new work, including from overseas, which helped increase production and levels of purchasing of raw materials. The March Caixin PMI rose to 51.1, up from 50.9 in the previous month, and marked the fifth-successive monthly improvement.
Dr. Wang Zhe, senior economist at Caixin Insight Group, said: &#8220;Overall, the manufacturing sector continued to improve in March, with expansion in supply and demand accelerating, and overseas demand picking up. 
&#8220;Manufacturers increased purchases and raw material inventories amid continued improvement in business optimism.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38021682/chinas-march-manufacturing-growth-could-dump-into-global-markets-thus-triggering-deflation-expert-wa">China&#8217;s March Manufacturing Growth Could &#8216;Dump Into Global Markets, Thus Triggering Deflation&#8217;</a>
<h1 class="wp-block-heading">Construction: Thorn In The Side For Steel Producers</h1>
That said, construction — a key industry for the demand dynamics of steel products — remains subdued, with China still facing a sharp slowdown in the property sector.
Meanwhile, the inventory of steel in Chinese ports was at its highest level in more than a year, according to <a href="https://www.bloomberg.com/news/articles/2024-04-01/iron-ore-sinks-to-10-month-low-on-gloom-over-china-construction?srnd=homepage-americas&amp;sref=TBDibEcD">data</a> by Bloomberg, with around 143 tons in reserve.
This was reflected by the sharp losses seen for iron ore in recent months. Singapore futures were down 20% since the start of 2024, while CME futures were down 19.7% since the start of the year.
This was also knocked-on to the iron ore miners and steel refiners, and the exchange-traded funds that hold their stocks.
The VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>), was up 0.4% on Monday but is down 1.3% in 2024. Its top two holdings are Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>). Rio was up 0.7% on Monday, but remained 13.8% lower in 2024, while Vale fell 0.9% on Monday, and was down 24% on the year.
The broader SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) was up 0.9% on Monday and up 1.23 in 2024. Its top two holdings are Freeport McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and Steel Dynamics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>). 
Freeport specializes in copper and gold, which — <a href="https://www.benzinga.com/topic/gold">particularly gold</a> — have performed relatively well this year, was up 1.3% on Monday and is up 11.7% in 2024. Steel Dynamics was up 1.2% on Monday and is up 27 on the year.
Read Now: <a href="https://www.benzinga.com/markets/equities/24/04/38025851/turkish-stock-markets-welcome-change-will-erdo-an-defeat-prompt-economic-reforms">Turkish Stock Markets Welcome Change: Will Erdoğan Defeat Prompt Economic Reforms?</a>
Photo: Shutterstock

Large Cap

Economics

STLD

Miners Cheer As China's Manufacturers Continue To Increase Pace

On CNBC&rsquo;s &quot;Mad Money Lightning Round,&quot; Jim Cramer sang the praises of Energy Transfer LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/et#NYSE">ET</a>), which posted better-than-expected earnings <a href="http://www.benzinga.com/general/politics/24/01/36473198/top-stocks-sectors-loved-by-congress-members-who-traded-in-2023-apple-nvidia-microsoft-ford-and-">for its fourth quarter</a>.
Cramer also mentioned how KKR &amp; Co. Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kkr#NYSE">KKR</a>) and Blackstone (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>) are having &quot;a big run now.&quot;
&quot;They&rsquo;re very good, and I think they can make more money than they have,&quot; he added.
KKR and Blackstone have over $550 billion and $1 trillion in assets under management, respectively.
On March 26, Weave Living and KKR reported the establishment of a strategic partnership to invest in rental housing assets in South Korea.
Rio Tinto Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rio#NYSE">RIO</a>) is a &quot;great company to buy here,&quot; Cramer said.
On Feb. 21, Rio Tinto reported full-year FY23 results. Sales revenue declined 3% Y/Y to $54 billion, beating the consensus of $53.9 billion. Underlying EPS decreased 12% Y/Y to $7.25, missing the street view of $7.27.
The &quot;Mad Money&quot; host recommended buying Becton, Dickinson and Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bdx#NYSE">BDX</a>). &quot;The stock has been getting crushed,&quot; he noted.
On March 21, Becton Dickinson said it increased production of medical syringes in the U.S. after the FDA recommended not using some China-made syringes as <a href="https://www.benzinga.com/markets/equities/24/03/37877619/fda-probe-on-china-made-syringes-becton-dickinson-boosts-us-syringe-output-following-concerns">part of its ongoing quality probe</a>.
When asked about California Resources Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crc#NYSE">CRC</a>), he said, &quot;I would rather be in Constellation Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stz#NYSE">STZ</a>). If I&rsquo;m going to be in that, let&rsquo;s just go right to the source.&quot;
On March 19, California Resources announced the nomination of Christian S. Kendall to its Board of Directors.
e.l.f. Beauty, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/elf#NYSE">ELF</a>) is &quot;amazing,&quot; Cramer said. &quot;I would hold onto that, don&rsquo;t buy more, and don&rsquo;t sell.&quot;
On March 21, DA Davidson analyst Linda Bolton Weiser maintained e.l.f. Beauty with a Buy and maintained a $220 price target.
Cramer said Pure Storage, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pstg#NASDAQ">PSTG</a>) has just run so much. &quot;I have to advise you to buy some and then wait for a pullback,&quot; he added.
On March 15, Citigroup analyst Asiya Merchant initiated coverage on Pure Storage with a Buy rating and announced a price target of $65.
Samsara Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iot#NYSE">IOT</a>) is the &quot;hottest stock, and it&rsquo;s going to make money, too, and it&rsquo;s really good,&quot; Cramer said.
On March 7, Samsara reported better-than-expected fourth-quarter financial results and issued FY25 guidance above estimates. The company posted quarterly revenue of $276.3 million, topping market estimates of $258.306 million.
&quot;A lot of lasers, a lot of optics, a lot of good stuff. Going to make money this year,&quot; Cramer said about Coherent Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cohr#NYSE">COHR</a>). He recommended buying some here and then wait for the stock to come down.
On Feb. 5, Coherent reported better-than-expected second-quarter financial results, issued third-quarter guidance and revised FY24 guidance.
Cramer said he likes New Fortress Energy Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nfe#NYSE">NFE</a>) and recommended buying the stock. &quot;I think Wes Edens [Founder and CEO] is absolutely terrific at what he does,&quot; he added.
Price Action:
<ul>
<li>Shares of Energy Transfer closed at $15.56 on Monday.</li>
<li>KKR shares gained 1% to close at $100.85.</li>
<li>Becton Dickinson shares fell 1.9% to settle at $241.67 on Monday.</li>
<li>Samsara shares gained 3.9% to close at $38.54.</li>
<li>Rio Tinto shares gained 0.7% to settle at $63.41.</li>
<li>Coherent fell 1.9% to close at $62.12 on Monday.</li>
<li>New Fortress Energy shares fell 1% to settle at $29.76.</li>
<li>California Resources shares gained 1.8% to settle at $53.99 on Monday.</li>
<li>Pure Storage shares gained 0.9% to close at $52.68 on Monday.</li>
<li>E.l.f. Beauty shares fell 2.7% to close at $200.04 on Monday.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37912708/insiders-buying-greenwich-lifesciences-and-2-other-stocks"> Insiders Buying Greenwich LifeSciences And 2 Other Stocks </a>
Image: Shutterstock

COHR

PSTG

Jim Cramer Says Don't Sell This Beauty Brand, Believes KKR And Blackstone 'Can Make More Money'

Cleveland-Cliffs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), a major domestic steel producer, is set to undergo a green transformation courtesy of the U.S. Department of Energy (DOE). The company stands to receive up to $575 million for two significant decarbonization projects at its facilities in Ohio and Pennsylvania, marking a pivotal step towards more steel production powered by <a href="https://www.benzinga.com/topic/renewable-energy">renewable energies</a>.
&#8220;The investment at Middletown Works is confirmation that Cleveland-Cliffs is the benchmark for iron and steelmaking technology in the world, ahead of Japan, Korea, Europe, and China. Our experience in using natural gas has seamlessly catalyzed our transition into using hydrogen. Middletown and Butler Works are both critically important to the success of Cleveland-Cliffs and the industrial might of the United States," <a href="https://www.clevelandcliffs.com/news/news-releases/detail/629/cleveland-cliffs-selected-to-receive-575-million-in-us">said</a> Cliffs' CEO Lourenco Goncalves.
The flagship project at Cleveland-Cliffs&#8217; Middletown Works in Ohio involves replacing the existing blast furnace with a state-of-the-art Hydrogen-Ready Direct Reduced Iron (DRI) plant and Electric Melting Furnaces (EMF). This transition promises to slash the site&#8217;s ironmaking carbon intensity by more than 50% when fueled by natural gas and by over 90% with clean hydrogen.
Multiple global players are currently undergoing a transformation of renewable energy steelmaking, including China Bawou Steel Group. This largest global steel producer has committed billions to Rio Tinto's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) <a href="https://www.benzinga.com/news/24/01/36544368/mining-milestone-rio-tinto-to-launch-worlds-largest-project-in-guineas-simandou-mountains">Simandou project</a>, with the goal of decarbonization.
Now read: <a href="https://www.benzinga.com/markets/esg/24/03/37914506/bidens-475m-for-mining-aims-to-power-communities-hit-hardest-by-our-evolving-energy-landscape">Biden&#8217;s $475M For Mining Aims To Power Communities &#8216;Hit Hardest By Our Evolving Energy Landscape&#8217;</a>
Meanwhile, Cleveland-Cliffs stands not only to maintain current steel production capacity but also to achieve substantial cost savings, potentially amounting to $450 million annually in production costs. Furthermore, the initiative should preserve 2,500 jobs while creating an additional 170 positions, with around 1,200 building trades jobs generated during construction.
Sen. Sherrod Brown (D-Ohio) offered his perspective, stating: &#8220;This partnership will ensure that IAM steelworkers in Middletown remain at the forefront of the global steel industry. This is why we passed the Bipartisan Infrastructure Law and the Inflation Reduction Act – to ensure Ohio manufacturing continues to lead the world in the technologies that will drive our economy for decades to come.&#8221;
This decarbonization effort comes during an important year for the domestic steel sector. With Nippon Steel&#8216;s (OTCPK: NISTF) ongoing acquisition of U.S. Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>), a positive sentiment fueled by strong government support could help Cleveland-Cliffs emerge as a prime domestic contender for the merger.
Both President Joe Biden and his opponent, former President Donald Trump, are courting union support in Ohio, expressing their <a href="https://www.benzinga.com/markets/equities/24/03/37711198/american-steel-companies-powered-by-american-steel-workers-president-biden-sets-strong-pitch-aga">opposition to a foreign takeover</a>. As elections draw closer, the market can expect more support for the domestic industry in the Buckeye State, which is one of the best predictors of presidential election winners.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37904601/global-mining-industry-faces-trust-deficit-despite-being-asked-to-produce-more-meta">Global Mining Industry Faces &#8216;Trust Deficit&#8217; Despite Being Asked To Produce More Metals For Energy Transition</a>
Photo: Shutterstock

Financing

NISTF

Cleveland-Cliffs Secures $575M For Renewable-Powered Steel Production Critical For 'The Industrial Might Of The United States'

A leading miner, Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), announced a $350 million investment in its Rincon project in Argentina. The largest global iron ore miner is looking to expand the lithium plant purchased from Rincon Mining for $825 million in 2022, casting a spotlight on the overlooked country which is <a href="https://www.benzinga.com/partner/commodities/24/02/37267020/argentina-lithium-and-energy-emerging-as-a-lithium-exploration-powerhouse">emerging as a lithium powerhouse</a>.
&#8220;The hard work of our Rincon team is laying the groundwork for our first lithium production by year's end,&#8221; Chief Executive Jakob Stausholm said <a href="https://www.nasdaq.com/articles/rio-tinto-to-invest-$350-million-in-argentina-lithium-project">for</a> Reuters.
Rio Tinto plans to create a reliable source of high-quality lithium for the burgeoning EV market. The project aims to develop a battery-grade lithium carbonate plant with an annual capacity of 3,000 tons. This venture aligns with Rio Tinto&#8217;s commitment to decarbonize its operations by 2050 while catering to the surging demand for clean energy solutions.
Now read: <a href="https://www.benzinga.com/markets/commodities/24/03/37744623/lithium-market-signals-potential-turnaround-with-pilbara-minerals-direct-sales-move">Lithium Market Signals Potential Turnaround With Pilbara Minerals&#8217; Direct Sales Move</a>
In a recent <a href="https://www.riotinto.com/en/news/stories/how-lithium-is-powering-up-the-bicycle">discussion</a>, Rio Tinto's General Manager of Technical Development, Jared Osborne, reflected on the lithium market.
"There's in the order of the order 80-100 million tons of identified lithium globally in about 400 different deposits. That should be more than enough to assist with the energy transition," Osborne said.
"What we need to do to meet the demand is a combination of opening new mines and ramping up existing mines," he added, noting the importance of using renewable energy in the extraction process.
Argentina, forming part of the renowned &#8220;lithium triangle&#8221; alongside Chile and Bolivia, boasts significant lithium reserves, attracting investments from global mining entities. The country&#8217;s lithium production witnessed a 45% increase from 2022 to 2023, signaling its growing prominence in the global lithium market.
The Rincon project is situated in the Salta province, just north of the Catamarca province, which just halted new mining permits pending environmental assessment for local lithium mining. This resource-rich region is notorious for its arid climate, posing problems for water-intensive lithium extraction methods.&nbsp;
Yet, the newest technologies, such as <a href="https://www.benzinga.com/news/24/03/37623431/lithium-mining-causes-pollution-but-new-methods-could-showcase-more-eco-friendly-approach">direct lithium extraction</a>, could solve this problem, allowing the companies to meet the energy transition goals while minimizing environmental impact.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also read: <a href="https://www.benzinga.com/news/24/03/37708828/lithium-americas-receives-record-loan-for-2-2b-milestone-project-in-nevada">Lithium Americas Receives Record Loan For $2.2B, Milestone Project In Nevada</a>
Image generated using artificial intelligence with Midjourney.

Argentina's Lithium Mining Sector Gets $350M Boost With Rio Tinto Investment

Investors with a lot of money to spend have taken a bearish stance on Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with RIO, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 11 uncommon options trades for Rio Tinto.
This isn't normal.
The overall sentiment of these big-money traders is split between 9% bullish and 90%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $178,540, and 7 are calls, for a total amount of $315,386.
<h3>What's The Price Target?</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $62.5 and $72.5 for Rio Tinto, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Rio Tinto's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Rio Tinto's substantial trades, within a strike price spectrum from $62.5 to $72.5 over the preceding 30 days.
<h3>Rio Tinto 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1710270943_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$65.00</td>
<td>$83.4K</td>
<td>2.6K</td>
<td>2.8K</td>
</tr>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/15/24</td>
<td>$62.50</td>
<td>$80.8K</td>
<td>3.3K</td>
<td>1.6K</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$65.00</td>
<td>$50.2K</td>
<td>2.6K</td>
<td>2.1K</td>
</tr>
<tr>
<td>RIO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$62.50</td>
<td>$49.2K</td>
<td>606</td>
<td>334</td>
</tr>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$62.50</td>
<td>$39.3K</td>
<td>1.6K</td>
<td>201</td>
</tr>
</tbody>
</table>

<h3>About Rio Tinto</h3>
Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, 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, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.
Having examined the options trading patterns of Rio Tinto, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Current Position of Rio Tinto</h3>
<ul>
<li>With a volume of 3,251,830, the price of RIO is up 2.47% at $63.53. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 134 days.</li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Rio Tinto with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Rio Tinto Unusual Options Activity For March 12

Investors with significant funds have taken a bullish position in Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in RIO usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 11 options transactions for Rio Tinto. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 54% being bullish and 45% bearish. Of all the options we discovered, 10 are puts, valued at $1,152,180, and there was a single call, worth $51,600.
<h3>Projected Price Targets</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $55.0 to $75.0 for Rio Tinto over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for Rio Tinto options trades today is 906.09 with a total volume of 874.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Rio Tinto's big money trades within a strike price range of $55.0 to $75.0 over the last 30 days.
<h3>Rio Tinto Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1708967735_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$62.50</td>
<td>$199.9K</td>
<td>795</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$62.50</td>
<td>$180.3K</td>
<td>1.0K</td>
<td style="text-align: right;">392</td>
</tr>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$70.00</td>
<td>$176.7K</td>
<td>1.8K</td>
<td style="text-align: right;">213</td>
</tr>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/19/24</td>
<td>$62.50</td>
<td>$148.8K</td>
<td>3.5K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>RIO</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$70.00</td>
<td>$122.2K</td>
<td>240</td>
<td style="text-align: right;">14</td>
</tr>
</tbody>
</table>

<h3>About Rio Tinto</h3>
Rio Tinto is a global diversified miner. Iron ore is the dominant commodity, with significantly lesser contributions from copper, aluminum, diamonds, 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, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.
<h3>Where Is Rio Tinto Standing Right Now?</h3>
<ul>
<li>Currently trading with a volume of 1,917,012, the RIO's price is down by -2.12%, now at $64.58. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 149 days.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Rio Tinto, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Rio Tinto Unusual Options Activity

In a report released yesterday, Richard Hatch from Berenberg Bank maintained a Buy rating on Rio Tinto (RIO – Research Report), with a price target...

Berenberg Bank Sticks to Its Buy Rating for Rio Tinto (RIO)

Iron ore prices surge as Fortescue shipments slide on derailment, weather

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
I continue to be optimistic on the upside potential for quality <a href="https://investorplace.com/stock-types/growth-stocks/">growth stocks</a>. However, for the next few quarters, I am inclined to increase the weight of <a href="https://investorplace.com/stock-types/blue-chip-stocks/">blue-chip stocks</a> in the portfolio. The key reason is potential delay in rate cuts that can negatively impact equities. While I don&rsquo;t expect a deep correction, it&rsquo;s important to preserve capital even if the broad market downside is 5% to 10%. This column focuses on blue-chip <a href="https://investorplace.com/stock-types/dividend-stocks/">dividend stocks</a> trading under 10 P/E.



In simple words, the price-earnings ratio indicates the dollars an investor is willing to pay for every dollar of the company&rsquo;s earnings. A low P/E, in general, indicates undervalued. I must add that it&rsquo;s not easy to find blue-chip stocks that trade at a deep valuation gap. However, if that happens, the blue-chip is worth grabbing.



Therefore, let&rsquo;s discuss three undervalued blue-chip stocks to buy for high total returns.



<h2>Rio Tinto (RIO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/08/rio-1600-300x169.jpg" alt="the rio tinto (RIO) logo on a building during daylight"><div>Source: Rob Bayer / Shutterstock.com</div></div>Rio Tinto (NYSE:<a href="https://investorplace.com/stock-quotes/rio-stock-quote/">RIO</a>) is among the most undervalued industrial commodity stocks to buy. The stock trades at a forward price-earnings ratio of 9.3 and offers a dividend yield of 7.74%.



The first reason to be bullish on RIO is potential rate cuts in the second half of 2024. With the likelihood of expansionary monetary policies boosting growth, industrial commodities are likely to trend higher.



The second reason to be bullish is an investment grade balance sheet. On a consistent basis, Rio has reported strong operating and free cash flows. To put things into perspective, Rio has reported an <a href="https://www.riotinto.com/en/invest/financial-news-performance/results">average annual free cash flow</a> of $10.6 billion in the last five years. This provides ample flexibility for dividends, share repurchase and aggressive capital investments.



Also, Rio has been using its financial flexibility to pursue diversification. The company is focused on expanding its portfolio of assets with a shift towards metals likely to benefit from global energy transition. This includes the likes of copper, aluminum and lithium.



<h2>Ford (F)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/ford1600-300x169.jpg" alt="Ford logo badge on grill of car"><div>Source: JuliusKielaitis / Shutterstock.com</div></div>Ford (NYSE:<a href="https://investorplace.com/stock-quotes/f-stock-quote/">F</a>) has been sideways in the last 12 months. Given the fact that F stock trades at a forward price-earnings ratio of 6.9, I see limited downside from current levels. On the other hand, the upside potential is significant for this 4.64% dividend yield stocks.



It seems increasingly likely that EV adoption will be slower than expected. This is likely to benefit Ford with the company still making a transition towards EVs. Currently, it has a quality portfolio of petrol, hybrid and electric vehicles (EVs).



For Q1 of 2024, Ford reported revenue of $42.8 billion. Notably, new versions of F-150 and Ranger trucks are likely to drive growth in the coming quarters. Ford has guided for <a href="https://s201.q4cdn.com/693218008/files/doc_financials/2024/q1/Q1-2024-PRESS-RELEASE-4-24-24-FINAL.pdf">hybrid volumes to increase</a> by 40% year-over-year (YOY).



Additionally, Ford expects to end the year with adjusted free cash flow of $7 billion (mid-range). This will provide ample flexibility for dividends and continue investment in boosting the brand portfolio.



<h2>AT&amp;T (T)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/02/att-t-stock1600-300x169.png" alt="AT&amp;T Retail cell phone and mobility store. T stock"><div>Source: Jonathan Weiss / Shutterstock.com</div></div>AT&amp;T (NYSE:<a href="https://investorplace.com/stock-quotes/t-stock-quote/">T</a>) stock has gone through an extended period of consolidation. The stock has remained sideways in the last 12 months and current levels of $16.8 look attractive. In my view, a big breakout on the upside is likely with the stock trading at a forward P/E of 7.4. From a technical perspective, $15 to $20 is a broad range of support for T stock.



Recently, AT&amp;T reported Q1 of 2024 numbers. Multiple highlights include revenue of $30 billion and operating cash flow of $7.5 billion. Further, <a href="https://investors.att.com/~/media/Files/A/ATT-IR-V2/financial-reports/quarterly-earnings/2024/1Q24/1Q24_ATT_News_Release.pdf">free cash flow was $3.1 billion</a> as compared to $2.1 billion in Q1 of 2023. Importantly, the company reaffirms the guidance to deliver FCF of $17 to $18 billion for the year.



I am focused on the cash flows because AT&amp;T has prioritized deleveraging. The company is on-track to achieve <a href="https://investors.att.com/~/media/Files/A/ATT-IR-V2/financial-reports/quarterly-earnings/2024/1Q24/1Q24_ATT_Earnings.pdf">net debt-to-adjusted EBITDA </a>of 2.5x by 2025. As credit metrics improve, I expect T stock to trend higher.



At the same time, AT&amp;T has continued to report growth in postpaid and fiber subscribers. Further, average revenue per users has been increasing and if this trend sustains, FCF will continue to swell.



On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/3-blue-chip-dividend-stocks-to-buy-that-trade-at-a-p-e-of-less-than-10/">3 Blue-Chip Dividend Stocks to Buy That Trade at a P/E of Less than 10</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Blue-Chip Dividend Stocks to Buy That Trade at a P/E of Less than 10

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