Overall a reasonable 1Q21 operational result from RIO, with lower iron ore shipments and mined copper production as expected. Weather impacted RIO’s operations in 1Q21, in particular its flagship iron ore business in the Pilbara where travel restrictions also created a labour shortage. Lower volumes more than offset by upgrades to iron ore and aluminium prices. Covid remains a key challenge, dragging on Escondida’s output, slowing OTUG development, and adding costs and unique challenges across RIO globally. Maintain our Hold rating with an upgraded target price of A$118 (was A$114).
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