Rio Tinto (Rio) :
Without a strong partnership with local communities, miners would not be able to secure a future, so it was important that mining companies win the hearts and minds of these communities, Rio’s chief executive officer Jean-Sebastien Jacques declared in an interview with Fairfax Media.
Asked what he hoped the campaign would achieve, he says: “Making sure that people understand better the industry, better understand Rio Tinto, and understand how we contribute above and beyond just paying taxes and royalties.
Rio Tinto could face higher costs on its $US5.3 billion expansion of Mongolia's Oyu Tolgoi mine, after the developing Asian nation ordered the miner to source power for the mine domestically within four years.
Rio Tinto will continue to review its capex forecasts for the project but has already earmarked $US250 million a year for the development of a power station in Mongolia in its 2019 and 2020 capex forecasts," the company said in a statement. Cancellation of the power agreement comes less than a month after Rio and Mongolia vowed to discuss ways to reduce the cost of the project, and after protests at the Chinese border stopped copper concentrate from reaching Oyu Tolgoi customers. Shares in Rio Tinto-controlled Turquoise Hill Resources opened 3% lower on Friday after the Mongolian government reinstated a decade-old agreement ordering the Vancouver-based company to source power for its Oyu Tolgoi mine domestically. Rio said in a press release Friday "the cost and means of financing this will be finalized between shareholders": Rio Tinto will continue to review its capex forecasts for the project but has already earmarked $250 million a year for the development of a power station in Mongolia in its 2019 and 2020 capex forecasts.
Technical Analysis Summary: 16 Feb
- [BULLISH]: Rio Tinto has a medium timeframe uptrend confirmation. This was confirmed through a price breakout on the Feb 12 2018.
- [BULLISH]: Rio Tinto opened in the middle part of daily range at 54. 7% & closed in the upper part of the trading range at 80. 2%. This suggests the buyers have taken control. Over the last 12 months there has been 26 trading days with the opening price in the middle shadow & the closing the price in the upper shadow giving a confirmation ratio of 10. 2%. Over the last month there has been 2 trading days with the opening price in the middle price range & the closing the price in the upper price range giving a confirmation ratio of 18. 2%.
- [BULLISH]: Rio Tinto currently has positive rate of change of 4. 3%. This means the current price is greater than the price 14 days ago and therefore gaining momentum & is a leading indicator of price movement in the upward direction
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- [BULLISH]: Rio Tinto has formed a new Two White Soldiers pattern.
- [BEARISH]: Rio Tinto is currently Overbought highlighting the potential for a short term trend reversal in the downward direction. RSI is currently overbought @73. 2727
- [BEARISH]: Rio Tinto current volume downtrend in the first timeframe. Volume for RIO is1. 57725e+006 (-36. 8).
- RIO: VROC Current Signal -> (1) 16 Feb: BEARISH (2) 15 Feb: BEARISH CROSSOVER (3) 14 Feb: BEARISH CROSSOVER
- [WEAK BEARISH]: Rio Tintobuyers are becoming less eager. This is the first day buyers have decreased eagerness for RIO reducing strength to an uptrend in the first timeframe. The biggest price range this month has been $7. 9 & the greatest daily price range this year has been $7. 9. The price range ratio this week versus the quarterly price range is 0. 7x & the price range ratio this month versus the year to date price range is 1x.
- RIO: Volume MACD Current Signal -> (1) 16 Feb: BEARISH (2) 15 Feb: BEARISH (3) 14 Feb: BEARISH
- [BEARISH]: Rio Tinto current downtrend in the first timeframe. Currently, the Range is $0. 86.
- [BEARISH CROSSOVER]: Rio Tinto currently has negative PVO -1. 8%. The recent volume is losing momentum through a fall on the short term exponential moving average. Currently, the return on PVO is 0%.
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