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SEC Obtains Final Judgments Against Rio Tinto and Former CEO
On November 20, 2023, the U.S. District Court for the Southern District of New York entered final consent judgments against Rio Tinto plc and Rio Tinto Limited (collectively, “Rio Tinto”) and Rio Tinto’s former CEO Thomas Albanese. The entry of the consent judgments resolves all claims as to Rio Tinto and Albanese arising out of the SEC’s October 17, 2017 complaint, which alleged, among other things, that certain of Rio Tinto’s public filings contained misleading statements about the value of its Mozambican coal assets.
Without admitting or denying the allegations of the SEC’s complaint, Rio Tinto consented to the entry of a final judgment permanently restraining and enjoining it from violating Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 12b-20 and 13a-16 thereunder, ordering it to pay a civil penalty of $28 million, and requiring it to retain an independent consultant to review and evaluate its compliance with accounting standards and to cooperate in the SEC’s ongoing litigation against Rio Tinto’s former CFO Guy Elliott. Without admitting or denying the allegations of the SEC’s complaint, Thomas Albanese consented to the entry of a final judgment permanently restraining and enjoining him from violating Section 13(b)(5) of the Exchange Act and Rule 13b2-1 thereunder, requiring him to cooperate in the SEC’s ongoing litigation, and ordering him to pay a civil penalty of $50,000.
Although Iron Ore is the backbone of revenues, don't forget that every so often the diamond sales happen. The most recent is for red diamonds from the closed Argyle mine. These are very rare stones and it is an invited audience that attend the auction. Any bid is sealed and thus is closed. While many investors include fine gemstones in an alternative portfolio these diamonds are very fine and rare and tend to command prices way beyond my purse, each lot tends to be priced in millions.
Diamonds might prove to be useful in theshort term as sanctions on Russian foreign currency is further tightened to reduce the qty available to gem setters.
Iron Ore Soars to Nine-Month High on China Stimulus Anticipation:
https://twitter.com/markets/status/1726833383806751000
Definitely the shares have plenty more up to go, in my view, so now is not a bad time to buy if you have missed out so far. Already my portfolio's largest holding. A buy and forget; had these (in lesser quantity) since 2014 when the price was £32.
Gwm121 take a look at the 3yr chart, this stock is a bit of a rollercoaster so be careful not to enter too high. Be patient and 'do your own research'. I managed to get in with a few hundred at £45 so feeling comfortable.
Nice little rise this last month, hope it continues the same trajectory.
Is the div roughly 9pc as fundamentals here please.........
looking for a blue chip co producing copper and nickle, etc etc with divi to buy and forget!
Rio will be laughing all the way to the bank with current ore prices.
#China's benchmark #IronOre futures approach 1,000 yuan/tonne mark, hit highest since Jul 2021, amid Beijing's stepped-up fiscal stimulus, renewed market optimism about real estate sector:
https://twitter.com/YuanTalks/status/1724431362763931941
#China's benchmark #IronOre futures gains further to hit new high since Jul 2021 :
https://twitter.com/YuanTalks/status/1723998175470756123
Goldman Sachs sees ‘clear deficit’ of iron ore for the rest of the year:
https://twitter.com/CNBCi/status/1722849372881199581
It seems that the market is unable to recognise just how much Rio's income will be boosted by the increased ore prices.
#China's most-traded #IronOre futures gained further on Thu to hit 951 yuan/tonne, a new high since Aug 2021:
https://twitter.com/YuanTalks/status/1722633968556884362
Cyclical. Not much of a Warren statement to say exit at 60 , enter at 50.
Of course Warren
Held these for a few years. Will be looking to sell at £60.
I would then re enter at around this price in future.
Metals Extend Gains After China Steps Up Funds for Construction:
https://twitter.com/business/status/1717066790012866599
Australian shares snap three-day losing run to rise on strong commodity stocks:
https://www.reuters.com/article/australia-stocks-close/australian-shares-snap-three-day-losing-run-to-rise-on-strong-commodity-stocks-idUSL4N3BU137
Miners emerged as top gainers on the benchmark, ending the day 1% higher on a rebound in iron-ore prices.
BHP Group, Rio Tinto and Fortescue Metals added between 0.5% and 2.6%.
Rio Tinto, the world’s no. 2 miner, will aim to boost iron ore output with a stronger outlook in China and as urbanization in India and across parts of Asia drives new steel demand growth:
https://twitter.com/business/status/1714577397490590182
Rio Tinto CEO:
“In the next 10 years globally, just as many people are going to urbanise as in the last decade, and so iron ore will remain a very large and attractive market,” Trott told reporters on Wednesday in Perth. “The mine developments that are needed to sustain that, at that scale, are enormous.”
China iron ore stocks to hit 7-year low as demand beats expectations:
https://twitter.com/ChannelNewsAsia/status/1714231857121001653
"China's portside iron ore stocks are set to end the year at the lowest level since 2016, according to forecasts from eight Chinese analysts, while imports in the world's largest consumer will reach the highest since 2020."
Rio is my largest single holding and I've just bought more. Looking back over the last 3 years there's been a regular gain in the share price in the quarter Nov-Feb, I'm not sure the reason but will be holding to see if it's a seasonal trend. Any thoughts or justification for this annual occurrence would be interesting or is it just a coincidence?
Interesting article
VERY happy with RIO for future growth, but dividend per share was £1.3767 this month, £1.8535 in March, and going back another year, £2.2163 and £3.5232. Interpret that as an annual percentage at your peril.