JAWAHAR HINGORANI | S&P CAPITAL IQ
We expect the improving trend in cash flows and gearing seen at the end of 2013 to continue until 2015 despite concerns over global iron ore demand. Share price upside will likely be capped by uncertainty over price and volume growth until 2015, from weak forecast steel production in China.
ROB CLIFFORD | DEUTSCHE BANK
2014 production guidance for iron and copper has been maintained at 295 million tonnes and 570,000 tonnes respectively. Both appear achievable and should be exceeded in our view, due to the ramp-up of six new mines in the Pilbara and better copper mill throughputs.
HUNTER HILLCOAT | INVESTEC
Our outlook for Rio Tinto’s aluminium business remains modest, at no stage accounting for more than 15 per cent of the company’s underlying earnings. Therefore, while providing a potential support against forecast falling iron ore prices, it is unlikely to ever offset the impact of such.