<strong>IVOR PETHER</strong> ROYAL LONDON ASSET MANAGEMENT<br />The results were a bit below consensus, and that was largely to do with the short fall in iron ore. But it is more about the outlook from here than the results that they reported. If you factor in current commodity prices they could see a substantial lift moving forward, which makes me think that the shares look cheap.<br /><br /><strong>TOM GIDLEY-KITCHIN </strong> CHARLES STANLEY<br />There was an improvement in Rio’s tone, in line with its peers. The message here is that the firm has sorted out the rights issue and the Chinalco deal, and is grateful that it can get back to running its business and perhaps making operational changes. It’s also encouraging they have raised capital spending to $5bn in reaction to improving markets.<br /><br /><strong>REBECCA O’DWYER </strong> INVESTEC<br />The miss versus consensus was largely driven by the iron ore division, but copper and diamonds reported earnings ahead of consensus. The interim dividend has been passed, as expected, but guidance is that a final dividend may be paid, depending on market conditions. The outlook statement is short and muted, with “cautious” being the watchword.