$RIO

The value of the top 50 mining companies rose by $357 billion in August, driven by gains in gold and copper prices. Gold miners like AngloGold Ashanti, Evolution Mining, and Gold Fields saw significant increases, while Newmont and Agnico Eagle surpassed $100 billion. Southern Copper briefly overtook Rio Tinto as the second-largest miner. Polyus, a Russian gold miner, fell 24.3% due to dividend suspension and potential windfall taxes. The rally brought the total market value of the top 50 back ab

Iron ore prices fell 1.62% to $97.72 per tonne on weak Chinese steel output, but shares of Vale, CSN Mineração, and Rio Tinto rose. Vale cut 2026 production guidance to 335-345 million tonnes, signaling supply discipline. China's iron ore imports rose 6% year-on-year, while steel output fell 3.6% in July.

Rio Tinto's Bell Bay Aluminium smelter in Tasmania faces closure due to unresolved power deal negotiations with Hydro Tasmania, risking 550 jobs and local economy. The smelter's power agreement expires soon, with a $600 million gap in negotiations. The Tasmanian government seeks federal funding, but eligibility is uncertain. The closure of a nearby manganese smelter has already impacted the region.

BMO Capital Markets highlighted opportunities in rare earth and critical mineral supply chains, with price targets for several companies. MP Materials (MP) targets US$75, Neo (NEO) US$60, Energy Fuels (UUUU) US$18, Rio Tinto (RIO) 8,500 pence, Alcoa (AA) US$55, and Ivanhoe Mines (IVN) US$16. Current share prices and consensus targets vary.

Drones in the Russia-Ukraine war are driving demand for germanium, gallium, and rare earths, with China dominating supply. BMO estimates 15M drones deployed in 2024, with $150B committed to drone/counter-drone tech. Teck Resources, Rio Tinto, Neo Performance, MP Materials, and Aclara Resources are among companies involved in critical mineral production.

Rio Tinto's chair Dominic Barton and Gurinder Grewal of MEM Growth Partners appointed to lead Invest in Canada. The agency aims to attract $1T in investments over 5 years, focusing on energy, critical minerals, and infrastructure. Barton will serve part-time for 3 years, Grewal full-time for 5 years.

ASX 200 mining shares outperformed last week. Morgans rated BHP (ASX: BHP) a buy, citing strong performance and copper exposure, with FY26 profit up 9% to $9.8B. Rio Tinto (ASX: RIO) received a hold rating due to iron ore exposure. PLS Group (ASX: PLS) was rated sell, with in-line earnings and a maiden dividend.

ASX 200 materials and mining shares rose 2.5% last week, outperforming other sectors. BHP Group (BHP) reached a record high of $68.77. Fortescue (FMG), Rio Tinto (RIO), and South32 (S32) also saw gains. The ASX 200 Index closed at 9,092.3 points, up 0.37%.

Multiple diamond mines, including Rio Tinto's Diavik and Ekati in Canada, and Petra's Finch and De Beers' Venetia in South Africa, are closing due to financial and operational challenges. According to Morgan Stanley, global diamond production may fall to 98 million carats this year, the lowest in 40 years. Analysts suggest this could balance supply and demand, potentially benefiting the diamond industry. Mountain Province Diamonds reported a $120 million loss but noted improved pricing due to ti

Australian shares are expected to rise 0.2% at open after a 1% drop due to rate hike concerns. Tech stocks fell, with Xero, WiseTech, and NEXTDC declining. Qantas rose 4.8% on revenue growth forecasts. US markets gained, led by Nvidia's 8.7% surge. European markets fell 0.8%.