BUZZ-ASX-listed <a href="https://laohu8.com/S/RTNTF">Rio Tinto</a> outperforms peers on firm <a href="https://laohu8.com/S/QTWO">Q2</a> production, new CEO appointment** Rio Tinto RIO.AX falls 0.3% to A$109.9; outperforms mining index .AXMM, which is down 1.5%
** Appointed Simon Trott, who heads co's most profitable iron ore unit, as CEO on Tuesday
** Posts strongest Q2 iron ore output since record 2018 at 83.7 million metric tonnes $(MT)$ from Pilbara operations
** Q2 shipments of 79.9 MT up 13% q/q, but misses Visible Alpha consensus estimate of 81.98 MT
** Citi says lower-grade SP10 iron ore accounts for 29% of Pilbara shipments, highlighting need for new mines
** UBS says Trott taking over in August as "safe pair of hands"
** Stock rated "buy" on avg; median PT is A$118, per data compiled by LSEG
** RIO down 6.4% YTD
(Reporting by Roushni Nair in Bengaluru)
((Roushni.nair@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.