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Rio Tinto PLC ADR (NYSE:RIO) is one of Goldman Sachs top gold stock picks. On April 21, Macquarie reiterated its Outperform rating on Rio Tinto PLC ADR (NYSE:RIO) and raised the price target to AUD186.00 from AUD183.00.
The positive stance and price target hike come amid expectations that the company is poised for higher recoveries at the Oyu Tolgoi mine and for earnings upgrades driven by higher aluminum premiums. The research firm also downplayed the first-quarter results, which missed expectations, insisting that the company’s iron ore sales were affected by cyclones. Consequently, it expects the company to bounce back, having increased its earnings per share estimates by 3% for 2026. Macquarie also expects Rio Tinto to outperform on aluminum strength.
Earlier, Rio Tinto unit Kennecott Exploration Company entered into a joint venture agreement with Mogotes Metals over a gold and copper discovery in Montana, USA. The agreement will focus on early-stage mineral exploration, which could expand Rio Tinto’s exposure to copper and gold in North America.
Rio Tinto PLC ADR (NYSE:RIO) produces gold primarily as a byproduct of its large-scale copper mining operations, most notably at the Kennecott mine in the USA. The company extracts high-purity gold from electrolytic slimes generated during copper refining, which it sells as part of its diversified metals portfolio.
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