Six Iron Ore stocks to look at

Met expectations despite disruptions: Rio Tinto Limited (ASX: RIO) has announced for an offering to buy back $2.5b in bonds to cut its debt. RIO has issued a redemption notice for $1.72b of its 2019 and 2020 US dollar-denominated notes and has also started cash tender offers to purchase up to $781m of its five 2021, 2022 and 2025 US dollar-denominated notes. This move has come as a part of the ongoing capital management plan. RIO earlier reported that they delivered Pilbara iron ore shipments of 76.7 million tonnes in the first quarter of 2017 (100 per cent basis). However, the ship loading was impacted by cyclone activity during the period, and sections of the rail network were affected by significant rainfall. Despite these disruptions, the shipments were in line with the first quarter of 2016 while guidance for 2017 remains at 330 to 340 million tonnes. The first quarter bauxite production reached 11.3 million tonnes and aluminum production reached 889 thousand tonnes which were both two per cent higher than the corresponding quarter of 2016. Additionally, RIO has announced that it had reached a binding agreement for the sale of Coal & Allied Industries to Yancoal Australia for up to $2.45 billion (expected to finish by second half of 2017 but is subject to shareholders’ approval). RIO stock has risen 11.13% in the last six months (as on May 22, 2017) despite volatility in commodity prices.    

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