If you’re an owner of Vanguard Australian Shares Index ETF (ASX: VAS) units, then today is a good day for you for a couple of reasons.

The first is that thanks to a strong night of trade on Wall Street, the Australian share market is rebounding strongly today.

This has seen the Vanguard Australian Shares Index ETF unit price rise almost 1.5%.

The other reason to smile is that today is payday for unitholders, with the latest Vanguard Australian Shares Index ETF dividend being paid to shareholders.

Vanguard Australian Shares Index ETF dividend

Earlier this month, the operator of the ETF, Vanguard, announced that the Vanguard Australian Shares Index ETF would be paying unitholders a quarterly dividend of 145.0577 cents per unit.

This is an increase of almost 4.5 cents per unit over the prior corresponding period and equates to a yield of 1.7% at today’s prices.

It also brings the total dividends paid over the last 12 months to approximately $6.30 per unit, which is the equivalent of a 7.5% yield.

Where next for the Vanguard Australian Shares Index ETF?

Given that the Vanguard Australian Shares Index ETF seeks to track the return of the S&P/ASX 300 Index before fees, expenses and tax, its future performance will depend entirely on how Australian shares perform over the next 12 months.

Unfortunately, this is incredibly difficult to predict in the current uncertain economic environment.

However, it is worth remembering that the Australian share market has provided strong returns for investors over the last few decades. And once it finds its legs again, the same is likely for the next few decades.

So, it could pay to be patient through the volatility.

The post The Vanguard Australian Shares Index ETF dividend is being paid today. Here’s the lowdown appeared first on The Motley Fool Australia.

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• If I’d invested $5,000 in Vanguard’s VAS ETF at the start of 2022, here’s what I’d have now
• Why dividends matter
• Why is the Vanguard Australian Shares Index ETF lagging the market on Monday?
• This ASX ETF was my first investment, and I’ll be holding it for the long term
• Is the Vanguard Australian Shares Index ETF (VAS) dividend growing?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Shares of Netflix (NASDAQ: NFLX) rose sharply on Monday. The media streaming leader’s stock closed the day 6.6% higher, driven by two very different factors.

So what

The stock market as a whole was up on Monday. First, many investors wanted to take advantage of low stock prices after a brutal sell-off on Friday. This bullish effect was amplified by news from Great Britain, as the British government cancelled most of the tax cuts it had introduced in a recent mini-budget.

Together, these activities drove the S&P 500 2.7% higher, while the more volatile Nasdaq Composite index gained 3.4%. As a Nasdaq-listed growth stock, Netflix shares benefited strongly from these positive market moves.

And Netflix is scheduled to report third-quarter results after the closing bell tomorrow. The second quarter provided a bullish response to the sell-offs that follow the reports in January and April, and Netflix investors are hanging on the edge of their seats to see how the business developed in the July to September period.

Now what

Most of all, Netflix investors hope that the subscriber losses of the first half will remain in the rearview mirror from now on. Furthermore, everyone wants to know more about the ad-supported subscription tier that will launch on Nov. 3 — and how this new option might affect Netflix’s business trends.

We are about to get the answers to these questions tomorrow. In the meantime, Netflix’s stock may have recovered nicely in recent months, but the price still stands 60% lower year to date. In other words, Netflix has a lot to prove this week.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Netflix stock was soaring today appeared first on The Motley Fool Australia.

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• Tesla and Netflix will make or break the Nasdaq this week
• Netflix stock could be on the verge of a massive turnaround
• 97 reasons to double down on Netflix stock
• Why Netflix was a US stock market star on Thursday 
• 3 of the top-growing stocks on Earth

Anders Bylund has positions in Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Netflix. The Motley Fool Australia has recommended Netflix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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It’s no secret that lithium shares have had a good run over recent years, with many making their way onto the iconic S&P/ASX 200 Index (ASX: XJO).

Many investors who put cash into three lithium favourites many moons ago – and held it there – will likely be thankful they did.

Of course, it’s tempting to take profits when things are going well. Those who invested in the Pilbara Minerals Ltd (ASX: PLS) initial public offering (IPO) could have walked away when their investment’s value had increased four-fold in 2018.

However, if they held onto their shares, they would have seen the company reach profitability in financial year 2022 and their stock rocket to more than 20 times what they paid.

So without further ado, here are three ASX 200 lithium shares that, together, have turned a $10,000 investment into half a million dollars over their listed life.

3 ASX 200 lithium shares that turned $10,000 into $500,000

If an investor split $10,000 between these three ASX 200 lithium shares at their respective IPOs, investing $3,333 in each, here’s how their money would have worked for them.

ASX 200 lithium company	Year floated	Total return since	Recent value of $3,333 invested
Pilbara Minerals Ltd (ASX: PLS)	2010	2,295%	$79,825
Allkem Ltd (ASX: AKE)	2007	5,660%	$191,981
Mineral Resources Limited (ASX: MIN)	2006	7,558%	$255,234

The most recently listed lithium winner is Pilbara Minerals.

It offered new shares for 20 cents apiece as part of a prospectus back in 2010. That saw it re-listing under its current name. At its most recent close, Pilbara Minerals shares were trading at $4.79.

Allkem has posted the second-best return of the trio after handing out shares for 25 cents each as part of its IPO.

Of course, the company went by the name of Orocobre back then. It was renamed Allkem in 2021 following its merger with formerly ASX-listed Galaxy Resources.

Allkem shares closed Monday’s trade at $14.40.

Finally, the Mineral Resources share price has posted the biggest gain since its listing in 2006. Though, the company hadn’t established its lithium leg at that time.

Instead, it listed as a mining services provider, offering its shares for 90 cents apiece under its prospectus. Nowadays, they’re swapping hands for a whopping $68.92 at last close.

Does the future still look bright for lithium stocks?

The performance of ASX 200 lithium shares is highly dependent on the materials’ value. Fortunately, that’s expected to climb in the near future.

The federal government believes financial year 2023 will be a record-breaking year for Australia’s lithium exports – driven by record-high lithium prices.

Lithium hydroxide is expected to trade at $51,510 a tonne in 2023. The material’s price will likely be driven by demand for electric vehicles.

However, the value of both lithium and Australia’s lithium exports are tipped to ease in financial year 2024.

The post 3 ASX 200 lithium shares that turned a $10,000 investment into $500,000 appeared first on The Motley Fool Australia.

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• Pilbara Minerals share price jumps on strong lithium auction results
• This is what will get ASX shares rising again early 2023: economist
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX 200 shares today
• Why are these ASX 200 lithium shares smashing it on Monday?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Westpac Banking Corp (ASX: WBC) share price is having a strong day.

In morning trade, the banking giant’s shares are up 2% to $23.92.

This means the Westpac share price is up 16% since the start of the month.

Why is the Westpac share price rising today?

There have been a couple of catalysts for the rise in the Westpac share price on Tuesday.

The first is a strong showing in the banking sector following a very positive session on Wall Street overnight. This has seen all of the big four banks climb today.

The second catalyst, which has seen the Westpac share price outperform its peers, is investors responding positively to the release of an announcement this morning.

What was announced?

Earlier today, Westpac confirmed that it is looking at the potential acquisition of payments processor Tyro Payments Ltd (ASX: TYR). The bank commented:

Westpac confirms it is in preliminary discussions with Tyro Payments Limited to acquire 100% of the company’s issued share capital. There is no certainty that any transaction will result.

Australia’s oldest bank believes that acquiring Tyro would strengthen its small business offering. It briefly explained:

An acquisition would strengthen Westpac’s small business proposition, enabling it to better support customers and grow merchant acquiring, particularly in the hospitality and healthcare sectors.

What’s happening with Tyro’s shares?

Interestingly, the Tyro share price has barely moved today despite this news. It is currently up only 0.5%, which could be an indication that investors aren’t overly convinced that a deal will be struck based on what management said this morning.

Tyro commented:

The Company confirms it has received approaches from several parties expressing interest in a potential change of control transaction, including Westpac Banking Corporation. None of these approaches are sufficiently definite or advanced to warrant further disclosure at this time.

The Company notes that these approaches are non-binding and highly conditional in nature, and there is no certainty that a binding offer or a transaction of any kind will eventuate.

The post Westpac share price climbs on Tyro news appeared first on The Motley Fool Australia.

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• Tyro share price on watch as Westpac takeover approach confirmed
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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S&P/ASX 200 Index (ASX: XJO) shares are off to a roaring start today.

In early morning trade, the benchmark index is up 1.4%.

ASX 200 shares have been unusually volatile over the past few days, closing 1.4% lower yesterday after finishing 1.8% higher on Friday.

So, what’s going on?

Why are ASX 200 shares rocketing today?

ASX 200 shares are again closely following the action taking place in US markets.

Yesterday, overnight Aussie time, saw the S&P 500 Index (SP: .INX) finish up 2.7%.

Investor enthusiasm looks to have been sparked on a number of fronts.

First, Bank of America Corp (NYSE: BAC) reported its results and earnings at the bank, with a market cap north of US$270 billion, came in ahead of consensus expectations. Bank of America closed up 6% on the results and helped drive the broader bullish sentiment.

It also appears that the big swings we’ve seen on the S&P 500, mirrored here by ASX 200 shares, have some traders speculating that markets may be signalling the bottom is in.

And then there are the goings on in the United Kingdom, where a number of market-shaking policies put forward by newly minted prime minister Liz Truss have been axed.

What the experts are saying

Commenting on the surge in US markets, and by extension ASX 200 shares, Jason Paltrowitz, director of corporate services, OTC Markets Group, said (courtesy of Reuters):

It’s a combination of factors. Obviously, the positive BofA earnings as well as others have caused positive movement – while EPS [earnings per share] growth is lower than previous quarters, it’s better than expected. Additionally, Friday’s sell off was about uncertainty and not wanting to hold positions over the weekend. The start of the week has that money back in the market.

Peter Tuz, president of Chase Investment Counsel, added:

I was thinking that the bank earnings, especially Bank of America, was really pretty optimistic, and that coupled with the abandonment of restrictive policies in England just seemed to be the fuel that got the market going this morning.

There were some pretty rough days last week… The choppiness and volatility that we are seeing is part of the bottoming process. The fourth quarter generally is pretty good for markets historically.

Chris Murphy, co-head of derivatives strategy at Susquehanna International Group, sounded a note of caution (quoted by Reuters).

“I think this is more a sign of more volatility to come,” he said. “I don’t think this is a sign of a bottom because we are not seeing real sustained long-term buyers come in… Most of the flow that we are seeing just today is people re-engaging hedges and shorts.”

Time will tell whether the lift in US stocks and ASX 200 shares today is a bear market rally or a more sustainable leg up based on a bottom forming.

There are plenty more earnings results due from major US stocks over the coming two weeks. Whether share markets trend higher or lower over those weeks, I expect we’re not through with the volatile swings quite yet.

The post Why are ASX 200 shares going gangbusters on Tuesday? appeared first on The Motley Fool Australia.

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Bank of America is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Pilbara Minerals Ltd (ASX: PLS) share price is charging higher on Tuesday.

In morning trade, the lithium miner’s shares are up a decent 4% to $4.99.

This means the Pilbara Minerals share price is now up over 40% since the start of the year.

Why is the Pilbara Minerals share price charging higher today?

The catalyst for the rise in the Pilbara Minerals share price on Tuesday has been the release of an update on the company’s upcoming spodumene concentrate auction.

According to the release, the company has accepted a bid for the spodumene concentrate before the auction has even begun for a shipment that is expected from mid-November.

And the good news is that the lithium price that Pilbara Minerals has accepted is higher than it received at last month’s auction via the digital Battery Material Exchange (BMX) platform.

What is the latest lithium price?

The release reveals that the company received and accepted a pre-auction offer of US$7,100/dmt (SC5.5, FOB Port Hedland basis) for a shipment of 5,000dmt on a 5.5% lithia basis. This represents a total consideration of US$35.5 million for the shipment.

Management also highlights that the offer of US$7,100/dmt equates to an approximate price of US$7,830/dmt on a SC6.0 CIF China equivalent basis after adjusting for lithia content on a pro rata basis and freight costs.

This compares favourably to last month’s winning auction bid of US$7,708/dmt on a SC6.0 CIF China equivalent basis.

Overall, this appears to demonstrate that demand for lithium remains strong, which could bode well for prices in the coming quarters.

The post Pilbara Minerals share price jumps on strong lithium auction results appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why are these ASX 200 lithium shares smashing it on Monday?
• What’s the outlook for ASX battery metals shares in Q2?
• If I’d invested $5,000 in these 5 ASX shares five years ago, here’s what I’d have now
• Why BrainChip, Emeco, Harvey Norman, and Pilbara Minerals shares are dropping

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Stocks jumped out to a strong start to the new week as investors took some solace from measures taken internationally to calm bond markets in Europe and elsewhere. As of 10 am ET Monday, the Nasdaq Composite (NASDAQINDEX: ^IXIC) was leading the way higher, climbing by more than 3%.

Adding to the already considerable volatility that investors have become accustomed to lately, third-quarter earnings season is ramping up, and some much-watched companies are on tap to reveal their latest financial results this week.

Reports from Tesla (NASDAQ: TSLA) always draw attention not just from stock market aficionados but also from the general car-buying public, while tens of millions of Americans watch streaming video on Netflix (NASDAQ: NFLX) daily. What these two companies say in their reports could help determine whether the Nasdaq hangs onto its early gains or moves downward to new lows for the year.

Netflix starts things off

Netflix will be the first of these two stocks to report, with the streaming video pioneer scheduled to release its Q3 numbers after the end of regular trading on Tuesday. The stock is up more than 5% Monday morning, but shareholders are watching Netflix try to navigate a particularly challenging time in its history.

After a period of spectacular growth that only accelerated during the early years of the COVID-19 pandemic, Netflix has more or less plateaued. The company anticipates that its sequential revenue will actually decrease from where it was three months ago, with year-over-year gains falling to less than 5%. After two straight quarters during which its global paid membership numbers fell, Netflix is hopeful that it will be able to return to growth, but management’s forecast for the addition of one million new memberships in Q3 is hardly the pace of expansion that Netflix shareholders have come to expect.

One big question will be how the introduction of a new ad-supported tier will affect viewer numbers. That won’t show up in the third-quarter results, as the company isn’t rolling out the offering to prospective subscribers until early November. Bullish investors are optimistic that the “basic with ads” service at less than half the price of its standard subscription will be appealing, but it could also remove one of the key features that distinguishes Netflix from many of its chief rivals.

Netflix stock is down by two-thirds from its peak, but it has also bounced back by more than 50% from its lowest level of the year. That makes now a critical time for shareholders, and the company will have to build up more confidence among its investor base to keep the stock in recovery mode.

Tesla looks to move forward

Tesla is scheduled to report its third-quarter financial results on Wednesday afternoon. The stock was up nearly 6% early Monday amid a broader Nasdaq rally, and shareholders hope that the EV pioneer can keep rebounding from its pullback of more than 30% in the past four weeks.

Investors already know some of the automaker’s key Q3 figures because it releases each quarter’s production and delivery numbers in the opening days of the next one. Tesla’s report on those figures in early October spooked many of its shareholders, as there was a roughly 22,000 gap between the number of electric vehicles it produced and the smaller number it delivered to customers. The automaker put the blame for that big disparity on logistical challenges and assured investors that those deliveries would get completed early in the fourth quarter. But that wasn’t enough to assuage the market’s broader concerns.

Tesla hasn’t been immune to supply chain disruptions and cost pressures, but the one thing that investors have counted on is strong demand for its EVs. If Tesla’s Q3 financials and explanations make it clear that people are still as interested in buying those vehicles as they have been in the past, then the stock could rise further after the report. However, if the report suggests that macroeconomic pressures are leading some prospective Tesla customers to reconsider their planned purchases, that would pose a new problem for the company to overcome.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Tesla and Netflix will make or break the Nasdaq this week appeared first on The Motley Fool Australia.

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• Why Tesla shares started trading this week up 8%
• How does Tesla make money?
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• Why Netflix was a US stock market star on Thursday 

Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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It’s a big day for one of the more popular index exchange-traded funds (ETFs) on the ASX today. If you own units of the Vanguard MSCI Index International Shares ETF (ASX: VGS), then congratulations are in order. That’s because today, you are set to receive your next dividend distribution.

Many investors might associate dividend payments with ASX shares. But exchange-traded funds pay out dividends, too (although they are usually called distributions).

Most ETFs, including this one from Vanguard, are structured as a trust. This means that they are obliged to pass on any dividend income they receive from the shares that they hold to investors.

Since the Vanguard International Shares ETF holds many dividend-paying shares within it, investors are entitled to receive their fair share of these dividends in the form of ETF distributions.

This fund is rather large in scope. It holds close to 1,500 individual companies hailing from more than 20 advanced economies around the world. These include Japan, the United Kingdom, Canada, Europe, and Singapore.

But the lion’s share (by far) comes from the United States. More than 70% of the Vanguard International Shares ETF’s portfolio is weighted towards US companies. The largest of these include well-known names like Apple, Microsoft, Johnson & Johnson, Procter & Gamble and Exxon Mobil.

Payment incoming for Vanguard International Shares ETF

All of these companies are long-term dividend payers. US companies typically pay dividends every quarter, and the Vanguard International Shares ETF does as well.

As we discussed earlier, the latest of these is coming investors’ way today. This latest payment will come in the form of a 34.83 cents per unit distribution. That’s slightly above the 34.29 cents per unit distribution that was received for the same quarter last year.

But investors would have needed to own units of the ETF before the ex-dividend date of 3 October to be eligible for payment today.

Today’s distribution brings the total dividend distributions that this ETF has paid out over the past 12 months to $1.74 per unit. That gives the Vanguard VGS ETF a trailing dividend distribution yield of 1.9% on the current unit price of $91.15.

The post The Vanguard MSCI Index International Shares ETF (VGS) dividend is being paid today. Here’s the tea appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in Apple, Johnson & Johnson, Microsoft, and Procter & Gamble. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Apple, Microsoft, and Vanguard MSCI Index International Shares ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Johnson & Johnson and has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Apple and Vanguard MSCI Index International Shares ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Treasury Wine Estates Ltd (ASX: TWE) share price is rising on Tuesday.

In morning trade, the wine giant’s shares are up 1% to $12.83.

Why is the Treasury Wine share price rising?

Investors have been bidding the Treasury Wine share price higher for a couple of reasons.

One is a rebounding ASX 200 index after a very strong session of trade on Wall Street overnight.

The other reason is the release of a first quarter trading update at the company’s annual general meeting today.

How is Treasury Wine performing?

The good news for shareholders is that the current uncertain economic environment has not impacted wine purchases.

Treasury Wine’s chief executive officer, Tim Ford, revealed that trading conditions and its earnings during the first quarter were in line with expectations. He commented:

Demand for Premium and Luxury wine has remained consistent across all of our key markets throughout the first quarter, reflecting ongoing category premiumisation trends.

We will continue to closely monitor the consumer and trading environment, confident that the strengths of our brand portfolios, the historic resilience of the category through past economic downturns and the flexibility of our business model leaves us well placed to react to any changes that may arise.

And with the inflation and cost outlook remaining in line with previous expectations, Ford notes that the company is on track to deliver strong growth and EBITS margin expansion towards its long-term target of 25% in FY 2023. He concludes:

After two years of significant change, we enter F23 confident that we are absolutely on the right path towards the delivery of the TWE 2025 strategy and our ambition to be the world’s most admired premium wine company.

The post Treasury Wine share price climbs on strong Q1 performance appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Rio Tinto Limited (ASX: RIO) share price is on the move on Tuesday morning.

At the time of writing, the mining giant’s shares are up 0.5% to $94.71.

This follows the release of the miner’s third quarter update.

How did Rio Tinto perform during the third quarter?

For the three months ended 30 September, Rio Tinto reported iron ore production of 84.3Mt and iron ore shipments of 82.9Mt. While the latter was up 4% quarter on quarter, it was still a touch short of expectations. The consensus estimate was for iron ore shipments of 84.5Mt.

Also falling a touch short of expectations was its aluminium production of 759kt. This was up 4% but short of consensus estimates of 776kt.

Unfortunately, it was the same for alumina production and bauxite production. The former came in 1% lower at 1,838kt, which was well-below consensus estimates of 1,982kt. Whereas the latter was down 3% to 13.7Mt, which missed the consensus estimate of 14.1Mt.

Rounding things out, mined copper rose 9% to 138kt, titanium dioxide slag was up 6% to 310kt, and iron ore pellets production rose 7% to 2.8Mt.

Management commentary

Rio Tinto’s chief executive, Jakob Stausholm, appeared to be pleased with the quarter. He said:

Delivering the full potential of our assets remains a priority: production improved versus the prior quarter across most of our sites, particularly where we have implemented the Rio Tinto Safe Production System (RTSPS).

The chief executive notes that the company has also been busy working on future projects, such as a potential lithium mine. He explained:

We progressed our excel in development objective, commissioning some major projects and advancing the next tranche of Pilbara mines, agreeing to enter a joint venture with Baowu to develop Western Range and modernising the joint venture covering the Rhodes Ridge project in the East Pilbara, unlocking a pathway to develop this significant, high quality resource.

We also approved growth capital for underground mining at Kennecott, early works funding at Rincon Lithium and continue to progress Oyu Tolgoi. Our proposal to take Turquoise Hill Resources private has unanimous support of the Turquoise Hill Board who have recommended shareholders vote in favour of the transaction.

We continue to deliver our strategy with decarbonisation at its centre. Last week we announced a partnership with the Government of Canada to invest up to C$737 million over eight years to decarbonise our Rio Tinto Fer et Titane operations in Québec, and to position the business as a centre of excellence for critical minerals processing.

Outlook

Despite the softer than expected production, Rio Tinto has left the majority of its FY 2022 production guidance unchanged, which may be supporting the Rio Tinto share price this morning.

However, it now expects iron ore shipments at the bottom end of its guidance range of 320Mt to 335Mt. Positively, its iron ore cost guidance of US$19.5-US$21.0 per tonne remains unchanged despite this.

The only real change to guidance has seen Rio Tinto reduce its refined copper production guidance to 190kt to 220kt from 230kt to 290kt. This has led to its copper C1 unit cost guidance in 2022 being revised 20 US cents higher to the range of 150 to 170 US cents per pound.

The post Rio Tinto share price higher on mixed Q3 update appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• Own Rio Tinto shares? Here’s what to expect from the mining giant’s Q3 update
• Opportunities across the mining sector: Expert names ASX 200 shares to buy
• Do you want the good news or the bad news on the iron ore price?
• Could Rio Tinto be coming for your ASX lithium shares?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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