Deutsche Bank Maintains a Hold Rating on Rio Tinto Group (RIO)

Rio Tinto Group (NYSE:RIO) is one of the best copper stocks to buy right now. Deutsche Bank analyst Liam Fitzpatrick reiterated a Hold rating on Rio Tinto Group (NYSE:RIO) on December 5 and set a price target of £53.00.

In a separate development, Rio Tinto Group (NYSE:RIO) announced on December 2 that it signed an updated Native Title Agreement with Karlka Nyiyaparli Aboriginal Corporation (KNAC) Registered Native Title Body Corporate, to bolster ways of collaborative work, provide the company with a clear framework for engaging on mine development on Nyiyaparli Country, and pave the way for long-term benefits for the Nyiyaparli People.

Management reported that KNAC’s Agreement Review Committee guided the jointly developed agreement, and was informed by on-Country consultations and heritage advice and was supported by Common Law Holders.

The agreement is significant since parts of Rio Tinto Group’s (NYSE:RIO) Hope Downs mining operations and the proposed Rhodes Ridge development are located on Nyiyaparli Country.

Rio Tinto Group (NYSE:RIO) and the Nyiyaparli People first signed the Native Title Agreement in 2011, which has now been updated. The updated agreement was signed on 28 November, and supports earlier and ongoing consultation, allows increased decision-making transparency for mining on Nyiyaparli Country, and delivers enhanced cultural heritage and environmental protections.

Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources. Its operations are divided into the following business segments: Copper, Iron Ore, Aluminium, and Minerals.

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Disclosure: None. This article is originally published at Insider Monkey.