Rio takes lead over BHP on cost-out and copper growth hopes, says Macquarie
Macquarie expects Rio Tinto RIO.L, RIO.AX to outline cost cuts, simplification under CEO Simon Trott to narrow iron-ore FCF gap to BHP BHP.AX
Keeps "neutral" on both but lifts RIO 12-mth PT 5% to A$130, maintains preference for UK-listed RIO over BHP
Highlights RIO potential upside drivers, namely streamlined ops, Pilbara cost cuts, Oyu Tolgoi ramp-up, copper options at Kennecott, Resolution and Codelco JV
Says BHP faces investor caution after Anglo American AAL.L approach, project risks across SA copper, Jansen Stage 2 and Samarco escalation
Notes BHP needs clearer investment case to counter copper-growth, M&A uncertainty perceptions
"Continue to prefer UK-based RIO both at home (ASX) and away (LSE)" - Macquarie, noting expectations of improvement may already be partly priced in
Rio down 0.5%, BHP up 0.4% on Wednesday
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