It's interesting how the current level of valuation compares with where RIO was 10 years ago.
In 2002 iron ore was around $30 a tonne, RIO produced 100mt of it annually and its market cap was around $50 billion. No significant growth in productions on the horizon and China story was still largely unrecognised.
Now in 2012 iron ore is $150 a tonne, RIO is making 250mt of it annually, set to grow to 450mt in the next few years and its market cap is just double what it was in 2002, at $100 billion.
You have to think either RIO was significantly overvalued in 2002, or its very undervalued now. I am leaning towards the latter.
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It's interesting how the current level of valuation compares...
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