Rio Tinto has restarted operations in the Richards Bay Minerals project in South Africa, the company announced on Tuesday. The site was shut in July after a disruption in feedstock supply to the plant and security concerns.
The company also said that the force majeure it announced in June remains in place, stating that it would continue to monitor the suspension. The shutdown of the plant and a significant selloff in metal prices as the FOMC announced it would begin tapering in late-2021 triggered a substantial selloff in the stock, causing a 23% drop in the Rio Tinto share price.
The Rio Tinto share price move on Wednesday keeps the stock above the 74.19 resistance. If the price closes above this level, the scenario will confirm the break of this level. This then leaves the door openfor bulls to aim for 79.48. Additional targets at 84.06 and 89.34 will require a pick-up in bullish momentum if the price is to break beyond 79.48.
On the other hand, 71.48 comes under focus once more if 74.19 fails to hold its ground. 67.62 could also come into the picture if there is an additional price decline on the stock.
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