BBL - Near-Term Acquisition Seems Likely For Rio Tinto

It's All About Iron Ore

As I scan my list of the top diversified majors, there are 4 companies that derived at least 50% of their earnings before interest taxes depreciation and amortization (EBITDA) from just one segment in their most recent fiscal year. These include the following:

• Vale (VALE) - Ferrous Minerals (mostly iron ore) - 89%*
• Teck (TECK) - Metallurgical Coal - 62%
• Rio Tinto (RIO) - Iron Ore - 59%
• Vedanta (VEDL) - Zinc - 50%

*Note: Vale's exposure to iron ore is so outsized that whether or not they

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