Rio Tinto holds dividend on half-year profit of $US5.8b

[Pelican Press 0]

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Rio Tinto holds dividend on half-year profit of $US5.8b

Iron ore giant Rio Tinto has held its first-half payout to investors steady after booking only a marginal rise in underlying earnings for the six months to end of June.

In what the miner described as a “consistent, stable financial performance”, it delivered underlying earnings of $US12.1 billion ($18.5b) — up 3 per cent — for a profit of $US5.8b, which was up 14 per cent from a year earlier.

Shareholders will collect $US1.77 a share.

Chief executive Jakob Stausholm said Rio remained profitable as it charted a path for future growth, aiming to deliver around 3 per cent compound annual growth out to 2028 from existing operations and projects.

”We are at an inflection point in our growth, with a step change from our aluminium business and consistent production at our Pilbara iron ore operations,” Mr Stausholm said.

“We have considerable growth in cashflow from the ramp-up of the underground copper mine at Oyu Tolgoi, and more value to come as our Simandou investment and Rincon lithium project proceed at pace.”

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