Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Rio Tinto more than doubles dividend, launches US$1bn share buy-back as profits jump

The FTSE 100-listed miner reported pretax profit of US$4.96bn for the six months to June 30, up from US$2.10bn a year earlier
Old miner
Rio Tinto will pay an interim dividend of 110.0 US cents per share, more than double the 45.0 US cents paid in 2016

Rio Tinto PLC (LON:RIO) has more than doubled its interim dividend and launched a US$1.0bn share buyback as it reported strong growth in first-half profits.

The FTSE 100-listed miner reported pretax profit of US$4.96bn for the six months to June 30, up from US$2.10bn a year earlier.

The group saw its first half revenue rise to US$19.32bn, up from USS15.50bn a year earlier, which it said was primarily due to higher average commodity prices.

READ: Rio Tinto cuts its forecasts for iron ore shipments due to bad weather, rail line modernisation work

Rio Tinto will pay an interim dividend of 110.0 US cents per share, more than double the 45.0 US cents paid in 2016.

The miner also said it will launch a US$1.0bn share buyback to be completed by the end of 2017.

The group noted that the dividend and share buyback combined make for a US$3.00bn cash return to shareholders.

Rio’s chief executive Jean-Sebastien Jacques said: “We are now shifting gear to focus on the untapped value from our productivity programme and continue to strengthen our portfolio to build higher returns for the future.”

View full RIO profile View Profile

Rio Tinto Timeline

Related Articles

electric car
Fri
Commissioning at Sonora is intended for the first-quarter of 2020
1530095749_shutterstock_102742847.jpg
June 27 2018
Metalla's royalty portfolio looks set to grow and grow
Graph
May 18 2018
Work is progressing refurbishing the Rietfontein underground gold mine within the TGME project.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use