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.
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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.”