Rio Tinto has reported a 14 per cent decline in full-year profit, falling to $US10 billion ($14 billion). The decrease was primarily driven by weaker iron ore prices, which offset gains from surging copper prices and increased production volumes. Rio Tinto is a leading global mining company that focuses on finding, mining, and processing the Earth’s mineral resources. The company’s operations span a diverse range of commodities, including iron ore, aluminium, copper, and diamonds.
The mining giant announced a full-year dividend of $US4.02 ($5.70) per share, maintaining the same level as the previous year. This reflects the company’s commitment to returning value to shareholders despite the challenging market conditions experienced throughout the year.
Chief Executive Simon Trott commented on the results, highlighting the company’s strong cash flow and balance sheet. “Our strong cash flow and balance sheet enable us to sustain a 60 per cent payout ratio with a $6.5 billion ordinary dividend, making it the tenth consecutive year at the top end of the range,” Trott stated. The company continues to navigate a complex global economic landscape, balancing commodity price fluctuations with operational efficiency.
