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Rio Tinto yields strong 1H18 results

Published by , Assistant Editor
Global Mining Review,

Anglo-Australian mining and metals company Rio Tinto has reported its results for 1H18, including US$7.2 billion of returns to shareholders comprising US$3.2 billion from operations and US$4.0 billion from asset disposals. Yesterday, the board approved that these disposal proceeds, net of tax, will be returned to our shareholders, with the precise timing and form to be determined.

Rio Tinto Chief Executive, J-S Jacques, reported: "We have reported another strong set of results with underlying EBITDA of US$9.2 billion and operating cash flow of US$5.2 billion. In a favourable market environment, our Tier 1 assets and strong operational capability have achieved a 43% EBITDA margin. Inflationary pressures are being experienced across the industry, but we have been able to offset these through our mine-to-market productivity programme.”

"As a result, we continue to deliver superior shareholder returns with a record interim dividend of US$2.2 billion and a US$1.0 billion top-up to our existing share buy-back programme. In addition, in 2018 we have announced US$5.0 billion of divestments.”

"We will continue to invest in Tier 1 growth, further strengthen our portfolio and maintain a strong balance sheet in order to deliver superior returns to shareholders in the short, medium and long term."

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