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London-based Rio Tinto says it had a profit of $4.38 billion (US) for the first six months of the year, which is up 33 percent from a year ago. Cash flow was $5.11 billion.
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London-based Rio Tinto says it had a profit of $4.38 billion (US) for the first six months of the year, which is up 33 percent from a year ago. Cash flow was $5.11 billion.
J.S Jacques, Rio Tinto’s chief executive officer, told stockholders the company has reported another strong set of results. He announced that the board of directors of Rio Tinto as a result has declared a record dividend of $1.27 a share, which is 15 percent higher than last year and the highest in the company’s history. The company has budgeted $2.2 billion for stockholders dividend payouts.
In addition, Jacques announced the company will be spending $1 billion (US) in a stock buyback program it expects to complete in February next year.
This is all part of Jacques program of $7.2 billion in returns to company shareholders comprising $3.2 billion from operations and $4 billion for asset disposals. In its latest asset sale, stockholders were told the company will be getting $3.5 billion as a result of a binding heads agreement it signed on July 12 to sell the interest it has in the Grasberg Copper Mine in Indonesia. Company debt at the end of June was $5.2 billion
