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Prices & Quotes - UK Markets - Rio Tinto (RIO)

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Share Price:
Up 6,054.00p
Change Today:
70.00p
Market Cap:
75,535m
Sector:
Mining

Rio Tinto delivers record dividend as iron ore demand boosts profits

By Frank Prenesti

Date: Wednesday 17 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Rio Tinto delivered a record dividend to shareholders as soaring iron ore prices and demand from China drove full-year profits sharply higher.
The Anglo-Australian mining giant on Wednesday reported a better-than-expected 20% increase in underlying profit to $12.4bn and declared a total dividend of $5.57 a share against expectations of $4.80.

Iron ore prices have almost doubled in the past year, providing a boost for miners. Rival BHP on Tuesday also announced a record dividend as massive Covid-19 economic stimulus plans fuel booming steel demand in China at the same time as disruptions are hit rival suppliers in Brazil.

Net debt fell to $664m from $3.65bn. The global miner declared a record final dividend of $3.09 per share, higher than the $2.31 per share in 2019, and also announced a special dividend payout of 93 cents a share.

"Our strong operational performance in the Pilbara in 2020 enabled us to take advantage of the rising price environment for our high-quality products," Rio Tinto said.

"This price strength was driven by buoyant demand from China and constraints in global seaborne supply. We increased our iron ore shipments by 1% and production by 2% compared with 2019, whilst implementing strict measures to manage Covid-19."

The results are the first under the new leadership of chief executive Jakob Stausholm after the Juukan Gorge scandal where the company blew up culturally significant Aboriginal rock shelters in Western Australia's Pilbara, leading to the resignation of former CEO Jean-Sebastien Jacques.

"It has been an extraordinary year - our successful response to the COVID-19 pandemic and strong safety performance were overshadowed by the tragic events at the Juukan Gorge, which should never have happened," said Stausholm.

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Rio Tinto Market Data

Currency UK Pounds
Price 6,054.00p
Change Today 70.00p
52 Week High 6,480.00p
52 Week Low 3,557.00p
Volume 2,492,844
Shares Issued 1,247.68m
Market Cap 75,535m

Performance Indicators

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What The Brokers Say

Strong Buy 8
Buy 1
Neutral 10
Sell 2
Strong Sell 2
Total 23
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Rio Tinto Dividends

  Latest Previous
  Final Special
Ex-Div 04-Mar-21 04-Mar-21
Paid 15-Apr-21 15-Apr-21
Amount 309.00¢ 93.00¢

Trades for 16-Apr-2021

Time Volume / Share Price
16:37 483 @ 6,054.00p
16:37 106 @ 6,054.00p
16:37 235 @ 6,054.00p
16:37 1,565 @ 6,054.00p
16:35 1,800 @ 6,054.00p

Rio Tinto Key Personnel

Chair Simon R Thompson
CEO Jakob Stausholm