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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Rio Tinto Limited | ASX:RIO | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.19 | -0.15% | 130.74 | 130.34 | 130.73 | 131.72 | 130.00 | 130.00 | 1,312,570 | 07:16:23 |
From Apr 2019 to Apr 2024
By Rhiannon Hoyle
Rio Tinto PLC (RIO.LN) cut its forecast for project spending in 2016 by at least 13% and vowed to deepen a productivity drive in the years ahead.
The company on Thursday projected capital expenditure of less than US$3.5 billion for this year, down from a previous forecast of around US$4 billion. It retained forecasts of US$5 billion and US$5.5 billion for the coming two years, respectively.
The mining giant, which reaffirmed plans to return 40%-60% of underlying earnings to shareholders over the long term, also said it expects to generate US$5 billion of additional free cash flow in the next five years from a push to improve productivity across its operations.
Rio Tinto said that target was in addition to a cost-reduction target of US$2 billion for this year and next.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
November 23, 2016 17:39 ET (22:39 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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