Rio Tinto Share Price (RIO)

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Share Name Share Symbol Market Type Share ISIN Share Description
Rio Tinto Plc LSE:RIO London Ordinary Share GB0007188757 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  72.00 1.45% 5,051.00 3,399,528 16:35:12
Bid Price Offer Price High Price Low Price Open Price
5,068.00 5,069.00 5,199.00 5,032.00 5,071.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 46,952.82 22,800.16 63,431
Last Trade Time Trade Type Trade Size Trade Price Currency
18:45:01 O 683 5,050.243 GBX
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Glencore (GLEN), Bhp (BHP), Shefa Gems (SEFA), African Battery Metals (ABM)

Rio Tinto (RIO) Latest News

Rio Tinto News

Date Time Source Headline
15/6/202208:55ALNCRio Tinto delivers first ore from Gudai-Darrie mine in Australia
15/6/202207:00UKREGRio Tinto PLC First ore delivered at Gudai-Darri iron ore mine
09/6/202200:01DJNRio Tinto Seeking Proposals to Develop Wind, Solar Power in Australia
08/6/202223:55DJNRio Tinto Seeking Proposals to Develop Wind, Solar Power in Australia
07/6/202211:20DJNSalzgitter, Rio Tinto Sign Agreement to Develop Low-Carbon Steel
01/6/202211:15UKREGRio Tinto PLC Total Voting Rights
31/5/202211:05UKREGRio Tinto PLC Report on Payments to Governments
23/5/202209:31ALNCBP signs deal to supply Rio Tinto with marine biofuels for one year
23/5/202209:16DJNBP, Rio Tinto to Work on Trial to Curb Emissions From Rio's Marine Fleet
19/5/202210:38ALNCRio Tinto revises Turquoise Hill funding as takeover talks continue
More Rio Tinto News
Rio Tinto Investors    Rio Tinto Takeover Rumours
Smart Money!
RIO is a large holding in the following funds:
 Fund  Percentage of Fund  Last Updated 
 BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC 4.70% 2022-05-31
 BMO CAPITAL AND INCOME INVESTMENT TRUST PLC 3.90% 2022-05-31
 JUPITER UK GROWTH INVESTMENT TRUST PLC 5.10% 2022-06-27
 JPMORGAN CLAVERHOUSE INVESTMENT TRUST PLC 3.80% 2022-05-31
 BMO UK HIGH INCOME TRUST PLC 5.50% 2022-05-31

Rio Tinto (RIO) Discussions and Chat

Rio Tinto Forums and Chat

Date Time Title Posts
26/6/202223:54RIO TINTO-THE INVESTORS INFORMATION LINE7,468
23/6/202200:35Rio Tinto Investors thread406
11/3/202215:32RIO - TRADERS THREAD55,238
22/2/202215:55Rio Share price14
22/1/202223:01serbia scrap rio lithium mine plans...power to Novak..justice!1

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Rio Tinto (RIO) Most Recent Trades

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2022-06-27 17:45:025,050.2468334,493.16O
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2022-06-27 17:45:025,051.761216,112.63O
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2022-06-27 17:13:435,151.001246,387.24O
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Rio Tinto (RIO) Top Chat Posts

DateSubject
27/6/2022
09:20		Rio Tinto Daily Update: Rio Tinto Plc is listed in the Mining sector of the London Stock Exchange with ticker RIO. The last closing price for Rio Tinto was 4,979p.
Rio Tinto Plc has a 4 week average price of 4,851p and a 12 week average price of 4,851p.
The 1 year high share price is 6,343p while the 1 year low share price is currently 4,354p.
There are currently 1,255,805,686 shares in issue and the average daily traded volume is 3,281,680 shares. The market capitalisation of Rio Tinto Plc is £63,430,745,199.86.
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15/6/2022
09:26		sarkasm: Rio Tinto delivers first ore from Gudai-Darrie mine in Australia Wed, 15th Jun 2022 08:55 Alliance News (Alliance News) - Rio Tinto PLC on Wednesday reported its first ore delivery from the Gudai-Darri iron ore mine. The FTSE 100 miner said the capital cost for the mine - its first greenfield mine in the Pilbara, Western Australia, in more than a decade - is estimated at USD3.1 billion, with the firm's total capital expenditure guidance for 2022 unchanged at around USD8 billion. Production from the mine will continue to ramp up through the remainder of this year and is expected to reach full capacity during 2023, Rio Tinto said. "The mine's commissioning and ramp-up is expected to increase Rio Tinto's iron ore production volumes and improve product mix from the Pilbara in the second half of this year. Full-year shipments guidance for 2022 remains at 320 to 335 million tonnes (100% basis) subject to risks around the ramp up of new mines, weather and management of cultural heritage," the company said. Chief Executive Simon Trott said "The commissioning of Gudai-Darri represents the successful delivery of our first greenfield mine in over a decade, helping to support increased output of Pilbara Blend, our flagship product. It sets a new standard for Rio Tinto mine developments through its deployment of technology and innovation to enhance productivity and improve safety." The company also said that Gudai-Darri will be powered by a 34 megawatt solar farm, which is expected to supply about a third of the mine's average electricity demand once construction is complete in August. This is to help support Rio Tinto's carbon emission reduction targets. Rio Tinto shares were up 0.3% at 5,572.00 pence each on Wednesday morning in London. By Xindi Wei; xindiwei@alliancenews.com
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07/6/2022
15:33		ariane: Https://www.riotinto.com/invest/financial-calendar 11 August 2022 Event title: Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs quoted “ex-dividend” Date: Friday, 12 August 2022 12 August 2022 Event title: Record date Date: Thursday, 01 September 2022 Event title: Final date for elections under the Rio Tinto plc and Rio Tinto Limited Dividend Reinvestment For dividends to be paid in alternative currency (GBP/AUD) Date: Thursday, 15 September 2022 Event title: Currency conversion date Date: Thursday, 22 September 2022 22 September 2022 Event title: Payment date tuftymatt 7 Jun '22 - 15:33 - 7376 of 7377 0 0 0 Https://www.dividenddata.co.uk/dividend-yield.py?epic=rio
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26/5/2022
15:13		maywillow: Rio Tinto and bp sign one-year trial of marine biofuels Oil & GasDownstreamRefining & Processing By NS Energy Staff Writer 24 May 2022 Under the trial, bp is supplying Rio Tinto with marine biofuel for approximately 12 months rio-tinto-press-release.png.img.750.medium Rio Tinto and bp sign one-year trial of marine biofuels. (Credit: BP p.l.c.) Rio Tinto and bp have agreed to work together on a one-year biofuel trial to help reduce carbon emissions from Rio Tinto’s marine fleet. Under the trial, bp is supplying Rio Tinto with marine biofuel for approximately 12 months. The fuel will be trialled on Rio Tinto’s RTM Tasman vessel on a mix of Transatlantic and Atlantic-Pacific routes, in one of the longest-duration marine biofuel trials to date. The results of the trial will help Rio Tinto study ways to reduce its carbon emissions from its marine fleet and inform its future biofuel strategy. Sven Boss-Walker, senior vice president refining & products trading said: “Sustainable biofuels are important to help decarbonise the shipping industry in the near- and mid-term as we transition towards longer term net zero solutions. We’re proud to be working with Rio Tinto to support their work to decarbonise. These trials are part of our ongoing efforts to help accelerate the shipping industry’s energy transition.” Rio Tinto Head of Commercial Operations, Laure Baratgin said “Sustainable biofuels have the potential to be an important transition fuel on the way to net-zero marine emissions and we are pleased to be working with bp to carry out this long-term trial. “A longer-duration trial will provide important information on the potential role and wide scale use of biofuels, and aligns with our goals to reduce marine emissions across our value chain and support efforts to decarbonise the maritime industry. “Our ambition is to reach net-zero emissions from shipping of our products to customers by 2050 and to introduce net-zero carbon vessels into our portfolio by 2030. We know that we won’t meet these ambitions alone and along the way will need to work with capable and experienced companies such as bp.” Sven Boss-Walker, senior vice president refining & products trading, bp said “Sustainable biofuels are important to help decarbonise the shipping industry in the near- and mid-term as we transition towards longer term net zero solutions. We’re proud to be working with Rio Tinto to support their work to decarbonise. These trials are part of our ongoing efforts to help accelerate the shipping industry’s energy transition.” The extended trial agreement follows a successful journey on the RTM Tasman after it refuelled with biofuel in Rotterdam in March 2022 for the first time and then picked up its first load of the trial at the Iron Ore Company of Canada’s Sept-Îles port in Quebec in April. All biofuel refuelling during the trial will be at Rotterdam. The trial is using a bp-manufactured B30 biofuel blend composed of 30% fatty acid methyl esters (FAME) blended with very low sulphur fuel oil (VLSFO). This B30 biofuel blend can reduce lifecycle carbon dioxide emissions by up to 26% compared to standard marine fuel oil. FAME is a renewable alternative fuel (biodiesel) largely produced from recycled cooking oils and renewable oil sources. It has physical properties similar to conventional diesel, and is a ‘drop in fuel’, requiring no modifications to the engine or vessel. The origination and production of the feedstocks used to produce the FAME is certified for its sustainability to internationally recognized standards. Working with bp and the ship managers Anglo Eastern, the trial will analyse a series of engine and fuel performance factors, including engine efficiency and fuel consumption, corrosion and degradation, microbial growth, temperature impact, fuel switching impacts and fuel stability. Rio Tinto is also accelerating the delivery of its climate commitments on shipping. It has delivered a 30% intensity reduction on its owned and time-chartered fleet from a 2008 baseline, and is on track to meet the International Maritime Organisation’s 2030 targets of a 40% reduction in emissions five years early, by 2025. bp is working with companies in key industrial sectors such as shipping, that have significant carbon emissions to manage, supporting their work to decarbonize. Source: Company Press Release
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20/4/2022
07:05		waldron: Rio Tinto PLC said it shipped less iron ore from its Australian mines in the first quarter of 2022 as it faced challenges progressing new developments, but stuck to its full-year output target saying it expects increased production later this year. The world's second-biggest mining company by market value on Wednesday said 71.5 million metric tons of iron ore was shipped from its operations in Australia's remote Pilbara region during the three months through March. That was down 8.0% year-on-year, and 15% weaker than the quarter immediately prior. "Production in the first quarter was challenging as expected, re-emphasizing a need to lift our operational performance," said Chief Executive Jakob Stausholm. The delayed ramp up of its Gudai-Darri project--where first production is forecast for the second quarter of 2022--and continuing challenges commissioning the Mesa A wet plant slowed the miner's plan to increase iron ore output at Robe Valley, Rio Tinto said. The miner has faced challenges from snarled supply chains and a tight labor market, which has been exacerbated by rising Covid-19 infections in Western Australia after the state recently eased strict border controls. "As we ramp up Gudai-Darri, our iron ore business will have greater production capacity and be better placed to produce additional tons of Pilbara Blend in the second half," said Mr. Stausholm. Rio Tinto is seeking to ship between 320 million and 335 million tons of iron ore from Australia this year, compared to 322 million tons in 2021. Rio Tinto--which vies with Brazil's Vale SA to be the world's biggest exporter of iron ore--also has a majority stake in an iron-ore business in Canada where it expects to produce between 10 million and 11 million tons of iron ore pellets and concentrate this year. Rio Tinto's share of production from that business totaled 2.4 million tons in the first-quarter, up 3.0% year-on-year, it said. The miner has been benefiting from elevated iron-ore prices, which have strengthened following Russia's invasion of Ukraine. "Since late February, supply concerns due to the war in Ukraine has outweighed muted demand growth and a crackdown on speculative trading behavior in China," Rio Tinto said. Commodity prices have been strong generally due to both "actual and expected disruptions to supply," said the miner, which noted that recent input cost increases were the largest since the 1973 oil crisis. The miner also highlighted rising interest rates in many parts of the world, which it said risked slowing economic growth, a key driver of commodity demand. Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com (END) Dow Jones Newswires April 19, 2022 21:30 ET (01:30 GMT)
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21/3/2022
22:03		grupo: mining.com Rio Tinto, Lion Copper and Gold sign deal to advance exploration at Nevada copper assets Staff Writer | March 21, 2022 | 12:08 pm Exploration Top Companies USA Copper Lion Copper and Gold (TSXV: LEO) announced Monday it has entered into an Option to Earn-in Agreement with Rio Tinto America to advance studies and exploration at Lion CG’s copper assets in Mason Valley, Nevada. Under the agreement, Rio Tinto has the option to earn a 65% interest in the assets, comprising 34,494 acres of land, including the historic Yerington mine, greenfield MacArthur Project, Wassuk property, the Bear deposit, associated water rights and approximately 20 exploration targets dispersed across the company’s land package. At the site, Rio Tinto will evaluate the potential commercial deployment of its Nuton technologies, which offer copper heap leaching technologies developed to deliver increased copper recovery from mined ore and access new sources of copper such as low-grade sulphide resources and reprocessing of stockpiles and mineralised waste. The technologies have the potential to deliver leading environmental performance through more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing waste, the company said. “The agreement offers the potential to both increase the scope and scale of our development and accelerate the path to first production,” Lion CG CEO, Travis Naugle said in a media statement. “As stewards of significant copper resources and water rights in the State of Nevada, we recognize our role in a sustainable and circular economy,” he said. “Should Rio Tinto exercise its earn-in option, we are confident that it will bring its own level of quality to progress the development of the Mining Assets towards becoming a strategic domestic copper producer with the highest ESG standards and performance.” We look forward to continuing to advance the MacArthur Project and our other Mason Valley assets through constructive relationships with Rio Tinto, the local community, Native American Tribes, the State of Nevada and other valued stakeholders.” In addition to advancing the MacArthur Copper Project on the basis of the recently-announced mineral resource estimate, LCG also intends to focus on resource growth by evaluating an integrated approach to expansion across the company’s asset base and land package. Higher copper recoveries The Nuton technology, it said, offers the potential to economically unlock low-grade sulphide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome with a very low corresponding carbon footprint. “This Agreement will allow us to explore the potential commercial deployment of our Nutoncopper leaching technologies in a historical mining district with a large copper endowment,” Rio Tinto copper chief executive Bold Baatar said. “These technologies not only offer Rio Tinto the potential to unlock additional copper, but to also deliver low carbon production with significant environmental benefits through reprocessing old stockpiles and tailings and reducing waste from new and ongoing operations.” Rio Tinto will pay up to $4 million for an exclusive earn-in option and agreed-upon Mason Valley study and evaluation works to be completed by Lion CG no later than December 31, 2022. LCG’s stock was up 18.75% on the news in mid-afternoon trading on the CVE. The company has a C$26.5 million market capitalization.
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15/3/2022
09:29		gateside: Take your pick - Is this potential deal of Turquoise Hill good or bad? Rio Tinto Copper Output Could Get Material Boost From Turquoise Hill Buyout 0149 GMT - A buyout of minority shareholders in Canada's Turquoise Hill might boost Rio Tinto's group copper output by 10% over the next five years, and 17% on average over 10 years, says Macquarie. From 2032, it could increase Rio Tinto's copper production by more than 30%, the bank adds. Macquarie notes that Rio Tinto's offer to Turquoise Hill investors might be a 32% premium to its Friday closing price, but is a narrower 12% premium to the bank's target on the stock. --- Rio Tinto's Proposed Turquoise Hill Buyout Could Be a Poor Investment 0140 GMT - Oyu Tolgoi is a high-quality deposit but in a challenging jurisdiction that could make it an "overall poor investment," UBS says. The bank reckons there's some clear benefits in Rio Tinto buying out minority shareholders from Turquoise Hill, the company that owns two-thirds of copper mine Oyu Tolgoi, as it would remove some costs and make decision-making easier. "Rio also understands the operational and political risks of Mongolia and is bullish on the outlook for copper medium-term," the bank adds. But UBS says the timing could be off given Turquoise Hill's stock is up sharply since 2020. It also fears cash returns will be dented this year, with Rio Tinto having now directed about $3.5 billion to M&A.
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14/3/2022
14:31		the grumpy old men: INVEZZ Turquoise shares: why the Canadian miner just popped up 30% By: Wajeeh Khan on Mar 14, 2022 Rio Tinto plc proposed to buy the remaining 49% of Turquoise Hill Resources. Anglo-Australian multinational's $2.7 billion cash bid translates to C$34 a share. Turquoise shares popped up about 30% this morning from their previous close. Turquoise Hill Resources Ltd (NYSE: TRQ) shares opened 30% up on Monday after Rio Tinto plc (NYSE: RIO) proposed to buy the Canadian mineral exploration and development company for about $2.7 billion in cash. A 32% premium on Turquoise shares previous close Rio’s bid to buy the remaining 49% of Turquoise translates to a C$34 a share – a 32% premium on the price at which TRQ closed the regular session on Friday. CEO Jakob Stausholm of the Anglo-Australian multinational said: Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. The proposed transaction would enable Rio Tinto to work directly with the government of Mongolia to move the Oyu Tolgoi project forward with a simpler and more efficient ownership and governance structure. The non-binding proposal conditions Turquoise to not raise additional equity capital. The NYSE-listed shares of Rio Tinto are 2.5% down this morning. Turquoise Hill Resources to consider the proposal Turquoise has a 66% stake in Oyu Tolgoi copper-gold mine in Mongolia, while the remaining 34% lies with a Mongolian state-owned entity. The announcement comes more than a month after Rio settled its long-running dispute over Oyu Tolgoi with the Mongolian government. The Canadian miner will set up a special committee comprising independent directors to review the proposal, as per the press release. No action is required from its shareholders at the moment.
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12/3/2022
21:57		waldron: Rio Tinto: If It Aint Broke, Don't Fix It Mar. 11, 2022 4:43 PM ET Summary Highly exposed to volatile iron ore market. We like the simple commodity mix; no fossil fuel exposure means no investor pressure. Strong fundamentals and cash generation mean industry leading dividends. Earlier this week we finished an article on BHP, where we concluded that the Company, despite posting positive results, was the victim of unlucky timing, through no real fault of the management. We drew up a comparable analysis against two other iron ore players and thought it would be rude not to have a closer look at Rio Tinto Rio Tinto is an Anglo Australian miner named after a river in southern Spain where they bought their first mine in the late 1800's, interesting bit of trivia for you! Firstly, as we did with BHP, we took a look at the Group's commodity mix at EBITDA level which you can see below. Rio Tinto commodity mix The commodity portfolio is broken down as follows: iron ore 71.6%, aluminum 11.4%, copper 10.3%, and minerals 6.75%. This mix is relatively simple and often the simplest things are the most effective. Anyone who has followed our coverage on the mining sector will know that we have a preference for energy transition metals such as copper, but aluminum spots have moved in tandem to copper over the last two years so we cannot fault the exposure. The problem lies with the iron ore where the price is at the mercy of the Chinese real estate market. However once the iron ore downgrade cycle finishes, we can expect to see strong earnings momentum, driven in part by the aluminum and copper exposure. Full Year 2021 Results Rio Tinto published their full year results last month which saw a huge improvement over 2020. Cash from operations grew from $15.9 billion to $23.3 billion, an increase of 60%. EBITDA increased from $23.9 billion to $37.7 billion, an increase of 58%, whilst earnings increased by 72% from $12.5 billion to $21.4 billion. Group CEO Jakob Staulshom said "Our people have continued to safely run our worldclass assets and are working hard to improve our operational performance, despite challenging operating conditions from prolonged COVID-19 disruptions". The solid company performance also meant that Rio was able to increase its total 2021 dividend per share to $10.40, up from $5.57 the previous year. Conclusion and valuation Naturally with almost three quarters of EBITDA coming from iron ore, the company shares have traded on the back of iron ore price movements, and with the sharp decline last year in iron ore spot prices, it's easy to understand where the underperformance has come from. However if we look past this Chinese turbulence we can see a miner with a simple commodity mix, a strong balance sheet, and very strong cash flow generation. Another important factor to consider is the relative absence of geopolitical risks connected to the commodity portfolio and more importantly no fossil fuel exposure. While this means they are missing out on abnormally high fuel prices, it also means no investor pressure to divest out of "unpopular" assets. We would like to remind our readers of the pressure placed upon BHP to divest out of its fossil fuel assets which led to the merger of its petroleum division; also the activist pressure upon Glencore to spin off its coal assets. Rio Tinto trades at significant discount to sector rival BHP, but at a premium compared to Vale. With an EV/EBITDA multiple of 3.69x we prefer it to BHP on a valuation basis and also from an operational point of view. Continuous cash generation and capital will continue to pay dividends, figuratively speaking and also literally. Key risk for Rio Tinto is a continuation of the iron ore downgrade cycle thanks to issues stemming from the Chinese real estate sector. Also the Company has three ongoing investigations, and those outcomes could result in large fines.
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23/2/2022
20:42		florenceorbis: Rio Tinto Faces Headwinds Despite Record-Breaking Profits By City A.M - Feb 23, 2022, 12:30 PM CST Rio Tinto has paid out a monster $16.8bn (£12.4bn) dividend to shareholders, the second biggest in the history of the FTSE 100, after it rebounded from the pandemic with record profits. In the company’s freshly released full-year results, the miner recorded a 116 percent boost in after-tax profits, rising to $21.1bn. It also unveiled a total dividend of $10.40 per share – representing a 79 percent pay-out. This is a record payout for the company, and the second biggest dividend in the history of the index, behind only Vodafone’s £18bn dividends in 2014 after it sold its stake in Verizon. Net cash from operating activities also soared 60 percent to $25.35bn, with a free cash flow of $17.7bn. The London-listed mining giant’s stellar performance has been powered by higher iron ore prices and booming demand from China. Rio Tinto chief executive Jakob Stausholm said: “Our people have continued to safely run our world-class assets and are working hard to improve our operational performance, despite challenging operating conditions from prolonged COVID-19 disruptions.” Miner’s shares slump despite record dividends Commenting on the latest numbers, Steve Clayton, fund Manager at HL Select argued the results reflected prudent cost-control measures and the global revival in commodities. He said: “These results are all about commodity prices and the cash flow that comes from low production costs. Iron ore revenues drive the majority of Rio’s revenues and with ore prices strong and Rio’s operating costs amongst the lowest in the industry, cash generation was always going to be strong in 2021.” Forecasting its future performance, AJ Bell’s investment director Russ Mould, suggested it was possible Rio Tinto’s dividends and earnings had now peaked in the current commodities cycle – with the group increasingly less likely to fork out special dividends. He explained: “There are plenty of headwinds to suggest global economic growth may slow and forecasts would suggest Rio Tinto’s dividends are going to get progressively smaller over the next three years, though that is no doubt a reflection of special dividends being less generous and then not happening at all as it reverts to only paying ordinary dividends.” The miner’s shares were down 1.7 percent on the FTSE 100 following the results, underperforming other miners – with the possibility investors remain hesitant towards the company following successive blows to its reputation. Prior to the results, the world’s biggest iron ore producer had endured a difficult year. Not only because the miner was struggling with headwinds such as inflation and Chinese pricing measures, but because it had suffered multiple scandals. Last year, Rio Tinto faced significant blowback from its decision to blast an Aboriginal cave site to expand an iron ore mine in the Juukan Gorge, resulting in a shareholder revolt and the departure of former boss Jean-Sébastien Jacques. Related: Australia Eyes Key Role In Booming Asian LNG Market Boris Ivanov, global commodities expert and founder of Emiral Resources argued that miners will be under increased scrutiny to be responsible companies amid rebounds in profits and revenues. He explained: “Capital is no longer the only priority for shareholders, instead investors want mining companies to deliver a level of corporate and social responsibility and satisfy growing ESG criteria. For Rio Tinto which was embroiled in scandals including toxic workplace culture, profits may not be enough to silence concerned shareholders. They’ll need to re-think their internal practices, mend their culture and rebuild trust in the countries and communities they operate.” This was touched on by Stausholm in the statement accompanying the full-year results, where he reaffirmed the company’s commitment to decarbonization and reforming its workplace. He said: “We continue to evolve and deepen the way we engage and interact with all stakeholders as we work hard to generate and strengthen relationships wherever we operate.” By City AM
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23/2/2022
07:57		waldron: Rio Tinto PLC, one of the world's biggest mining companies, said it made a record profit in 2021 and would nearly double its full-year payout to shareholders, becoming the latest resources company to report a surge in earnings from increased commodity prices. Rio Tinto said it made a net profit of $21.09 billion last year, up from $9.77 billion in 2020. Underlying earnings totaled $21.38 billion, up from $12.45 billion the year earlier, reflecting a jump in prices not just for iron ore-which accounts for most of Rio Tinto's profits-but other commodities including copper and aluminum. Analysts had expected underlying earnings of roughly $21.63 billion, according to 13 estimates compiled by Visible Alpha. Directors of Rio Tinto declared a final dividend of $4.17 a share plus a special dividend of $0.62, taking the total payout for the year to $10.40 a share. "The recovery of the global economy, driven by industrial production, resulted in significant price strength for our major commodities, which we were able to capture," said Jakob Stausholm, Rio Tinto's chief executive. Some of its rivals, including Glencore PLC and BHP Group Ltd., have also reported record earnings in their latest respective fiscal reports. Commodity prices jumped last year as fiscal and monetary policies were geared to support economic growth. The price of iron ore, the key ingredient in steel, was especially strong, surging to an all-time high in May. China's steel output last year exceeded 1 billion metric tons for a second time while, globally, crude steel production rose by one of its largest absolute annual increments in history to record levels, Rio Tinto said. Iron ore accounted for roughly 80% of its underlying earnings last year, as the average price Rio Tinto was paid for its Australian iron ore climbed to $143.80 a ton, from $98.90 a ton in 2020. Miners are using fatter earnings from higher prices to reward their shareholders. The industry in recent years pivoted to spending more on capital returns, and less on growth, after investors berated companies for burning through cash during a China-led commodity bull run a decade ago. Rio Tinto has been slowly returning to growing its business, at a time when analysts increasingly worry hesitancy toward new projects could create supply crunches for some critical commodities. Rio Tinto is expanding a copper mine in Mongolia. It is also seeking to develop a lithium project in Serbia, although it was recently told permits there would be revoked. The company said it is exploring all options for that project. Rio Tinto, like its peers, has faced rising cost pressures more recently, however, as inflationary headwinds mount globally. Rio Tinto on Wednesday said it expects mining costs in its Australian iron-ore business to rise due to higher input prices, labor costs, and maintenance of processing plants. Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com (END) Dow Jones Newswires February 23, 2022 01:20 ET (06:20 GMT)
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