Rio Tinto profit falls but dividend increases amid 'exceptional performance'

Rio Tinto's boss has described his company's COVID-19 performance as "resilient", but one analyst is labelling it "exceptional", despite a 20 per cent profit fall.Iron ore prices were up 1pc on a year earlier amid strong demand from Chinese steel millsThe company unveiled a half-year net profit of $US3.

Despite the drop in profit, the Anglo-Australian mining giant announced a 3 per cent increase in its interim dividend to $US1.55 per share. Rio's chief executive Jean-Sebastien Jacques said the miner did well to maintain earnings at a high level despite the pandemic and a drop in prices for aluminium and copper.

"We have been agile and adapted our way of working to deliver another resilient performance while navigating the new and ongoing challenges of dealing with COVID-19," he noted in the results report. RBC analyst Tyler Broda went further, highlighting the company's very low $US14.50 per tonne iron ore production costs, at a time when the spot price in China is holding above $US100 per tonne and Rio was paid an average of $US85.40 a tonne for the ore it sold during the half.

ABCthedrum with all mysterious Babyboomers logic, there's no detectable reasoning behind incessant sacrifice of a younger generation by an elder generation , environment, and ultimately universe. all traced back to royalty and mood swings of TonyBlair (Holy Spirit).repnews

half of these big company dont pay tax...hmmm.

Profits are down because they spent billions on automation for no return.

What yours is mined. Minerals make up almost everything

Did they ever go to The Hague for blowing up that heritage site or no

This industry is highly mechanised,so how did CV19 affect its performance. The machines must have been infected by the virus.

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