Underlying earnings for the full year ended Dec. 31 climbed 18% to $10.37 billion. It was slightly under a consensus estimate of $10.40 billion by 17 analysts compiled by research firm Vuma Financial.
“If anything the dividend is a bit light relative to free cash flow, which I suspect is partly related to...the coronavirus. Then they’d want to have a little bit more of a buffer.” Underlying earnings from iron ore, which accounts for about 85% of Rio’s underlying earnings, surged 48% to $9.64 billion in the year.Prices in Shanghai closed up by a quarter last year after supply disruptions in Brazil.
Jacques also said that Rio’s Australian aluminium business was on “thinner ice” than in August when it said it was in discussions with energy providers and the Australian government to ensure the “long term viability” of the assets.
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