Rio Tinto, the world’s biggest iron ore producer, has reported record half-year profits that topped its total for all of 2020 as the price of its key commodity hit an all-time high on the back of booming demand from China.
The strong earnings growth enabled the Anglo-Australian company to reward its shareholders with the biggest half-year payout in its history — dividends of $9.1bn, or $5.61 a share.
The profits and dividend highlight the huge amounts of cash being generated by the mining industry, which has been one of the biggest beneficiaries of China’s rapid economic recovery from the coronavirus pandemic and huge stimulus packages announced by governments worldwide.
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