Rio Tinto 1st Half Earnings Rise, Helped by Higher Copper Output, Prices

By Rhiannon Hoyle

Mining giant Rio Tinto said its first-half profit rose by 14% as increased copper production and prices helped to offset a softer result from its dominant iron-ore business.

The world's second-biggest miner by market value on Wednesday said it made a net profit of $5.81 billion in the six months through June, up from $5.12 billion a year earlier. Underlying earnings totaled $5.75 billion, compared with $5.72 billion in the first half of 2023 and a consensus estimate of $5.79 billion according to 13 forecasts compiled by Visible Alpha.

"Rio Tinto is both consistently very profitable and growing," said Jakob Stausholm, the miner's chief executive. "This is being driven by the disciplined investments we are making to strengthen our operations and progress major projects for profitable organic growth."

Directors of Rio Tinto declared an interim dividend of $1.77 a share, which the miner said was equal to 50% of underlying earnings, in line with its policy and typical midyear payouts in recent years. A year ago, the company also paid out $1.77 a share or 50% of underlying earnings.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

July 30, 2024 18:46 ET (22:46 GMT)

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