News: RIO Rio Tinto H1 Profit Up 12%

Aug 1 (Reuters) - Rio Tinto (RIO) :

• RIO TINTO ANNOUNCES RETURNS TO SHAREHOLDERS OF $3.5 BILLION INCLUDING INTERIM DIVIDEND OF $2.5 BILLION AND SPECIAL DIVIDEND OF $1.0 BILLION
• H1 UNDERLYING EARNINGS $4,932 MILLION VERSUS $4,416 MILLION
• 2019 PRODUCTION GUIDANCE UNCHANGED FROM Q2 OPERATIONS REVIEW.
• INTERIM ORDINARY DIVIDEND 151 US CENTS PER SHARE AND SPECIAL DIVIDEND 61 US CENTS PER SHARE
• H1 NET EARNINGS $4,130 MILLION VERSUS $4,380 MILLION
• CAPITAL EXPENDITURE EXPECTED TO BE AROUND $6.0 BILLION IN 2019 AND AROUND $6.5 BILLION IN 2020 AND 2021
• IN 2019, EXPECTS RUN-RATE FROM MINE-TO-MARKET PROGRAMME TO BE AROUND $0.5 BILLION, DESPITE WEATHER IMPACTS
• EFFECTIVE TAX RATE ON UNDERLYING EARNINGS OF APPROXIMATELY 30% IN 2019
• EXPECT OUR MINE-TO-MARKET PRODUCTIVITY PROGRAMME TO DELIVER ADDITIONAL FREE CASH FLOW RUN-RATE OF $1.0-1.5 BILLION FROM 2021.
• NET DEBT AS AT H1 END $ 4,855 MILLION VERSUS NET CASH OF $255 MILLION AS AT DEC 31, 2018
• OYU TOLGOI IMPAIRMENT CHARGE, NET OF TAX AND NON-CONTROLLING INTERESTS, OF $0.8 BILLION
• AT OYU TOLGOI MINE, DEFINITIVE ESTIMATE FOR DEVELOPMENT CAPITAL SPEND AND TIMELINE NOW ANTICIPATED IN THE SECOND HALF OF 2020
• REPAIRS TO CAPE LAMBERT A PORT FACILITIES IMPACTING ROBE VALLEY AND YANDICOOGINA SHIPMENTS AND OPERATIONS

Source text: http://bit.ly/333ssGS

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