News: RIO Rio Tinto Posts FY Underlying Earnings Of $10,373 Mln

Feb 26 (Reuters) - Rio Tinto Ltd (RIO) :

• FY UNDERLYING EARNINGS $10,373 MLN VS $8,808 MLN
• FY NET EARNINGS $8,010 MLN VS $13,638 MLN
• FY NET DEBT $3,651 MLN VS CASH OF $255 MLN
• ANNOUNCES FULL-YEAR ORDINARY DIVIDEND OF $6.2 BILLION (382 US CENTS PER SHARE)
• FINAL ORDINARY DIVIDEND OF $3.7 BILLION (231 US CENTS PER SHARE)
• CLOSELY MONITORING IMPACT OF COVID-19 VIRUS AND ARE PREPARED FOR SOME SHORT-TERM IMPACTS, SUCH AS SUPPLY-CHAIN ISSUES
• "OUR PRODUCTS ARE CURRENTLY REACHING OUR CUSTOMERS"
• TOTAL FY CASH RETURNS OF $7.2 BILLION (443 US CENTS PER SHARE)
• 2020 PRODUCTION GUIDANCE IS UNCHANGED FROM PRIOR DISCLOSURES
• CURRENTLY EVALUATING IMPACT OF THE COVID-19 VIRUS, WHICH COULD CREATE SIGNIFICANT UNCERTAINTY FOR BUSINESS IN THE NEAR TERM
• ALL OPERATIONS ARE LOOKING AT OPPORTUNITIES TO ADJUST TO THE IMPACT OF THE COVID-19 VIRUS ON MARKET CONDITIONS
• CAPITAL EXPENDITURE EXPECTED TO BE AROUND $7.0 BILLION IN 2020,AND AROUND $6.5 BILLION IN EACH OF 2021 AND 2022
• COPPER C1 UNIT COSTS IN 2020 ARE AFFECTED BY LOWER COPPER GRADES AND LOWER BY-PRODUCT REVENUES
• SEES EFFECTIVE TAX RATE ON UNDERLYING EARNINGS OF ABOUT 30% IN 2020
• WILL CONTINUE TO MONITOR AND ADJUST PRODUCTION LEVELS AND PRODUCT MIX TO MEET CUSTOMER REQUIREMENTS IN 2020
• LONGER TERM DEMAND FOR COPPER EXPECTED TO REMAIN ROBUST DUE TO URBANISATION, INDUSTRIALISATION, ELECTRIFICATION IN CHINA, EMERGING ECONOMIES
• EXPECT TO ACCESS HIGHER, MORE CONSISTENT GRADE ORE FROM FIRST QUARTER 2021 FOR MINED COPPER
• EXPECT ALUMINIUM DEMAND TO IMPROVE IN 2020
• CO'S AMBITION IS FOR NET ZERO EMISSIONS FROM OPERATIONS BY 2050
• CO'S GROWTH, OVERALL, BETWEEN NOW AND 2030 WILL BE CARBON NEUTRAL
• GROWTH BETWEEN NOW AND 2030 WILL BE CARBON NEUTRAL, UNDERPINNED BY ABOUT $1 BLN OF CLIMATE-RELATED SPEND OVER NEXT 5 YRS

Source: https://bit.ly/39cGusk

(([email protected];))